Annual Report 2024
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2024
Contents
About
XêŚŚêŋȎÿŋĬĤȎŚąêȎ ąÃĉŋĤÃĥȎ
Ƨ
XêŚŚêŋȎÿŋĬĤȎŚąêȎ^ÃĥÃĀĉĥĀȎ#ĉŋêߌĬŋȎ
ƨ
ąÃŋêąĬĞåêŋȎŋêŚŠŋĥŒȎ
Ʃ
ÞĬŠŚȎŋĀĬȎFĥŶêŒŚĤêĥŚŒȎ
ƪ
ąÃŋêąĬĞåêŋȎÞêĥêƌŚŒȎ
ƫ
FĥŶêŒŚĤêĥŚȎÃňňŋĬÃßąȎ
Ƭ
ĬŋŚÿĬĞĉĬȎĬŶêŋŶĉêŷȎ
ƭ
ĬňȎƓƑȎĉĥŶêŒŚĤêĥŚŒȎ
Ʈ
Directors’ Report
ĬÃŋåȎĤêĤÞêŋŒȎ
Ʀƥ
fňêŋÃŚĉĥĀȎÃĥåȎ<ĉĥÃĥßĉÃĞȎ êŶĉêŷȎ
Ʀƪ
êĤŠĥêŋÃŚĉĬĥȎ êňĬŋŚȎ
Ƨƥ
ŠåĉŚĬŋȄŒȎFĥåêňêĥåêĥßêȎ#êßĞÃŋÃŚĉĬĥȎ
Ʃƪ
Financial Report
ŚÃŚêĤêĥŚȎĬÿȎŋĬƌŚȎĬŋȎXĬŒŒȎ
ƩƫȎ
ŚÃŚêĤêĥŚȎĬÿȎ ĬĤňŋêąêĥŒĉŶêȎFĥßĬĤêȎ
Ʃƫ
ŚÃŚêĤêĥŚȎĬÿȎ<ĉĥÃĥßĉÃĞȎĬŒĉŚĉĬĥȎ
ƩƬ
ŚÃŚêĤêĥŚȎĬÿȎ ąÃĥĀêŒȎĉĥȎ(ŊŠĉŚŽȎ
Ʃƭ
ŚÃŚêĤêĥŚȎĬÿȎ ÃŒąȎ<ĞĬŷŒȎ
ƩƮ
_ĬŚêŒȎŚĬȎŚąêȎ<ĉĥÃĥßĉÃĞȎŚÃŚêĤêĥŚŒȎ
ƪƦ
ĬŋŚÿĬĞĉĬȎąĬĞåĉĥĀŒȎ
Ƭƪ
ĬĥŒĬĞĉåÃŚêåȎ(ĥŚĉŚŽȎ#ĉŒßĞĬŒŠŋêȎŚÃŚêĤêĥŚȎ
ƬƮ
#ĉŋêߌĬŋŒȄȎ#êßĞÃŋÃŚĉĬĥȎ
ƬƮ
FĥåêňêĥåêĥŚȎŠåĉŚĬŋȄŒȎ êňĬŋŚȎ
ƭƥ
Further information
ąÃŋêąĬĞåêŋȎĉĥÿĬŋĤÃŚĉĬĥȎ
ƭƩ
Company directory
85
Annual General Meeting details
85
1
2024 overview
ŋĬƌŚ
Earnings per share
$253.0m
33.3c
$271.7m in 2023
36.1c per share in 2023
Full year dividends
LIC capital gain
34.5c
3.0c
Fully franked per share
34.5c per share in 2023
XF ȋŚÃżȋÞêĥêƌŚ
No LIC capital gain in 2023
Total assets
NTA per share
$7.4b
$9.61
$6.9b in 2023
Net tangible assets
$9.03 per share in 2023
Management expense ratio Argo shareholders
0.15%
93,000
0.16% in 2023
95,600 shareholders in 2023
Letter from the Chairman
Dear valued shareholder,
I am pleased to present Argo Investments’ 2024 Annual Report to
you.
