Global Value Fund
The Global Value Fund is a listed investment company that provides shareholders with the opportunity to invest globally through a portfolio of securities purchased at a discount to their underlying asset value.
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The Global Value Fund is a listed investment company that provides shareholders with the opportunity to invest globally through a portfolio of securities purchased at a discount to their underlying asset value. By capturing this discount for its shareholders, the Company aims to provide an alternative source of market outperformance compared to more common stock selection strategies.
Staude Capital is based in London and its investment team has considerable experience in finding international assets trading at a discount to their intrinsic worth, and in identifying or creating catalysts that will be used to unlock this value. The investment team at Staude Capital has been seconded into Mirabella Financial Services LLP to manage the Global Value Fund portfolio.
We believe that financial markets are generally efficient and that it is difficult to outperform general market indices through active stock selection over the long term. Instead, we believe that sustained market outperformance is best achieved through the purchase of discounted assets: assets that are trading at prices which are below their assessed intrinsic value. This approach is then coupled with an active strategy aimed at capturing the value presented by the discount.
A key feature of this strategy is that it seeks to achieve a lower realized volatility of investment returns than that of a strategy which invests solely in international equities. This lower volatility profile is a function of the underlying exposures of the investments in the portfolio, which will be a wider range of financial assets than just listed equities. The risk profile of the portfolio will benefit from this diversification across asset classes, as well as from the lower volatility exhibited by some of the non-equity assets, such as government and corporate bonds.
The Company seeks to generate substantial returns across an investment cycle with lower realised volatility than a comparable international equity portfolio. This lower volatility profile is a function of the underlying exposures of the investments in the Portfolio, which comprise a wider range of financial assets than just listed equities. The risk profile of the Portfolio benefits from this diversification across asset classes, as well as from the lower volatility exhibited by some of the non-equity assets, such as government and corporate bonds.
In the short term, Shareholder funds are exposed to general movements in global financial markets. However, the Company expects that the application of the Portfolio Manager’s investment techniques will lead to superior risk-adjusted returns for Shareholders over the medium-to-long term (5 – 7 years).
The Company will seek to maximise the total return to Shareholders, incorporating capital gains and dividend income. When possible, dividends will be franked to the extent that the Company’s franking account will allow, and the Board believes is prudent given the Company’s circumstances.
The Portfolio primarily comprises investments in discounted closed-end funds (CEFs), securities which the Portfolio Manager believes provide an inherently attractive investment universe.
The Portfolio Manager seeks to unlock the value presented by the discounted securities in the investment portfolio through a variety of techniques. These can include trading, the use of existing catalysts and through corporate activism. The Portfolio Manager views a willingness to engage proactively with boards, management teams and other shareholders as an essential element of its discount capture strategy.
The Portfolio Manager also employs similar discount capture techniques to securities and financial assets other than CEFs. These may include convertible bonds, preference shares and hybrid securities that the Portfolio Manager considers mispriced, investments in listed entities with significant holdings in cash, or conglomerates.
While the Company’s investments are predominantly equities or CEFs listed on major global stock exchanges, the types of financial assets underlying these securities are considerably broader. The asset classes underlying the Portfolio’s investments include, but are not limited to: listed equity, credit, fixed income, infrastructure, private equity, real estate and cash holdings. The Company expects that exposure to this wide underlying pool of assets will result in the Portfolio better withstanding weak equity market conditions than a pure equity portfolio would.
The Portfolio is managed with a “long” focus, but the Portfolio Manager may use short selling and derivatives to manage the Company’s market and currency exposures.
By way of example, where the Portfolio Manager considers that the opportunities to extract value from a group of investments is high, but that these investments increase the Portfolio’s exposure to a particular geographic region, asset class or currency beyond acceptable levels, the Portfolio Manager may seek to reduce this risk through the use of derivatives or short selling.
This form of market and currency hedging is subject to the overall Portfolio investment limitations.
This website content is provided by Staude Capital Limited, a company incorporated in England and Wales. Staude Capital Limited is an appointed representative of Mirabella Advisers LLP, which is authorised and regulated by the Financial Conduct Authority. Mirabella Financial Services LLP is the investment manager of the Global Value Fund and has seconded the investment team at Staude Capital to manage the Global Value Fund. The content presented is provided for information purposes only. It does not constitute or form any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, shares, units or other interests in investments referred to herein.
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Mirabella Financial Services LLP acts as the investment manager of the Global Value Fund. Mirabella has seconded the team at Staude Capital to manage the Global Value Fund.
Staude Capital is a London based investment firm. We specialise in finding investments trading at a discount to their intrinsic value and in identifying, or creating, catalysts to unlock this value for our clients. The team at Staude Capital comprises experienced global investors. Our investment philosophy places a high importance on controlling for risk whilst seeking to generate excess market returns.
Mirabella Financial Services LLP acts as the investment manager of the Global Value Fund, an Australian investment company, listed on the ASX. Mirabella has seconded the team at Staude Capital to manage the Global Value Fund and express their investment philosophy.
Jonathan Trollip - Chairman and Non-Executive Director
Jonathan Trollip is an experienced Director with over 35 years of commercial, corporate, governance, legal and transaction experience. Jonathan is currently non-executive chairman of ASX listed Spheria Emerging Companies Limited and Plato Income Maximser Limited, and a non-executive director of ASX listed BCAL Diagnostics Limited and ASX, LSE and JSE listed Kore Potash Limited. He was previously chairman of ASX listed Antipodes Global Investment Company Limited, Future Generation Investment Company Limited and Spicers Limited.
