MFF Capital Investments reports increased NTA amidst market surge

MFF Capital Investments Limited reported an approximate pre-tax NTA per share of $5.231 as of September 30, 2025, up from $4.999 on June 30, 2025. After providing for tax, the NTA per share was $4.386, compared to $4.150 on June 30, 2025. An increased fully franked dividend of 9 cents per share is scheduled for payment this month. The company also paid AUD 20.5m in tax for September following further realised gains.

Portfolio sales for the month amounted to approximately 0.3% of portfolio value, with no purchases. Net cash as a percentage of investment assets was approximately 13.8%. Key currency rates as of September 30, 2025, were $0.663, €0.564, and £0.492. MFF's portfolio remains concentrated in businesses with sustainable advantages and strong management, with a continued focus on quality, price/value, liquidity, and opportunity cost.

The report also highlighted a broad market upcycle, with significant capital issuance and investment activity in September, particularly in the USA. This period saw increased investor sentiment and broadening market overconfidence, which MFF attributes to animal spirits overcoming concerns about government, geopolitical, and regulatory factors.