Russell Higgins AO
Chairman
ŋĀĬȋåêĞĉŶêŋêåȋÃȋÿŠĞĞǹŽêÃŋȋňŋĬƌŚȋĬÿȋȑƓƖƔǢƑȋĤĉĞĞĉĬĥȋÿĬŋȋƌĥÃĥßĉÃĞȋŽêÃŋȋ
ƓƑƓƕǣȋÃȋåêßĞĉĥêȋĬÿȋǹƗǢƚɄǢȋfŶêŋÃĞĞȋåĉŶĉåêĥåȋĉĥßĬĤêȋŋêßêĉŶêåȋÿŋĬĤȋ
ßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋňĬŋŚÿĬĞĉĬȋåêßĞĉĥêåȋåŠêȋŚĬȋĞĬŷêŋȋåĉŶĉåêĥåŒȋňÃĉåȋÞŽȋ
ŒĬĤêȋĬÿȋĬŠŋȋĞÃŋĀêŒŚȋąĬĞåĉĥĀŒǣȋĉĥßĞŠåĉĥĀȋ^ÃßŊŠÃŋĉêȋ=ŋĬŠňȋÃĥåȋ Bȋ
=ŋĬŠňǢȋąĉŒȋŷÃŒȋňÃŋŚĉÃĞĞŽȋĬÿÿŒêŚȋÞŽȋąĉĀąêŋȋŒňêßĉÃĞȋåĉŶĉåêĥåŒȋŋêßêĉŶêåǢ
FĥßĬĤêȋĀêĥêŋÃŚêåȋÿŋĬĤȋĬňŚĉĬĥȋŷŋĉŚĉĥĀȋÃĥåȋŚŋÃåĉĥĀȋÃߌĉŶĉŚĉêŒȋÃĞŒĬȋÿêĞĞȋ
from last year's strong return.
ąêȋ ĬÃŋåȋŋêßêĥŚĞŽȋåêßĞÃŋêåȋÃȋƌĥÃĞȋåĉŶĉåêĥåȋĬÿȋƒƙǢƑȋßêĥŚŒȋňêŋȋ
ŒąÃŋêǣȋÞŋĉĥĀĉĥĀȋåĉŶĉåêĥåŒȋÿĬŋȋŚąêȋÿŠĞĞȋŽêÃŋȋŚĬȋƔƕǢƖȋßêĥŚŒȋňêŋȋŒąÃŋêǣȋ
ÿŠĞĞŽȋÿŋÃĥěêåǢȋĞêÃŒĉĥĀĞŽǣȋŷêȋĤÃĉĥŚÃĉĥêåȋÞĬŚąȋŚąêȋĉĥŚêŋĉĤȋÃĥåȋƌĥÃĞȋ
åĉŶĉåêĥåŒȋÃŚȋĞÃŒŚȋŽêÃŋȄŒȋŋêßĬŋåȋąĉĀąŒǢȋąĉŒȋŠĥåêŋŒßĬŋêŒȋÃĥȋĉĤňĬŋŚÃĥŚȋ
ÃåŶÃĥŚÃĀêȋĬÿȋŚąêȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋdzXF ǴȋŒŚŋŠßŚŠŋêǣȋŷąĉßąȋ
ÃĞĞĬŷŒȋŠŒȋŚĬȋåŋÃŷȋĬĥȋŋêŒêŋŶêŒȋĬÿȋŋêŚÃĉĥêåȋêÃŋĥĉĥĀŒȋÃĥåȋÿŋÃĥěĉĥĀȋ
ßŋêåĉŚŒȋŚĬȋȃŒĤĬĬŚąȄȋŚąêȋåĉŶĉåêĥåŒȋňÃĉåȋŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋĬŶêŋȋŚĉĤêǢȋȋȋ
ąêȋƌĥÃĞȋåĉŶĉåêĥåȋÃĞŒĬȋĉĥßĞŠåêåȋÃȋXF ȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋƔǢƑȋ
ßêĥŚŒȋňêŋȋŒąÃŋêǢȋąĉŒȋĉŒȋåŠêȋŚĬȋßÃňĉŚÃĞȋĀÃĉĥŒȋÞêĉĥĀȋßŋŽŒŚÃĞĞĉŒêåȋĉĥȋĬŠŋȋ
ňĬŋŚÿĬĞĉĬǣȋĉĥßĞŠåĉĥĀȋåŠêȋŚĬȋŚÃěêĬŶêŋŒǢȋ°ąêĥȋŋĀĬȋĤÃěêŒȋÃȋåĉŒßĬŠĥŚêåȋ
ßÃňĉŚÃĞȋĀÃĉĥǣȋŚąêȋŚÃżȋÞêĥêƌŚȋŚąĉŒȋĀêĥêŋÃŚêŒȋßÃĥȋÞêȋňÃŒŒêåȋĬĥȋŚĬȋ
ŒąÃŋêąĬĞåêŋŒǢȋFĥȋÃååĉŚĉĬĥȋŚĬȋŚąêȋÞêĥêƌŚȋĬÿȋÿŋÃĥěĉĥĀȋßŋêåĉŚŒǣȋêĞĉĀĉÞĞêȋ
ŒąÃŋêąĬĞåêŋŒȋßÃĥȋßĞÃĉĤȋÃȋŚÃżȋåêåŠßŚĉĬĥȋĉĥȋŋêĞÃŚĉĬĥȋŚĬȋŚąĉŒȋßÃňĉŚÃĞȋĀÃĉĥǢȋ
