Global Masters Fund Swings to Loss as NTA Declines on FX and Note Costs

Global Masters Fund Limited ( (AU:GFL) ) just unveiled an update.

Global Masters Fund Limited reported a 17 per cent increase in operating revenue to $174,339 for the half year to 31 December 2025, but operating loss after tax widened to $760,617, and total comprehensive income swung from a $7.0 million profit to an $863,605 loss year on year. Earnings per share almost doubled in their negative result, and net tangible assets per share fell 7.2 per cent, reflecting weaker portfolio performance, adverse FX movements and costs linked to convertible notes and tax, while the company maintained its practice of not paying dividends.

Net tangible assets per share, calculated on tax for realised gains only, declined from 500.9 cents at 30 June 2025 to 479.5 cents at 31 December 2025, with portfolio returns reduced by foreign exchange losses and further eroded by convertible note expenses and income tax charges. The absence of a dividend, in line with the non-yielding nature of its core Berkshire Hathaway investment, underscores the fund’s reliance on capital growth rather than income, a dynamic that may concern income-focused investors during periods of market or currency volatility.

The most recent analyst rating on (AU:GFL) stock is a Hold with a A$3.50 price target. To see the full list of analyst forecasts on Global Masters Fund Limited stock, see the AU:GFL Stock Forecast page.

More about Global Masters Fund Limited

Global Masters Fund Limited is an investment company that provides shareholders with exposure to a portfolio of listed securities, with a major holding in Berkshire Hathaway. The fund’s performance and shareholder returns are closely tied to movements in this concentrated portfolio and associated foreign exchange impacts rather than to operating business activities or product sales.

Average Trading Volume: 5,540

Technical Sentiment Signal: Hold

See more data about GFL stock on TipRanks’ Stock Analysis page.