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Showing 25-48 of 54 published briefings.

Templeton 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

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Henderson 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

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Kingfish (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

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Marlin 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

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Barramundi (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

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Australian 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

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Kingfish (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

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Henderson 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

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Marlin 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

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Barramundi (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

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Australian 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

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Templeton 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

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Kingfish (KFL)HY23Released 17 November 2022

Portfolio return of -9.5% drove $48.4m loss and 27.3% NAV per share decline

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

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Henderson 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

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Marlin 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

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Barramundi (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

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Australian 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

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Templeton 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

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Kingfish (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

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Marlin 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

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Barramundi (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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Australian Foundation Investment Company (AFI)HY22Released 24 January 2022

Investment income up 68.1% restored distribution coverage to 126.2%

Post-COVID dividend recovery lifted income to NZ$161.8m and portfolio return of 6.9% beat the 4.6% benchmark by 2.3 percentage points.

Published 22 April 2026

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Templeton Emerging Markets Investment Trust Plc (TEM)HY22Released 25 November 2021

TEMIT swings to NZD 191.8m half-year loss on -7.5% portfolio return

Investment income fell 6.3% and emerging-markets capital losses drove the swing, though revenue earnings still cover ~98% of distributions.

Published 23 April 2026

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Kingfish (KFL)HY22Released 22 November 2021

Kingfish NTA hit a record $1.88 as portfolio beat benchmark by 4.7pp

Net profit fell 34.6% against an exceptional prior-year comparable, but a 10.4% portfolio return lifted net assets to a record $594.4m.

Published 22 April 2026

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