ŋĀĬȄŒȋÃÞĉĞĉŚŽȋŚĬȋňÃŒŒȋŚąĉŒȋÞêĥêƌŚȋĬĥȋŚĬȋŒąÃŋêąĬĞåêŋŒȋåĉŒŚĉĥĀŠĉŒąêŒȋ
ŠŒȋÿŋĬĤȋĤÃĥŽȋĬŚąêŋȋĤÃĥÃĀêåȋÿŠĥåŒȋÃĥåȋXF ŒǢȋ<ĬŋȋĤĬŋêȋĉĥÿĬŋĤÃŚĉĬĥǣȋ
ňĞêÃŒêȋŶĉŒĉŚȋŚąêȋąÃŋêąĬĞåêŋȋ êĥŚŋêȋĬĥȋĬŠŋȋŷêÞŒĉŚêǢ
ĉĥßêȋƒƚƕƗǣȋŋĀĬȄŒȋĬŶêŋŋĉåĉĥĀȋĬÞĘêߌĉŶêȋąÃŒȋÞêêĥȋŚĬȋåêĞĉŶêŋȋĞĬĥĀǹŚêŋĤȋ
ŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥŒȋÞŽȋňŋĬŶĉåĉĥĀȋŋêĞĉÃÞĞêǣȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåȋ
ĉĥßĬĤêȋÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋąĉŒȋŋêĤÃĉĥŒȋĬŠŋȋÃĉĤȋÃŒȋŷêȋßĬĥŚĉĥŠêȋ
ŚĬȋÃňňĞŽȋĬŠŋȋßĬĥŒêŋŶÃŚĉŶêȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋŠŒĉĥĀȋÃȋĞĬŷǹßĬŒŚȋ
ÞŠŒĉĥꌌȋĤĬåêĞȋǾȋÃĥȋÃňňŋĬÃßąȋŚąÃŚȋąÃŒȋňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋĬŶêŋȋĤÃĥŽȋ
åêßÃåêŒȋÃĥåȋĥŠĤêŋĬŠŒȋĤÃŋěêŚȋߎßĞêŒǢȋȋȋ
fĥȋÞêąÃĞÿȋĬÿȋŚąêȋ ĬÃŋåǣȋFȋŷĬŠĞåȋĞĉěêȋŚĬȋŚąÃĥěȋŽĬŠȋÿĬŋȋŽĬŠŋȋßĬĥŚĉĥŠêåȋ
ÃĥåȋĞĬŽÃĞȋŒŠňňĬŋŚȋĬÿȋŋĀĬȋÃĥåȋêżŚêĥåȋÃȋŷÃŋĤȋŷêĞßĬĤêȋŚĬȋÃĞĞȋĬŠŋȋĥêŷȋ
shareholders.
Yours faithfully,
ŠŒŒêĞĞȋBĉĀĀĉĥŒȋf
ąÃĉŋĤÃĥ
ƖȋêňŚêĤÞêŋȋƓƑƓƕ
2
Letter from the Managing Director
Dear valued shareholder,
ŠŒŚŋÃĞĉÃȄŒȋŒąÃŋêȋĤÃŋěêŚȋąÃåȋÃȋŷêÃěȋŒŚÃŋŚȋŚĬȋŚąêȋƓƑƓƕȋƌĥÃĥßĉÃĞȋ
ŽêÃŋȋÃŒȋŚąêȋŒňêߌŋêȋĬÿȋȃąĉĀąêŋȋÿĬŋȋĞĬĥĀêŋȄȋĉĥŚêŋêŒŚȋŋÃŚêŒȋÃĥåȋĬĥĀĬĉĥĀȋ
ŋêßꌌĉĬĥȋÿêÃŋŒȋßĞĬŠåêåȋŚąêȋĬŠŚĞĬĬěǢȋBĬŷêŶêŋǣȋĉĥȋĞÃŚêȋfߌĬÞêŋȋƓƑƓƔǣȋ
ŒêĥŚĉĤêĥŚȋÃÞŋŠňŚĞŽȋŒŷĉŚßąêåȋŷąêĥȋŚąêȋŷĬŋĞåȄŒȋĤĬŒŚȋŒĉĀĥĉƌßÃĥŚȋ
ßêĥŚŋÃĞȋÞÃĥěǣȋŚąêȋȋ<êåêŋÃĞȋ êŒêŋŶêǣȋĉĥåĉßÃŚêåȋĉŚȋŷĬŠĞåȋŒŚÃŋŚȋߊŚŚĉĥĀȋ
ĬÿƌßĉÃĞȋĉĥŚêŋêŒŚȋŋÃŚêŒǢȋąêȋŒĬǹßÃĞĞêåȋȃ<êåȋňĉŶĬŚȄȋßÊĀąŚȋĤÃĥŽȋĉĥŶêŒŚĬŋŒȋ
ÞŽȋŒŠŋňŋĉŒêȋÃĥåȋŒêĥŚȋŒąÃŋêŒȋŒąÃŋňĞŽȋąĉĀąêŋȋĀĞĬÞÃĞĞŽǢȋ
Jason Beddow
Managing Director
