Unlocking value in deeply discounted LICs around the world

The Staude Capital Global Value Fund Limited (ASX: GVF) is a unique listed investment company for a few reasons. Firstly, it invests in heavily discounted investment vehicles all over the world. There’s no other ASX listed vehicle that does this (to our knowledge anyway). And secondly, they are a husband and wife team who have just celebrated the funds ten year anniversary.

In this episode we dive deep on the investment philosophy that has seen the fund return over 11%pa since inception. How they find and evaluate opportunities and how you can take their approach to find quality, undervalued opportunities in the Australian listed investment company space as well.

We loved this episode and hope you do too. 

Additional resources:

Link to the GVF website

GVF celebrates ten years - a recap

Ratings house, Lonsec’s independent review of GVF

The Association of Investment Companies - for those interested in the LICs scene in the UK

Ice breakers

• What ignited the spark for Emma and Miles to start investing
• Who were or are still your mentors?
• How does a husband and wife team end up saying “hey let’s do this together”

Your process

• The GVF investment process through the lens of the analysis of the company's performance.
• How do these investors in listed investment companies unlock the value that is in the discount?
• Deep value often appears in sectors or geographies all at the one time, how do they think about portfolio weights and balancing exposures in these opportunities?
• What is the turnover of the GVF portfolio? How do you balance the duration of a possible investment in your portfolio?
• How should someone view GVF in terms of asset allocation?

Advice for the Australian LIC investor:

• How does Australia compare to other countries when it comes to closed ended listed investment vehicles.
• Why should the individual investor look at the UK as their first stop when looking outside Australia for LICs
• What are the top things to look for when selecting a listed investment company (LIC) in Australia

Personal reflections:

• What character traits in each other do you most admire when it comes to building a company together?
• What advice would you go back and give your younger self?
• We’re going for lunch anywhere in the world, where are we going?

Rask Resources

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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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