ARG - Argo Investments

[Bellcose]

Div 20c ff with 7c LIC CG. Payable 12 September.

 

[monkton]

Div 20c ff with 7c LIC CG. Payable 12 September.

you are up bright & early with this, I can't find it listed as yet, but then I'm still having morning coffee

 

[Dona Ferentes]

Given the continued growth in Argo’s franking balance and recognising that imputation credits are more valuable in our shareholders’ hands, the Board decided it was appropriate to meaningfully increase the final dividend. Argo is focused on sustainably growing fully franked dividends and for the foreseeable future accelerating the distribution of accumulated franking credits.

Investment portfolio
During the financial year, Argo purchased $335.0 million of investments, which included new holdings and adding to existing positions. Over the same period, Argo received $370.5 million from sales of investments, including $48 million in Commonwealth Bank. The larger movements in the portfolio during the period were:

Purchases
Amotiv
BHP Group
Dexus*
National Australia Bank
Origin Energy
Steadfast Group
Treasury Wine Estates
Worley
Xero*
* New portfolio position

Sales
Aristocrat Leisure
Brambles
Commonwealth Bank
Computershare
Diversified United Investment**
MAC Copper**
Macquarie Group
QBE Insurance Group
Technology One
** Fully exited position

A safe pair of hands

Argo gained +13.3%, measured by net tangible assets (NTA) return after all costs and adjusted for company tax paid, slightly behind the S&P/ASX 200 Accumulation Index which increased +13.8% (without allowance for any costs).

The biggest negative contributor was our underweight holding in Commonwealth Bank of Australia (CBA). In defiance of traditional valuation metrics, the bank’s share price reached numerous record highs during the year and we selectively reduced our exposure to end the financial year with 5.4% of the portfolio invested in CBA, compared to the index weighting of 12%.

 

[Bellcose]

you are up bright & early with this,

Necessity. Had to pack as off to Dubbo in about 30 minutes time so while waiting....

I'm still having morning coffee

No coffee for me. Coffee being a diuretic the others would not be impressed if I insisted we pull over for me to have a roadside pee.

 

[Dona Ferentes]

Portfolio movements
Over the course of the financial year, Argo purchased $335.0 million of investments, which included new holdings and adding to existing positions. Over the same period, Argo received $370.5 million from sales of investments, including $48.0 million in CBA.

The larger movements in the portfolio during the financial year were:

Purchases
Amotiv
BHP Group
Dexus*
National Australia Bank
Origin Energy
Steadfast Group
Treasury Wine Estates
Worley
Xero*
* New portfolio position.

Sales
Aristocrat Leisure
Brambles
Commonwealth Bank
Computershare
Diversified United Investment**
MAC Copper**
Macquarie Group
QBE Insurance Group
Technology One
** Fully exited position

 

[Bellcose]

It was certainly great seeing the bank balance bounce up when the dividend was paid. However, the share registry is awfully slow in getting the funds to the bank and the dividend advice out in comparison with other LICs and ETFs.