(żňêßŚÃŚĉĬĥŒȋŚąÃŚȋŚąêȋ êŒêŋŶêȋ ÃĥěȋĬÿȋŠŒŚŋÃĞĉÃȋŷĬŠĞåȋÿĬĞĞĬŷȋŒŠĉŚȋ
ÃĞŒĬȋåŋĬŶêȋĉĥŶêŒŚĬŋȋĬňŚĉĤĉŒĤǣȋÃŒȋåĉåȋŋêßêåĉĥĀȋÿêÃŋŒȋĬÿȋÃȋŋêßꌌĉĬĥǢȋ
BĬŷêŶêŋǣȋÃŒȋĉĥƍÃŚĉĬĥȋňŋĬŶêåȋĤĬŋêȋňêŋŒĉŒŚêĥŚȋŚąÃĥȋÃĥŚĉßĉňÃŚêåȋÃĥåȋ
ŋÃŚêȋߊŚȋêżňêßŚÃŚĉĬĥŒȋŷêŋêȋŚêĤňêŋêåǣȋŠŒŚŋÃĞĉÃȄŒȋŒąÃŋêȋĤÃŋěêŚȋĞĬŒŚȋ
ĤĬĤêĥŚŠĤȋÃĥåȋĞÃŋĀêĞŽȋŚŋÃßěêåȋŒĉåêŷÃŽŒȋĉĥȋŚąêȋĞÃŚŚêŋȋňÃŋŚȋĬÿȋŚąêȋ
ƌĥÃĥßĉÃĞȋŽêÃŋǢȋȋȋȋȋȋȋȋȋȋȋȋ
<ĉĥÃĥßĉÃĞŒȋŷÃŒȋŚąêȋÞêŒŚǹňêŋÿĬŋĤĉĥĀȋŒêߌĬŋȋĬŶêŋȋŚąêȋƒƓȋĤĬĥŚąŒǣȋ
ĀêĥêŋÃŚĉĥĀȋÃȋȫƓƚɄȋŋêŚŠŋĥǣȋňŋêåĬĤĉĥÃĥŚĞŽȋåŠêȋŚĬȋŚąêȋÞĉĀȋÿĬŠŋȋŋêŚÃĉĞȋ
ÞÃĥěŒǣȋŷąĉßąȋŒÃŷȋŚąêĉŋȋŒąÃŋêȋňŋĉßêŒȋßĞĉĤÞȋŒŚêÃåĉĞŽǢȋąêȋĥêżŚȋÞêŒŚȋ
ňêŋÿĬŋĤĉĥĀȋŒêߌĬŋŒȋŷêŋêȋêßąĥĬĞĬĀŽȋdzȫƓƗɄǴǣȋÿĬĞĞĬŷêåȋÞŽȋ êÃĞȋ(ŒŚÃŚêȋ
dzȫƓƓɄǴǢȋȋ
ŋĀĬȄŒȋĉĥŶêŒŚĤêĥŚȋňêŋÿĬŋĤÃĥßêǣȋĤêÃŒŠŋêåȋÞŽȋŚąêȋ_êŚȋÃĥĀĉÞĞêȋ
ŒŒêŚŒȋdz_ǴȋŋêŚŠŋĥȋÃÿŚêŋȋĤÃĥÃĀêĤêĥŚȋßĬŒŚŒȋÃĥåȋÃåĘŠŒŚêåȋÿĬŋȋ
ßĬĤňÃĥŽȋŚÃżȋňÃĉåǣȋŷÃŒȋȫƒƒǢƑɄǢȋąĉŒȋßĬĤňÃŋêŒȋŷĉŚąȋŚąêȋɈǯµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżȋŋêŚŠŋĥȋĬÿȋȫƒƓǢƒɄȋĬŶêŋȋŚąêȋŒÃĤêȋňêŋĉĬåǣȋŷĉŚąĬŠŚȋ
ÃĞĞĬŷÃĥßêȋÿĬŋȋÃĥŽȋßĬŒŚŒǢȋŋĀĬȄŒȋŋêĞÃŚĉŶêȋňêŋÿĬŋĤÃĥßêȋŷÃŒȋĉĤňÃߌêåȋ
ÞŽȋĬŠŋȋŠĥåêŋŷêĉĀąŚȋêżňĬŒŠŋêȋŚĬȋŚąêȋÞĉĀȋÿĬŠŋȋÞÃĥěŒȋÃĥåȋ=ĬĬåĤÃĥȋ
=ŋĬŠňǢȋąĉŒȋŋêƍêߌŒȋĬŠŋȋßĬĥŒêŋŶÃŚĉŶêȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąǣȋŷąĉßąȋĉŒȋ
ÿĬߊŒêåȋĬĥȋßĬĤňÃĥŽȋÿŠĥåÃĤêĥŚÃĞŒǢȋFĥȋňÃŒŚȋŽêÃŋŒǣȋŚąĉŒȋąÃŒȋŒêêĥȋŋĀĬȋ
ÃŶĬĉåȋŒêŶêŋÃĞȋňĬĬŋĞŽȋňêŋÿĬŋĤĉĥĀȋŒêߌĬŋŒȋÃĥåȋßĬĤňÃĥĉêŒȋŷĉŚąȋĉĥƍÃŚêåȋ
ŶÃĞŠÃŚĉĬĥŒǣȋĥĬŚÃÞĞŽȋĉĥȋŚąêȋŚêßąĥĬĞĬĀŽȋÃĥåȋĤĉĥĉĥĀȋŒňÃßêǢȋȋȋȋ
°ĉŚąȋĥĬȋåêÞŚǣȋÃȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋÃĥåȋßÃŒąȋÃŶÃĉĞÃÞĞêȋŚĬȋßÃňĉŚÃĞĉŒêȋ
ĬĥȋĬňňĬŋŚŠĥĉŚĉêŒȋÃŒȋŚąêŽȋÃŋĉŒêǣȋŋĀĬȋŋêĤÃĉĥŒȋŷêĞĞǹňĬŒĉŚĉĬĥêåǢ
