Castlepoint funds take unexpected hit
Two of Castlepoint's funds have taken an unexpected hit following accounting irregularities in one of their long term holdings, Corporate Travel Management (CTD).
Thursday, December 4th 2025, 8:31AM
CTD recently released updated financial information following a detailed review of its accounts for the period 2021 to 2025. This restatement follows an independent investigation conducted by KPMG at the company’s request, which identified errors in the recognition of revenue and expenses within CTD’s European division.
The findings revealed that certain revenue had been recognised in CTD’s European operations between 2021 and 2025, which should not have been recorded at that time. As a result, some of its clients will need to be refunded, creating a cash impact, rather than being a minor timing issue as previously indicated.
CTD entered a trading halt in August to allow time for a thorough assessment before releasing restated financial accounts. Whilst the review has not yet been completed, the company recently acknowledged that the findings are more serious than initially expected.
Castlepoint have written its CTD positions down by 65%.
"This adjustment is intended to provide a fair and realistic assessment for all investors. It takes effect from 28 November and will continue to be actively reviewed as more information becomes available," it says in a note to investors.
"The impact of this adjustment is significant for the Ranger and Trans-Tasman funds. Immediately prior to the announcement, the Ranger Fund had a 6% holding in CTD, while Trans-Tasman held 1%. We expect this change to reduce Ranger’s returns in November by just under 4%, and Trans-Tasman’s by approximately 0.65%."
"As a leading ASX‑listed company, this situation is deeply disappointing and is understandably a shock to investors both here in New Zealand and around the world. CTD has committed to providing further updates as the situation progresses, and we will continue to keep clients informed as new information is released."
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