Global Value Fund Presents November 2026 Investor Update Including 11% Annualised Returns and Bond Vigilante Thesis

Aakashdeep

10 November 2026 12:56 PM AEDT

Global Value Fund Presents November 2026 Investor Update Including 11% Annualised Returns and Bond Vigilante Thesis

Image Source: Krish Capital Pty Ltd

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Global Value Fund (ASX:GVF) has released its November 2026 investor presentation, disclosing that both the GVF share price and GVF portfolio have annualised at greater than 10% per annum after all fees and expenses, with annualised returns cited at 11% and annualised volatility of 7%, as of 31 August 2026.

Key Points

GVF share price and portfolio have both annualised at greater than 10% per annum after all fees and expenses, adjusted for taxes, dividends and capital management initiatives, as of 31 August 2026.
Annualised volatility for the fund is disclosed at 7%, measured as the standard deviation of returns scaled over a one-year period.
The presentation includes a case study on Schroder British Opportunities Trust plc (SBO), a London-listed fund in which GVF built a position at an average entry discount of 38%.
GVF is ranked 19th on a list of most-traded securities as selected by the Firstlinks audience of 100,000 readers, behind securities including CBA, BHP, CSL and WES.

Fund Performance and Volatility Metrics as at 31 August 2026

According to the filing, the GVF share price and GVF portfolio have both delivered annualised returns of greater than 10% per annum after all fees and expenses, with the presentation citing an annualised return figure of 11%. These figures are adjusted for the payment of taxes, dividends, and the effects of capital management initiatives, with data sourced from Staude Capital Pty Ltd as of 31 August 2026. The fund's annualised volatility is disclosed at 7%, defined in the presentation as the standard deviation of an asset's returns scaled over a one-year period.

Schroder British Opportunities Trust Case Study and GVF Entry Discount

The presentation includes a detailed case study on Schroder British Opportunities Trust plc (SBO), described as a London-listed fund investing in UK small cap and private companies. The filing notes SBO raised £75 million at IPO, moved to a discount exceeding 30% in 2023 and never recovered, and is a fixed-life vehicle committed at IPO to a vote allowing any shareholder to discontinue the company. GVF's average entry discount into SBO is disclosed at 38%. The fund manager, Schroders Capital, is noted as having £19.8 billion in assets under management within its Private Equity team and more than 160 realised UK investments. SBO's portfolio includes EasyPark, Waterlogic (Culligan), and Cera Care.

Bond Vigilante Thesis and Near-Term Closed-End Fund Opportunities

The presentation's second section addresses what it terms the return of bond vigilantes, referencing 30 years of US borrowing cost and public debt history from 7 October 1996 to 7 October 2026. The filing states that governments have continued to run large budget deficits despite the end of the COVID-19 pandemic, with budget deficits worsening due to a growing interest bill attributed to a higher debt stock and higher interest rates. The presentation also states that interest rates have increased by approximately 5% over five years, and that the near-term bond sell-off has created new opportunities as prices have fallen faster than net asset values.

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