Yours faithfully,
TÃŒĬĥȋ êååĬŷ
^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋ
ƖȋêňŚêĤÞêŋȋƓƑƓƕ
3
Shareholder returns
Long-term returns – $10,000 invested over 20 years
$55,580
$39,946
$18,282
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Share price
2014
2015
2016
Plus dividends
2017
2018
2019
2020
2021
2022
2023
2024
Plus franking
A $10,000 investment in Argo shares on 1 July 2004 would have grown to a value of $39,946 (+7.2% per annum)
at 30 June 2024. The tax effective value taking into account franking credits is $55,580 (+9.0% per annum).
Annual dividends paid (cents per share)
35
30.5
31
2016
2017
29.5
30
31.5
33
30
33
34.5
34.5
2023
2024
28
25
20
15
10
5
0
2015
2018
2019
Interim dividend
Total returns
2020
2021
2022
Final dividend
12.1%
11.0%
7.0% 7.3%
6.5% 6.4%
5.1%
2.6%
6 months
8.1%
5.1%
5.0%
4.2%
7.2%
2.5%
1 year
3 years (pa)
5 years (pa)
10 years (pa)
-1.7%
Total Shareholder Return (TSR)
NTA after management expenses
ĞĞȋƌĀŠŋêŒȋÃŋêȋŚĬȋƔƑȋTŠĥêȋƓƑƓƕǢ
4
S&P/ASX 200 Accum. Index
About Argo Investments
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋĉŒȋĬĥêȋĬÿȋŠŒŚŋÃĞĉÃȄŒȌĬĞåêŒŚȋÃĥåȋĞÃŋĀêŒŚȋĞĉŒŚêåȋ
investment companies (LICs). We offer investors low-cost,
ßĬĥŒêŋŶÃŚĉŶêȋÃĥåȋåĉŶêŋŒĉƌêåȋêżňĬŒŠŋêȋŚĬȋÃňňŋĬżĉĤÃŚêĞŽȋƙƖȋŠŒŚŋÃĞĉÃĥȋ
listed companies.
ąŋĬŠĀąȋŶÃŋĉĬŠŒȋêßĬĥĬĤĉßȋߎßĞêŒȋÃĥåȋ
åĉŒŋŠňŚĉŶêȋêŶêĥŚŒȋŒĉĥßêȋŋĀĬȋŷÃŒȋÿĬŠĥåêåȋĉĥȋ
ƒƚƕƗǣȋĬŠŋȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋÃĥåȋ
ŒŚŋÃĉĀąŚÿĬŋŷÃŋåȋÞŠŒĉĥꌌȋĤĬåêĞȋąÃŒȋňŋĬŶêĥȋ
resilient.
