Global Masters Fund Limited
GFL.AX
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- Global Masters Fund Limited (ASX:GFL) is an Australian-listed investment company (LIC) that provides investors with long-term capital growth through a concentrated portfolio of high-quality global equities; its principal holding is Berkshire Hathaway Inc., a New York Stock Exchange-listed conglomerate managed by Warren Buffett with diverse operations including insurance through GEICO and General Re, and significant stakes in companies such as Apple, Coca-Cola, Kraft Heinz, and American Express; the portfolio is diversified with an actively managed selection of growth-oriented businesses listed on the London Stock Exchange, as well as select listings on the Australian and Johannesburg stock exchanges, managed by EC Pohl & Co Pty Ltd. The fund focuses on medium- to long-term capital appreciation and income, reinvesting excess cash after expenses given Berkshire Hathaway's non-dividend policy, while maintaining unhedged exposure to international currencies including AUD/USD for diversification benefits. Founded in May 2004 in New South Wales and listed on the ASX in May 2006, the company is headquartered in Bundall, Queensland, and operates as an integral part of the EC Pohl & Co group, which retains at least a 51% interest to ensure long-term alignment. In recent developments, Global Masters Fund issued $10 million in unsecured, redeemable convertible notes (GFL Notes) in November 2021 to expand its investment portfolio without immediate shareholder dilution, offering a 5.50% fixed annual interest rate payable quarterly, with conversion into ordinary shares at $3.10 per share starting from the second anniversary; the notes feature ongoing interest payments, including a rate step-up announced in November 2024 and a new payment detailed in December 2025, alongside periodic conversions such as 3,225 shares quoted on ASX in November 2025 and 64,587 shares during the July 2025 quarter. Shareholders overwhelmingly approved an extension of the investment manager agreement with EC Pohl & Co at a recent annual general meeting, reinforcing the strategic partnership for UK and global portfolio management. The company continues to emphasize portfolio expansion into additional jurisdictions, aligning with its philosophy of investing in profitable, high-quality growth businesses amid global market trends.