Jonathan holds various commercial private company directorships and is involved in the not for profit sector as chairman of the Pinnacle Charitable Foundation, a director of the Watarrka Foundation Limited and on the advisory board of Science for Wildlife.
Jonathan worked as a principal of Meridian for the 22 years and prior to that he was a Partner with law firm Herbert Smith Freehills. He holds postgraduate degrees in economics and law, was admitted as a qualified lawyer in England and Australia, and is a Fellow of the Australian Institute of Company Directors.
Geoff Wilson AO - Non-Executive Director
Geoff Wilson has over 42 years’ direct experience in investment markets having held a variety of senior investment roles in Australia, the UK and the US.
Geoff founded Wilson Asset Management in 1997 and created Australia’s first listed philanthropic wealth creation vehicles, Future Generation Investment Company Limited and Future Generation Global Investment Company Limited.
Geoff holds a Bachelor of Science, a Graduate Management Qualification and is a Fellow of the Financial Services Institute of Australia and the Australian Institute of Company Directors (AICD). Geoff Wilson is currently Chairman of WAM Capital Limited, WAM Leaders Limited, WAM Global Limited, WAM Microcap Limited, WAM Research Limited, WAM Active Limited and WAM Strategic Value Limited. He is the founder and a Director of Future Generation Investment Company Limited and Future Generation Global Investment Company Limited and a Director of WAM Alternative Assets Limited. Geoff is also currently an Advisory Board member of Super CRC bid.
Chris Cuffe AO - Non-Executive Director
Following a five year period with chartered accountants Peat Marwick Mitchell & Co (now KPMG), Chris Cuffe entered the funds management industry in 1985. In 1988 he joined Colonial First State where he was CEO from 1990 until 2003. During this period the company grew from a start-up operation to become Australia’s largest investment manager. In 2003 he then became CEO of the listed Challenger Financial Services Group Limited. In 2006, Chris joined non-profit organisation Social Ventures Australia (SVA) as an Executive Director.
Since 2009 Chris has been involved in a portfolio of activities in the investment and non-profit sectors. These activities now include:
- Non Executive Director of listed investment companies Global Value Fund Limited, Argo Investments Limited and Hearts and Minds Investments Limited (which he is also Chairman of);
- Member of the Investment Committee of UniSuper (the $115 billion superannuation scheme dedicated to people working in Australia’s higher education and research sector) and past director of UniSuper Limited from 2007-2011 and Chairman from 2011-2017;
- Non Executive Director of Realside Financial Group, a boutique private debt and unlisted property manager
- Chairman and Founder of Australian Philanthropic Services (a not for profit organisation which inspires, facilitates and educates Australia’s high net worth community and the professional advisers that support them about effective philanthropy) and trustee and portfolio manager of their $230m public ancillary fund;
- Member of the Investment Committees of various ultra high net worth families;
- Member of the Investment Committee of the $4 billion Paul Ramsay Foundation; and
- Founder, director and portfolio manager of Third Link Growth Fund (www.thirdlink.com.au), a managed investment scheme (investing in Australian shares) and available to the public whereby all management fees received are donated to charity.
Chris holds a Bachelor of Commerce from the University of NSW and a Diploma from the Securities Institute of Australia. He is a Fellow of the Institute of Chartered Accountants in Australia, a Fellow of the Institute of Company Directors and an Associate of the Financial Services Institute of Australasia.
In October 2007 Chris was inducted into the Australian Fund Manager’s RBS Hall of Fame for services to the investment industry. In 2017 he was appointed as an Officer in the General Division of the Order of Australia.
Miles Staude - Portfolio Manager & Director
Miles has over nineteen years of experience in trading, investment management and research, covering a wide range of financial markets.
He is the Portfolio Manager of the Global Value Fund and serves as a Director on the Global Value Fund Board. Under Mirabella’s regulatory license, Miles has overall responsibility for the GVF portfolio management team’s trading and investment management activities.
Prior to founding Staude Capital, Miles spent ten years as a Portfolio Manager and Investment Analyst at Metage Capital, a London based investment management firm. Before that, he spent five years as a sell-side equity analyst at RBC Capital Markets.
Miles holds an Economics degree from the University of Sydney and is a CFA Charterholder.
Emma Davidson - CEO & Director
Emma is an accomplished global investment advisor with more than twenty one years of experience. She spent twelve years working in senior roles at several London investment banks, most recently as the UK head of cross asset sales at Citigroup. In 2011, she founded her own investment advisory boutique, Affinity Capital, which served a range of global clients. Emma co founded Staude Capital with Miles in 2016 and has been instrumental in the company’s success.
Emma is responsible for the management and investor relations of Staude Capital Limited and serves on the Staude Capital Limited Board.
Emma also looks after the corporate affairs of the Global Value Fund Limited and serves on the board of Staude Capital GP Limited.
Mark Ambrose - Investment Manager & Director
Under Mirabella’s regulatory license, Mark is a member of the GVF portfolio management team. Mark has seventeen years of experience in financial markets, covering a diverse range of sectors at Atlas Capital Group, ABN Amro , CLSA (UK) and LingBridge .
Most recently, Mark spent almost ten years as a desk strategist and specialist salesman on the investment companies team at Jefferies in London before joining Staude Capital in March 2020.
Mark holds a MSc in Applied Mathematics from Imperial College London as well as a BSc in Mathematics from Northumbria University. Mark is also a CFA Charterholder.
Mark serves on the Staude Capital Limited Board and together with Emma looks after the corporate affairs of the Global Value Fund.
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