Argo's history
åêĞÃĉåêǹÞÃŒêåȋßąÃŋŚêŋêåȋÃßßĬŠĥŚÃĥŚȋĞÿȋ
åÃĤŒĬĥȋÃĥåȋĞÃŷŽêŋȋVêŶĉĥȋ°Ãŋåȋ ȋÿĬŠĥåêåȋ
ŋĀĬȋĉĥȋƒƚƕƗȋŷĉŚąȋȚƒƑǣƑƑƑȋĬÿȋßÃňĉŚÃĞȋĉĥŶêŒŚêåȋ
ĬĥȋÞêąÃĞÿȋĬÿȋÃȋŒĤÃĞĞȋĀŋĬŠňȋĬÿȋĬŠŚąȋŠŒŚŋÃĞĉÃĥȋ
ŒąÃŋêąĬĞåêŋŒǢȋ<ŋĬĤȋÃȋÞĬŠŚĉŊŠêȋĉĥŶêŒŚĤêĥŚȋ
ƌŋĤǣȋŋĀĬȋŒŚêÃåĉĞŽȋĀŋêŷȋŚąŋĬŠĀąȋÃßŊŠĉŒĉŚĉĬĥŒȋ
ĬÿȋĞĉŒŚêåȋÃĥåȋŠĥĞĉŒŚêåȋßĬĤňÃĥĉêŒǣȋĥêŷȋŒąÃŋêȋ
ĉŒŒŠêŒȋÃĥåȋßÃňĉŚÃĞȋÃňňŋêßĉÃŚĉĬĥǢȋ
ĬåÃŽǣȋŋĀĬȋĉŒȋĬĥêȋĬÿȋŚąêȋµȄŒȋŚĬňȋƒƑƑȋ
ßĬĤňÃĥĉêŒǣȋĉĥŶêŒŚĉĥĀȋÃňňŋĬżĉĤÃŚêĞŽȋȑƘǢƕ
ÞĉĞĞĉĬĥȋĬĥȋÞêąÃĞÿȋĬÿȋĤĬŋêȋŚąÃĥȋƚƔǣƑƑƑȋ
ŒąÃŋêąĬĞåêŋŒȋÿŋĬĤȋÃßŋĬŒŒȋŠŒŚŋÃĞĉÃȋÃĥåȋ
ÃŋĬŠĥåȋŚąêȋŷĬŋĞåǢ
fŶêŋȋƘƙȋŽêÃŋŒȋĬÿȋĉĥŶêŒŚĉĥĀǣȋŋĀĬȋąÃŒȋ
ŷêÃŚąêŋêåȋŶÃŋĉĬŠŒȋĤÃŋěêŚȋߎßĞêŒȋÃĥåȋ
åĉŒŋŠňŚĉŶêȋêŶêĥŚŒȋĉĥßĞŠåĉĥĀȋŚąêȋĬĉĞȋßŋĉŒêŒȋĬÿȋ
ŚąêȋƒƚƘƑŒǣȋŚąêȋƒƚƙƘȋŒąÃŋêȋĤÃŋěêŚȋßŋÃŒąǣȋŚąêȋ
êßąȋ°ŋêßěǣȋŚąêȋŒĉÃĥȋ(ßĬĥĬĤĉßȋ ŋĉŒĉŒǣȋŚąêȋ
=ĞĬÞÃĞȋ<ĉĥÃĥßĉÃĞȋ ŋĉŒĉŒȋÃĥåǣȋĤĬŋêȋŋêßêĥŚĞŽǣȋŚąêȋ
f¯F#ǹƒƚȋňÃĥåêĤĉßǢ
ŋĀĬȋąÃŒȋÃȋŒŚŋĬĥĀȋŚŋÃßěȋŋêßĬŋåȋĬÿȋåêĞĉŶêŋĉĥĀȋ
ßÃňĉŚÃĞȋÃňňŋêßĉÃŚĉĬĥȋÃĥåȋąÃŒȋňÃĉåȋŒąÃŋêąĬĞåêŋŒȋ
åĉŶĉåêĥåŒȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋÞêĉĥĀȋêŒŚÃÞĞĉŒąêåǢȋ
Low-cost, straightforward business model
Argo generates revenue primarily from
åĉŶĉåêĥåŒȋÃĥåȋåĉŒŚŋĉÞŠŚĉĬĥŒȋŋêßêĉŶêåȋÿŋĬĤȋ
ŚąêȋßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ
ąêȋĤÃĘĬŋĉŚŽȋĬÿȋŚąÃŚȋĉĥßĬĤêȋĉŒȋňÃĉåȋĬŠŚȋŚĬȋĬŠŋȋ
shareholders as fully franked dividends.
Our name
ąêȋĥÃĤêȋŋĀĬȋßĬĤêŒȋÿŋĬĤȋŚĬȋŚąêȋ=ŋêêěȋĤŽŚąȋ
of Jason and the ArgonautsȋŷąĬȋŒÃĉĞêåȋĉĥȋŚąêĉŋȋ
ŒąĉňȋŚąêȋŋĀĬȋĉĥȋŒêÃŋßąȋĬÿȋŚąêȋĀĬĞåêĥȋƍêêßêǢȋ
ąêȋÃĥßĉêĥŚȋŒąĉňȋąÃŒȋĞĬĥĀȋÞêêĥȋĉĥßĬŋňĬŋÃŚêåȋ
ĉĥŚĬȋĬŠŋȋŶĉŒŠÃĞȋÞŋÃĥåȋÃĥåȋąÃŒȋßĬĤêȋŚĬȋ
ŋêňŋêŒêĥŚȋŋĀĬȄŒȋĘĬŠŋĥêŽȋĬŶêŋȋŚĉĤêǣȋŒÃÿêĞŽȋ
ĥÃŶĉĀÃŚĉĥĀȋŚąŋĬŠĀąȋŶÃŋĉĬŠŒȋßĬĥåĉŚĉĬĥŒǢȋ
fŠŋȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋÃŋêȋŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêȋ
ÃĥåȋÃŋêȋŒĉĀĥĉƌßÃĥŚĞŽȋĞĬŷêŋȋŚąÃĥȋĤĬŒŚȋĬŚąêŋȋ
ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋňŋĬåŠßŚŒǢȋŋĀĬȋąÃŒȋ
ÿêŷȋêĤňĞĬŽêêŒȋÃĥåȋĉŒȋĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåǣȋ
ĤêÃĥĉĥĀȋĥĬȋÿêêŒȋÃŋêȋňÃĉåȋŚĬȋêżŚêŋĥÃĞȋ
managers.
