Staude Capital — Global Value Fund

• FY2026 review by the Portfolio Manager Final1 ↗ GVF maintained an underweight position in AI beneficiaries and shifted capital from direct debt exits toward discounted infrastructure and real-estate assets, seeking income and discount capture. It realised or advanced exits in JARA, AA4 and HRI, sold Empiric Student Property after confidence in a student-accommodation recovery weakened, and retained a measured Chrysalis stake tied to Starling Bank. FY2026 CHRY $414M

One letter so far. We collect each new one as Staude Capital — Global Value Fund publishes it.