Cadence Capital (CDM) AGM 2025 summary

Opening remarks and agenda

• AGM and investor briefing held on 28 October 2025, covering year-end results and fund performance for both Cadence Capital Limited and Cadence Opportunities Fund Limited.

• Presentation began with a review of fund performance and a focus on key market themes, including PE expansion and negative earnings growth in large-cap stocks.

Financial performance review

• Cadence Capital Limited returned 3.4% for the year, with profit after tax of $6.3m and a strong second half reversing earlier underperformance.

• Cadence Opportunities Fund up 7.9% for the year, profit after tax of $1.5m, and a 9.1% gain in the second half.

• For the 12 months to September, Cadence Capital up 14% (outperforming index by 3.5%), Cadence Opportunities up 20.8% (outperforming index by 10.3%).

• Pre-tax NTA for Cadence Capital up 20% since January, but share price up only 8%, resulting in a 21% discount to NTA.

• Portfolio is highly liquid, with 75-87% able to be liquidated within a week and 80% within a month.

Dividend announcements

• Cadence Capital declared a 3.0 cent final dividend, franked at 50%, yielding 8.8% (10.7% grossed up), with 12.0 cents profit reserves remaining.

• Cadence Opportunities declared a 7.0 cent fully franked final dividend, yielding 7.8% (11.1% grossed up), with 31.0 cents profit reserves remaining.

• Maintains reserves sufficient for about two years of future dividends.

• Discussion on potential for quarterly dividends, with cost and sustainability concerns to be discussed at the next board meeting.