fŠŋȋêÿƌßĉêĥŚȋÞŠŒĉĥꌌȋĤĬåêĞȋÃĞŒĬȋÞêĥêƌŚŒȋ
ÿŋĬĤȋêßĬĥĬĤĉêŒȋĬÿȋŒßÃĞêȋŷĉŚąȋßĬŒŚŒȋŋêĤÃĉĥĉĥĀȋ
ŋêĞÃŚĉŶêĞŽȋŒŚÃÞĞêǣȋêŶêĥȋÃŒȋŋĀĬȄŒȋÃŒŒêŚŒȋ
ĉĥßŋêÃŒêǢ
Our objective
^ÃżĉĤĉŒêȋĞĬĥĀǹŚêŋĤȋŒąÃŋêąĬĞåêŋȋ
ŋêŚŠŋĥŒȋŚąŋĬŠĀąȋŋêĞĉÃÞĞêȋÿŠĞĞŽȋÿŋÃĥěêåȋ
åĉŶĉåêĥåȋĉĥßĬĤêȋÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
Simple to invest
ߌĉŶêĞŽȋĤÃĥÃĀĉĥĀȋÃȋåĉŶêŋŒĉƌêåȋ
ňĬŋŚÿĬĞĉĬȋĬÿȋŠŒŚŋÃĞĉÃĥȋŒąÃŋêŒȋŷĉŚąȋÃȋ
ĞĬŷǹßĬŒŚǣȋĉĥŚêŋĥÃĞĞŽȋĤÃĥÃĀêåȋÞŠŒĉĥꌌȋ
ĤĬåêĞǣȋŷêȋÃňňĞŽȋÃȋßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹ
ŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋŷąĉßąȋąÃŒȋ
ňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋŒĉĥßêȋƒƚƕƗǢ
ŋĀĬȋŒąÃŋêŒȋÃŋêȋÞĬŠĀąŚȋÃĥåȋŒĬĞåȋĬĥȋŚąêȋµǢȋ
ąêŋêȋÃŋêȋĥĬȋŠňÿŋĬĥŚǣȋĬĥĀĬĉĥĀȋĬŋȋêżĉŚȋÿêêŒȋŚĬȋ
ĉĥŶêŒŚȋĉĥȋŋĀĬǢȋąêȋĬĥĞŽȋßĬŒŚŒȋŚĬȋĉĥŶêŒŚȋÃŋêȋ
ŒŚĬßěÞŋĬěĉĥĀȋßąÃŋĀêŒȋŚĬȋÞŠŽȋĬŋȋŒêĞĞȋŒąÃŋêŒǢȋ
5
ąÃŋêąĬĞåêŋȋÞêĥêƌŚŒ
Low-cost, internally managed
FĥŚêŋĥÃĞȋĤÃĥÃĀêĤêĥŚȋŒŚŋŠßŚŠŋêȋêĥŒŠŋêŒȋĞĬŷȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋ
ÃĥåȋĥĬȋêżŚêŋĥÃĞȋÿêêŒǢȋ<ĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕǣȋŚĬŚÃĞȋ
ĬňêŋÃŚĉĥĀȋßĬŒŚŒȋŷêŋêȋƑǢƒƖɄȋĬÿȋÃŶêŋÃĀêȋÃŒŒêŚŒȋÃŚȋĤÃŋěêŚȋ
value.
