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Marlin Global (MLN)FY26Released 25 August 2026
Portfolio loss drives $17.3m net loss as NTA falls to $0.80
A $17.3m net loss and an NTA of $0.80 reflect portfolio returns that trailed the benchmark by 39 percentage points, not weaker income.
Published 25 August 2026
Read briefingBarramundi (BRM)FY26Released 24 August 2026
Barramundi NTA per share sinks to $0.53 as portfolio drives $42.9m net loss
NTA per share dropped 25.4% to an unprecedented $0.53 even as investment income rose 36.1% to $6.6m, masked by portfolio losses.
Published 24 August 2026
Read briefingAustralian Foundation Investment Company (AFI)FY26Released 27 July 2026
Portfolio total return sank to 0.9%, trailing benchmark by 6.3 points
NPAT rose 2.8% to $293.1m, but AFI's portfolio total return of 0.9% badly missed its historical 20.3% average and its own benchmark.
Published 19 August 2026
Read briefingKingfish (KFL)FY26Released 25 May 2026
Kingfish portfolio returned -3.2% versus +5.2% benchmark, NAV down 11.1%
An 8.4 percentage point benchmark gap drove a NZ$13.6m net loss and pulled NTA to NZ$1.20 while annual distributions slipped to 10.84cps.
Published 25 May 2026
Read briefingHenderson Far East Income (HFL)HY26Released 16 April 2026
Portfolio returned 23.3% versus a 22.9% benchmark, lifting net assets to a
An Asian equity rebound delivered unprecedented capital gains, but the 29p distribution remains only 83.1% covered by investment income.
Published 22 April 2026
Read briefingMarlin Global (MLN)HY26Released 16 February 2026
Marlin's portfolio returned 3.0% against an unprecedented 14.0% benchmark
Manager underperformance widened to 11.0pp and NAV per share fell 8.3% even as the absolute portfolio result stayed within historical norms.
Published 22 April 2026
Read briefingBarramundi (BRM)HY26Released 16 February 2026
Portfolio swung to unprecedented -5.8%, 11.4pp behind benchmark
Recurring investment income held above its historical range, but a NZ$13.5m portfolio loss pushed NPAT to -NZ$15.4m and NTA per share to NZ$0.63.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY26Released 21 January 2026
AFI portfolio return 2.0%, distribution coverage drops to 91.4%
Investment income held inside the historical band, but the interim dividend now exceeds NPAT and the portfolio trailed its benchmark by 2.2 points.
Published 22 April 2026
Read briefingKingfish (KFL)HY26Released 24 November 2025
Portfolio return halved to NZ$20.0m but investment income hit a record NZ$5.9m
NPAT fell 61.7% to NZ$16.4m as fair-value gains receded against a near-flat benchmark, while NTA per share slipped 5.2% to NZ$1.34.
Published 22 April 2026
Read briefingHenderson Far East Income (HFL)FY25Released 12 November 2025
Distribution cover halved to 100% as portfolio trailed benchmark again
Investment income fell 3.1% to NZ$50.6m and the 12.7% NAV total return lagged the 14.1% benchmark, leaving the dividend just covered.
Published 22 April 2026
Read briefingMarlin Global (MLN)FY25Released 18 August 2025
Portfolio return of $5.9m lagged an unprecedented 50% benchmark
Investment income held above the historical baseline at $1.2m, but portfolio total return fell 86.3% while the benchmark posted a record 50% gain.
Published 22 April 2026
Read briefingBarramundi (BRM)FY25Released 18 August 2025
NPAT fell 71.9% as portfolio gains cooled; coverage dropped to 39.4%
Record investment income of NZ$4.8m was outpaced by NZ$12.3m in distributions, leaving capital gains to fund the gap.
Published 22 April 2026
Read briefingKingfish (KFL)FY25Released 19 May 2025
Kingfish beat benchmark by 7.5pp but H2 NPAT swung to -$2.0m
A strong first half drove the $40.8m full-year NPAT, but H2 reversed and NTA per share sits at the lower edge of its four-year range.
Published 22 April 2026
Read briefingHenderson Far East Income (HFL)HY25Released 16 April 2025
Investment income fell 33% to NZ$7.5m, below historical range
Portfolio total return of 2.4% trailed the 3.3% benchmark while NAV per share slipped 4.7% to a below-range 2.16x.
Published 22 April 2026
Read briefingMarlin Global (MLN)HY25Released 21 February 2025
Marlin's 3.7% portfolio return lagged the 10.5% benchmark by 6.8 points
NTA per share rose 8.5% to $1.02 and dividend income hit an unprecedented $0.9m, but benchmark underperformance is the central read.
Published 22 April 2026
Read briefingBarramundi (BRM)HY25Released 21 February 2025
Portfolio trailed benchmark by 2.3pp as NPAT halved to $8.9m
Smaller fair-value gains drove NPAT down 47.6%, lifting the payout-to-NPAT ratio to 51.3% versus a 26.5% historical mean.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY25Released 22 January 2025
Portfolio trailed benchmark by 0.4pp; payout ratio reached 97.6%
Investment income rose 3.0% but a 7.2% portfolio return lagged the 7.6% benchmark, reversing last year's 0.7pp outperformance.
Published 22 April 2026
Read briefingKingfish (KFL)HY25Released 21 November 2024
Portfolio return of 10.4% drove Kingfish to NZ$42.8m interim profit
Recurring investment income held flat at NZ$5.5m, leaving distributions only 48.8% income-covered despite the headline swing.
Published 22 April 2026
Read briefingHenderson Far East Income (HFL)FY24Released 8 November 2024
Dividend cover rebuilt to 131% as portfolio return rebounded to 11.9%
Revenue return rose 39.9% and refilled the £29.9m revenue reserve, but the portfolio still lagged its Asia Pacific high-yield benchmark by 1.1pp.
Published 22 April 2026
Read briefingMarlin Global (MLN)FY24Released 19 August 2024
NPAT up 57.6% to $37.2m on a $42.9m portfolio total return
Strong absolute gains came against a benchmark return of 15.2%, which sits at the lower edge of Annolyse's historical range.
Published 22 April 2026
Read briefingBarramundi (BRM)FY24Released 19 August 2024
NPAT down 26.6% as portfolio gains normalise off a strong FY23
Investment income rose 4.4% to $4.2m, but lower fair-value contribution cut total return 24% and ROE from 19.2% to 13.0%.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY24Released 29 July 2024
Portfolio returned 15.1%, beat benchmark by 1.6pp as NAV rose 9.3%
Strong capital return lifted net assets above the historical baseline, but softer investment income left distributions at 102.9% of NPAT.
Published 22 April 2026
Read briefingKingfish (KFL)FY24Released 20 May 2024
Kingfish swung to NZ$19.9m profit but net assets fell below historical range
Distributions of NZ$23.0m absorbed the portfolio rebound, leaving net assets at NZ$457.6m versus the NZ$461.6m–NZ$505.4m historical range.
Published 22 April 2026
Read briefingHenderson Far East Income (HFL)HY24Released 29 April 2024
NAV at lower edge of historical range with distribution cover at 56.4%
Portfolio beat its reference index by 3.1pp, but revenue return covered only 56.4% of distributions and net assets fell 10.2% to NZ$368.6m.
Published 22 April 2026
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