Global Masters Fund

What Global Masters Fund does

Global Masters Fund (ASX: GFL) is an Australian-listed investment company (LIC) that provides Australian investors with access to global equities. Founded in 2004 and listed on the ASX in 2006, the company's stated investment strategy directs the majority of its portfolio (more than 60%) into Berkshire Hathaway Inc., with the balance allocated to other global securities. This concentrated, anchor-holding posture means the fund's performance is heavily correlated with the underlying Berkshire Hathaway investment, making it function as a domestic, tax-efficient proxy vehicle for Australian shareholders seeking exposure to Berkshire Hathaway.

The fund does not pay dividends and does not generate revenue in the traditional operating sense; its returns are derived from portfolio investment performance. In November 2021, the company raised $10 million via convertible notes as an additional funding instrument, and conversion events in 2025 modified the capital structure. The fund is controlled by EC Pohl & Co group, which retains more than 51% of issued capital, providing strategic continuity. Leadership transitioned from founder Manny Pohl, who retired in June 2023, to Jason Pohl, who was appointed Director in February 2023 and Managing Director in May 2025.

The business model is that of a closed-end listed investment vehicle: capital is raised from shareholders, deployed primarily into a concentrated global equity portfolio, and reported through ASX disclosures. The shareholder base is therefore the implicit "customer" base, and the fund's primary value proposition is providing liquid, ASX-traded access to a Berkshire Hathaway-anchored portfolio for Australian retail and wholesale investors.

Name

Global Masters Fund

Legal name

Global Masters Fund Limited

Website

https://globalmastersfund.com.au

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1–10 employees

Short description

Global Masters Fund (ASX: GFL) is an Australian-listed investment company providing Australian investors access to global equities, primarily through a concentrated holding in Berkshire Hathaway Inc. It is controlled by EC Pohl & Co group and does not pay dividends.

Ownership category

akta.pro rank

Product category

Listed Investment Company

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Global/International & Emerging Markets Mutual Funds (FSAAAEAK)

Keywords

• Listed investment company
• Global equity portfolio
• Long-term capital growth
• ASX-listed investment fund
• Berkshire Hathaway exposure

Headquarters

HQ city

Boondall

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Others

Revenue model

1. Capital Appreciation: The primary source of value creation for Global Masters shareholders is the capital appreciation of their shares. Berkshire Hathaway does not pay dividends, and any excess cash received after paying expenses is reinvested. The company does not declare dividends for the foreseeable future.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Global Masters Fund (GFL) is an ASX-listed investment company that provides shareholders with long-term capital growth by holding a concentrated portfolio of high-quality global equities, with Berkshire Hathaway Inc as its principal stake. The company also issued listed, redeemable, unsecured convertible notes worth $10.0 million in November 2021 that can be converted into ordinary shares through November 2026.

Product overview

Global Masters Fund (GFL) is a single, unified listed investment company (LIC) on the Australian Securities Exchange (ASX). The company's core offering is providing investors with long-term capital growth through a concentrated portfolio of high-quality global assets. The principal investment is Berkshire Hathaway Inc. (NYSE-listed), with additional holdings across companies listed on the London Stock Exchange, Australian Stock Exchange, and Johannesburg Stock Exchange. GFL also offers GFL Convertible Notes as an alternative investment vehicle, providing noteholders with conversion rights into ordinary shares. The fund does not pay dividends as Berkshire Hathaway does not pay dividends; instead, all income is reinvested to facilitate capital growth.

Differentiator

Problem solved

Functional benefit

Products and services

• Global Masters Fund (GFL) Ordinary Shares ASX-listed ordinary shares (ticker GFL) in a Listed Investment Company providing Australian retail and sophisticated investors with long-term capital growth through a diversified portfolio of global equities, with Berkshire Hathaway Inc as the principal holding and additional positions on the London, Australian, and Johannesburg stock exchanges.
• GFL Convertible Notes Listed, redeemable, unsecured convertible notes issued by Global Masters Fund worth $10.0 million, convertible into ordinary GFL shares from 23 November 2023 to 10 days before the maturity date on 24 November 2026.

Quantifiable outcome

• Annualised portfolio performance of 18.5% for FY2025 (NTA on realised gains only)
• +1 more outcomes

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor.

• Flagship InvestmentsminorStrategic or Co-development PartnerFlagship Investments is an associated company of Global Masters Fund, both being part of the broader EC Pohl & Co investment group. Both companies serve as Listed Investment Companies on the ASX.
• ECP Emerging Growth LimitedminorStrategic or Co-development PartnerECP Emerging Growth Limited is an associated company within the EC Pohl & Co group. Murray d'Almeida serves as Chairman of both ECP Emerging Growth Limited and Global Masters Fund.
• Boardroom Pty LtdminorOthersBoardroom Pty Ltd oversees Global Masters Fund's share register. Investors can manage their personal holding information and update details through the InvestorServe portal.

Scale indicators4 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Perpetual Equity Investment Company: Perpetual Equity Investment Company is an ASX-listed LIC offering diversified Australian and global equity exposure managed by Perpetual, serving the same retail and SMSF investor segment with a similar closed-ended LIC structure.
• Whitefield: Whitefield is an ASX-listed LIC focused on a concentrated portfolio of Australian and global industrial and financial businesses, providing long-term capital growth via a structure that overlaps directly with GFL's LIC offering.
• WAM Global: WAM Global is an Australian LIC that provides retail investors with diversified global equity exposure through a single ASX-listed vehicle, targeting long-term capital growth in a structurally similar way to GFL.
• Flagship Investments: Flagship Investments is an ASX-listed investment company within the EC Pohl & Co group, making it a directly comparable LIC operating under common management and applying a similar long-term, quality-focused investment philosophy to GFL.
• WAM Leaders: WAM Leaders is an ASX-listed LIC investing in a concentrated portfolio of listed equities with a long-term wealth creation mandate, closely mirroring GFL's closed-ended, dividend-light LIC model.
• ECP Emerging Growth Limited: ECP Emerging Growth Limited is an associated EC Pohl & Co group ASX-listed investment company with overlapping directors (Murray d'Almeida chairs both), making it a directly comparable LIC focused on listed and unlisted growth equities.

Broad incumbents

• Berkshire Hathaway: Berkshire Hathaway is GFL's principal portfolio holding and the global benchmark for long-duration, value-led investment company investing. While not an LIC, its philosophy, closed-ended structure, and reinvest-all-cash approach make it a fundamental comparable for how GFL's NAV is generated.
• Platinum Asset Management: Platinum Asset Management is a Sydney-based global equities manager running pooled funds and investment trusts aimed at long-term capital growth, making it a broader incumbent in the Australian-domiciled global equity exposure category where GFL operates.
• Washington H. Soul Pattinson: Washington H. Soul Pattinson is one of Australia's oldest and largest LICs, offering diversified long-term equity exposure through a single ASX-listed vehicle. It is a broader incumbent in the LIC category with a comparable long-duration capital growth orientation.
• Australian Foundation Investment Company: AFIC is Australia's largest LIC, providing diversified Australian and selective international equity exposure through a single ASX-listed share. It is the benchmark broad-incumbent LIC against which smaller, more concentrated vehicles like GFL are evaluated.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@globalmastersfund
• LinkedInau.linkedin.com/company/global-masters-fund
• Facebookfacebook.com/GlobalMastersFund

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Global Masters Fund