Fully-franked, sustainable dividends
#ĉŶĉåêĥåŒȋňÃĉåȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋĉĥßêňŚĉĬĥȋĉĥȋƒƚƕƗȋÃĥåȋÿŠĞĞŽȋ
ÿŋÃĥěêåȋŒĉĥßêȋƒƚƚƖǢȋFĥȋÃååĉŚĉĬĥǣȋåĉŶĉåêĥåŒȋŒĬĤêŚĉĤêŒȋĉĥßĞŠåêȋ
ÃȋXF ȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋŷąĉßąȋňŋĬŶĉåêŒȋÃȋŚÃżȋåêåŠßŚĉĬĥȋ
ÿĬŋȋêĞĉĀĉÞĞêȋŒąÃŋêąĬĞåêŋŒǢ
#ĉŶêŋŒĉƌêåȋÃĥåȋÃåĤĉĥĉŒŚŋÃŚĉŶêĞŽȋŒĉĤňĞê
(żňĬŒŠŋêȋŚĬȋÃȋąĉĀąĞŽȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋŠŒŚŋÃĞĉÃĥȋ
êŊŠĉŚĉêŒȋŚąŋĬŠĀąȋÃȋŒĉĥĀĞêȋµȋŚŋÃåêǢ
Long-term, proven investment approach
êŒĉĞĉêĥßêȋÃĥåȋĀŋĬŷŚąȋŚąŋĬŠĀąȋŶÃŋĉĬŠŒȋĤÃŋěêŚȋߎßĞêŒȋÃĥåȋ
ßĬĥåĉŚĉĬĥŒȋĬŶêŋȋƘƙȋŽêÃŋŒȋĬÿȋĉĥŶêŒŚĉĥĀȋĉĥȋŠŒŚŋÃĞĉÃǢ
Experienced board and management team
BĉĀąĞŽȋêżňêŋĉêĥßêåȋÞĬÃŋåȋÃĥåȋĤÃĥÃĀêĤêĥŚȋŚêÃĤȋŷĉŚąȋ
ŒŚŋĬĥĀȋĀĬŶêŋĥÃĥßêȋÃĥåȋßĬĥŒêŋŶÃŚĉŶêȋßŠĞŚŠŋêǢ
Strong balance sheet with no debt
ĬĥŒêŋŶÃŚĉŶêĞŽȋĤÃĥÃĀêåȋßĬĤňÃĥŽȋŷĉŚąȋÃȋŒŚŋĬĥĀȋÞÃĞÃĥßêȋ
ŒąêêŚȋÃĥåȋĥĬȋåêÞŚǢ
Increase shareholding
ŋĀĬȊŒȋ#ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋĞÃĥȋdz# ǴȋÃĥåȋ#ĉŶĉåêĥåȋ
ŠÞŒŚĉŚŠŚĉĬĥȋąÃŋêȋĞÃĥȋdz#ǴȋĀĉŶêȋŒąÃŋêąĬĞåêŋŒȋŚąêȋ
opportunity to utilise their entitlement to dividends to
ÃßŊŠĉŋêȋĤĬŋêȋŒąÃŋêŒǢ
6
Investment approach
Since 1946, Argo has invested in Australian listed companies,
applying a patient and conservative approach navigating through
various market cycles, events and conditions.
°êȋŋêŶĉêŷȋêżŚêŋĥÃĞȋĉĥÿĬŋĤÃŚĉĬĥǣȋÃĞŚąĬŠĀąȋ
ňŋĉĤÃŋĉĞŽȋßĬĥåŠßŚȋĬŠŋȋĬŷĥȋŋêŒêÃŋßąȋŚĬȋêĥŒŠŋêȋ
ĉĥåêňêĥåêĥßêǢȋ ÃŒêåȋĬĥȋÃȋåêŚÃĉĞêåȋÃĥÃĞŽŒĉŒȋĬÿȋ
ÃȋßĬĤňÃĥŽȊŒȋƌĥÃĥßĉÃĞȋĤêŚŋĉߌǣȋŷêȋßĬĥŒŚŋŠßŚȋ
ÃȋŶÃĞŠÃŚĉĬĥǢȋ êĉĥĀȋĞĬĥĀǹŚêŋĤȋÃĥåȋňÃŚĉêĥŚȋ
ĉĥŶêŒŚĬŋŒǣȋŷêȋĬĥĞŽȋÞŠŽȋÃȋŒŚĬßěȋŷąêĥȋĉŚȋĉŒȋ
ŚŋÃåĉĥĀȋÞêĞĬŷȋĬŠŋȋŶÃĞŠÃŚĉĬĥǢȋȋ
Investment philosophy
°êȋŒŚŋĬĥĀĞŽȋÞêĞĉêŶêȋĉĥȋŚąêȋߊĤŠĞÃŚĉŶêȋêÿÿêߌȋ
ĬÿȋĉĥŶêŒŚĉĥĀȋĉĥȋŊŠÃĞĉŚŽȋßĬĤňÃĥĉêŒȋÿĬŋȋŚąêȋĞĬĥĀǹ
ŚêŋĤǣȋŷąĉĞêȋÃŶĬĉåĉĥĀȋŚąêȋŚêĤňŚÃŚĉĬĥȋŚĬȋŒêêěȋ
short-term gains in higher-risk situations.
Investment process
fŠŋȋĉĥŶêŒŚĤêĥŚȋňŋĬßꌌȋąêĞňŒȋŠŒȋĉåêĥŚĉÿŽȋ
ßĬĤňÃĥĉêŒȋŷĉŚąȋÃȋŒŚŋĬĥĀȋĤÃŋěêŚȋňