Global Masters Fund Limited (ASX: GFL)
Long-term capital growth from high-quality assets.
Australian investment company, Global Masters Fund, has been on the Australian Securities Exchange (ASX) for over fifteen years. We’re committed to helping shareholders achieve capital growth over the long term, always offering the best investment advice and tailored solutions.
Our principal stake is Berkshire Hathaway Inc, a New York Stock Exchange-listed investment company. However, our investment portfolio branches across the world with companies listed on the London, Australian, and Johannesburg stock exchanges. So, when it comes to working with quality Australian-listed investment companies, you can rely on Global Masters Fund to deliver the returns you deserve.
At Global Masters Fund, we know what is necessary for an LIC to generate meaningful and long-term capital growth. There are several benefits to working with an ASX-listed investment company, including:
- Diverse Portfolio
- Closed-ended funds
- Access to foreign markets
- Zero entry and exit fees
The benefits for investors in the company include:
- Reduced share investment risk through a diversified investment portfolio;
- Convenient and simple administration of your investment as your single holding in GFL gives you access to a multitude of stocks;
- No entry or exit fee is charged by the Company; and
- Easy access to information via the Company registered office or website or the Australian Securities Exchange.
It is Global Masters’ current policy to manage the portfolio within the following guidelines:
- A substantial portion of the Company’s assets will be invested in the USA and the UK to provide investors with an exposure to other major world economies.
- The exposure to other currencies will remain unhedged; and GFL will aim to maintain more than 95 per cent of available funds in equity investments at all times. The remaining funds will be held in bank bills, similar cash securities and on deposit in the short term money market.
Since Berkshire Hathaway does not pay dividends, any income that it is received from the remainder of the investments will be used to defray expenses. Accordingly, it is unlikely that dividends will be declared for the foreseeable future.
United States
Global Masters’ primary investment is in the New York Stock Exchange listed investment company, Berkshire Hathaway Inc. which is managed by the legendary Warren Buffett and domiciled in Omaha, Nebraska (USA). Berkshire Hathaway’s investment approach has traditionally followed the strict discipline of investing only in businesses with superior economic characteristics that are controlled by successful and skilled managers. Their investments comprise a diverse range of activities with the principal business being insurance, mainly through GEICO (motor) and General Re. Berkshire Hathaway also has substantial equity holdings in other large international companies such as Apple, Coca-Cola, Kraft Heinz and the American Express Company.
United Kingdom
Global Masters Fund has appointed EC Pohl & Co to manage a portfolio of investments listed on the London Stock Exchange. The investment philosophy is built upon the belief that the economics of business drives long-term investment returns. This diversified, actively managed portfolio is made up of long-term investments in profitable, high-quality, growth businesses. Over time, the portfolio will further expand to include companies listed in other jurisdictions, in turn making Global Masters Fund a truly global investment company.
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Global Masters Fund (GFL) was founded in May 2004 in New South Wales and listed in May 2006. While GFL is a separate company, it is an integral and important part of the EC Pohl & Co group of companies broader investment strategy to provide exposure to the US and UK markets.
The EC Pohl & Co group of companies have indicated that they intend to retain at least a 51 percent interest in the Company at all times thereby assuring a long-term association with the group.
Global Masters Fund Ltd (GFL) was established for investors seeking long-term capital growth through investments in high-quality global assets. Berkshire Hathaway Inc, a New York Stock Exchange-listed investment corporation headed by famed businessman Warren Buffett, is Global Masters’ principal stake. The Global Masters portfolio also includes other global quality growth companies which are listed on various stock exchanges including the London Stock Exchange and the Australian Stock Exchange.
The primary source of value creation for Global Masters Shareholders is the capital appreciation of their shares since Berkshire Hathaway does not pay a dividend and any excess cash received by the Company after paying expenses is reinvested.
The Board takes the view that Global Masters’ international investments provide currency diversification to investors and therefore the Australia dollar/ US dollar currency exposure is not hedged. The resultant portfolio performance is monitored by GFL’s Board of Directors.
Appointed a Non-Executive Director on 3 November 2016 and Non-Executive Chairman on 9 November 2018. Murray has over 35 years of diverse national and international business experience. He commenced his career in Perth with a firm of Chartered Accountants before moving into a broad range of commercial and financial reporting positions with two major USA based mining companies.
He founded the Australian and international retailer, Retail Food Group and developed their presence in seven overseas countries. He has maintained operating and board positions within a range of financial services, mining, commercial, environmental, academic, government, sporting businesses and organisations.
Other current Directorships:
- Chairman of ECP Emerging Growth Limited
- Deputy Chancellor Southern Cross University
- Chairman Zooz Pty Ltd
- Member of Gold Coast Light Rail Business Advisory Board
Qualifications: FAICD
Appointed Director on 29 September 2021. Extensive experience in management consulting in the UK, South Africa, Ireland and Germany. Accredited commercial mediator, negotiation expert and corporate crisis leader.
Other current Directorships:
- Director of Congrua Limited
- Director of Global Masters Fund Limited
- Board Member of Freedom Solutions
Qualifications: B.Compt, MBA, GAICD
Appointed a Director on 21 February 2023. Eight years of professional experience in fundamental bottom-up investment research at ECP Asset Management Pty Ltd. Originally pursuing a legal career, Jason spent his initial stages of his professional career working for Ashurst (Previously Blake Dawson) before being admitted as a Legal Practitioner in the NSW Supreme Court.
Other current directorships:
- Director of The Tabu Vodka Co Pty Ltd
Qualifications: B.Com, LLB, MBA, GAICD
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