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Marlin Global (MLN)HY24Released 22 February 2024
NPAT swung to NZ$10.2m on NZ$12.4m portfolio total return
An above-range portfolio result drove the swing to profit, but running investment income of NZ$0.4m covers only 7.9% of distributions paid.
Published 22 April 2026
Read briefingBarramundi (BRM)HY24Released 22 February 2024
Portfolio return of NZ$19.7m drove PBT up 30.9% and NTA per share up 15.1%
Portfolio total return of 8.8% beat the benchmark by 1.1pp, but a lower effective tax rate flattered the 39.3% NPAT print.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY24Released 24 January 2024
Portfolio returned 9.0% but income fell 5.4% and lifted payout to 95.4%
Strong portfolio capital return masked a 5.4% drop in investment income, narrowing distribution coverage as the interim dividend was raised.
Published 22 April 2026
Read briefingTempleton Emerging Markets Investment Trust Plc (TEM)HY24Released 8 December 2023
NAV up 6.2% but income fell 19.6%, halving distribution cover
NTA rose to 170.5p and the portfolio marginally beat the benchmark, but revenue cover of the distribution fell from 171.8% to 110.9% as income
Published 23 April 2026
Read briefingHenderson Far East Income (HFL)FY23Released 1 December 2023
Portfolio -13.0% lagged a flat benchmark; distribution cover slipped to 97.4%
Investment income fell 14.3% and a 13.1pp benchmark shortfall drove net assets down 16.9%, leaving the per-share dividend no longer fully covered
Published 22 April 2026
Read briefingKingfish (KFL)HY24Released 20 November 2023
Kingfish NTA slipped to $1.30 as loss narrowed but net assets eroded
The portfolio beat its benchmark by 1.6pp, yet net assets stayed below the historical baseline and the interim distribution was trimmed 7.7%.
Published 22 April 2026
Read briefingMarlin Global (MLN)FY23Released 22 August 2023
Portfolio swung to NZ$27.6m total return but NTA stayed near lower edge
NPAT rebounded to NZ$23.6m and NTA per share rose 4.5% to NZ$0.93, yet net assets of NZ$192.8m remain at the lower edge of Marlin's recent range.
Published 22 April 2026
Read briefingBarramundi (BRM)FY23Released 22 August 2023
NTA per share rose 12.5% to $0.72 as portfolio swung to $43.6m total return
Investment income covered only 40.7% of distributions paid, so capital recycling continues to fund shareholder payouts despite the headline profit
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY23Released 26 July 2023
NPAT fell 14.1% on BHP merger dividend base; portfolio trailed by 2.7pp
Underlying profit rose 8.6% excluding the prior-year one-off, while the 13.9% portfolio return lagged the ASX 200's 16.6% gain.
Published 22 April 2026
Read briefingKingfish (KFL)FY23Released 22 May 2023
NTA per share fell 11.4% while the benchmark returned +3.2%
Recurring investment income grew 14.4% to NZ$9.0m, but a NZ$14.7m portfolio loss left distributions only 36.7% covered by income.
Published 22 April 2026
Read briefingHenderson Far East Income (HFL)HY23Released 4 May 2023
Portfolio total return -4.0% as capital losses overwhelm income
HFL delivered a -4.0% portfolio return in HY23, below its entire historical range, though it still outperformed a benchmark that fell -4.5%.
Published 22 April 2026
Read briefingMarlin Global (MLN)HY23Released 17 February 2023
Portfolio returned -6.5% versus benchmark +6.3% as NTA fell to $0.80
Active management lagged the benchmark by 12.8 percentage points as net assets dropped 33.1% and the interim distribution was cut to 1.66cps.
Published 22 April 2026
Read briefingBarramundi (BRM)HY23Released 17 February 2023
Net assets sank 21.2% to an unprecedented NZ$178.1m low
An 8.9% portfolio return lagged a 10.7% benchmark, and NPAT fell 18.1% on the smaller asset base.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)HY23Released 23 January 2023
Record income masks 3.7pp portfolio underperformance versus benchmark
Investment income reached an unprecedented $178.1m and the interim dividend lifted to 11 cents, but the 7.1% portfolio return trailed the 10.8%
Published 22 April 2026
Read briefingTempleton Emerging Markets Investment Trust Plc (TEM)HY23Released 9 December 2022
NAV fell 20.9% to £1.87bn as second straight half-year loss hit £177.3m
Investment income surged 75% to £56.6m and lifted distribution coverage, but the capital account drove another large total-return loss.
Published 23 April 2026
Read briefingKingfish (KFL)HY23Released 17 November 2022
Portfolio return of -9.5% drove $48.4m loss as NAV per share fell
Kingfish trailed its benchmark by 0.9pp as net assets fell to $444.4m and ROE swung to an unprecedented -10.9%, with distribution coverage at 39.5%.
Published 22 April 2026
Read briefingHenderson Far East Income (HFL)FY22Released 7 November 2022
Net assets above normal range at NZ$435.6m, dividend lifted to 23.80p
Portfolio total return of 1.9% trailed the 3.4% benchmark, while revenue return covered the distribution 1.2x.
Published 22 April 2026
Read briefingMarlin Global (MLN)FY22Released 22 August 2022
NTA per share fell 30.5% on an unprecedented NZ$58.5m portfolio loss
An unprecedented portfolio markdown left FY22 distributions covered only 5.7% by investment income, with NTA falling from $1.28 to $0.89 per share.
Published 22 April 2026
Read briefingBarramundi (BRM)FY22Released 22 August 2022
Portfolio swung to NZ$32.6m loss as NTA fell 26% to 64 cents
Unprecedented portfolio drawdown eroded NAV while distributions of NZ$11.0m were paid against only NZ$3.8m of investment income.
Published 22 April 2026
Read briefingAustralian Foundation Investment Company (AFI)FY22Released 25 July 2022
Investment income up 53.4% but portfolio swung to a $347.5m total loss
Dividend receipts lifted distribution coverage to 163.2% even as net assets fell 7.5% against a benchmark total return of just 5.1%.
Published 22 April 2026
Read briefingTempleton Emerging Markets Investment Trust Plc (TEM)FY22Released 15 June 2022
Portfolio fell 17.3% and trailed MSCI EM by 10.5pp
TEMIT cut the ordinary distribution to 3.80p as net assets fell 18.9% to 2,100.4m, with gross borrowings rising 50% to 150.0m.
Published 23 April 2026
Read briefingKingfish (KFL)FY22Released 23 May 2022
NTA fell 10.7% to $1.58 as portfolio return swung to -3.5%
A strong $56.9m H1 profit was more than reversed in H2, leaving a $17.3m full-year loss and active return barely ahead of the benchmark.
Published 22 April 2026
Read briefingMarlin Global (MLN)HY22Released 28 February 2022
NTA hit a record NZ$1.26 but the portfolio trailed its benchmark by 2.7pp
Active management delivered a 1.5% return against a 4.2% benchmark while distributions of 5.06 cents ran at 132.4% of NPAT.
Published 22 April 2026
Read briefingBarramundi (BRM)HY22Released 28 February 2022
NTA per share hit record $0.85 on 7.7% portfolio return
The portfolio's 7.7% return beat a weak 3.7% benchmark, but distribution coverage of 35% leaves the payout dependent on capital returns.
Published 22 April 2026
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