Fund Performance
Cadence Opportunities Fund returned a positive gross performance of 2.3% in April, compared to the All Ordinaries Accumulation Index which was up 2.4% for the month. CDO has delivered strong performance in the 2026 financial year, up 39% for the past 10 months, outperforming the All Ordinaries Accumulation Index by 35%. CDO is one of Australia’s top‑performing investment companies returning 24.5% per annum and yielding 10.6% (7.4% fully franked) since its inception 7 years ago. These returns exceed the All Ordinaries Accumulation Index by approximately 2.3 times, with yields tracking at double the Index.
April’s top contributors included Predictive Discovery, Samsung Electronics, Liontown, Many Peaks Minerals and Kingsgate Consolidated. The largest detractors were EQ Resources and Lindian Resources.
Predictive Discovery finalised its merger with Robex Resources on 15 April, targeting +400koz per annum of gold production by 2029. The March 2026 quarter marked a significant operational step change with production up 308% to 48koz. Supported by a 13% increase in the gold price received, Predictive generated US$139m of operating cash flow. Gold production is set to improve further as the Kiniero mine ramps up towards full capacity in the June quarter.
Liontown Resources is a lithium producer in Western Australia. Liontown transitioned from losing money on its operations in the December 2025 quarter to delivering its strongest financial quarter since production commenced with $55 million in operating cash flow. A strong operational performance and a more than 100% improvement in the lithium price were the key drivers. Current market prices indicate continued momentum into the June 2026 quarter and FY26 guidance was maintained.
June 2026 Investor Presentations
CDO is pleased to invite you to attend a briefing with the Cadence Investment Team who will be discussing the changing investment landscape. Over the past five years, higher interest rates, elevated inflation and slowing economic growth have increased the risk of stagflation. At the same time, a record US$40 trillion of U.S. government debt is refinancing from yields of around 1.25% to 4.25%, while many developed‑world governments continue to run large budget deficits. The trend of ever‑expanding valuation multiples has stalled — and for good reason. Join us for a discussion on where investment opportunities exist in this new environment. Tea, coffee and light refreshments will be available after the presentations.
Please click here to secure your place
Presentation venues:
Sydney – Monday 15 June 2026, 9.30am – 11.30am
Location: Karstens, Level 1, 111 Harrington Street, Sydney
Melbourne – Tuesday 16 June 2026, 9.30am – 11.30am
Location: Karstens, Level 9, 123 Queen Street, Melbourne
Brisbane – Thursday 18 June 2026, 9.30am – 11.30am
Location: Karstens, Level 24, 215 Adelaide Street, Brisbane
2026 Fully Franked Interim Dividend
On 30 April the Company paid its fully franked interim dividend of 7.5 cents per share, an increase of 0.5 cents on last year’s final dividend. This interim dividend equated to a 7.1% fully franked yield or a 10.2% gross yield (grossed up for franking credits) based on the share price on the date of the announcement of $2.10 per share.
After paying the 7.5 cent fully franked interim dividend, CDO still has 74 cents per share of profits reserve to pay future dividends. This amount is more than 4 years’ worth of dividends based on the current dividend.
Historic CDO Dividend Yield
CDO’s franked and gross yields were approximately 3 times higher than those of the All Ordinaries Index for FY 2025.
CDO has paid $0.845 in dividends ($1.207 including franking) since its inception.
Fund Exposure (Gross and Net)
News
To watch the December 2025 Half Year Webcast please click here. In this webcast, Karl Siegling first discusses the Company’s half-year results and the 7.5c fully franked interim dividend before providing an update on the fund, including an estimated NTA update. He then discusses the current composition of the portfolio and looks at seven of its current holdings, namely Samsung (005930 KS), EQ Resources (EQR AU), Guzman Y Gomez (GYG AU), Robex Resources (RXR AU), Endeavor Mining (EDV CN), Many Peaks Minerals (MPK AU) and Cyprium Metals (CYM AU). Karl closes by discussing the half-year reporting season and the outlook for the rest of the year.
To view all previous Cadence webcasts and interviews please visit the Media Section of the website.
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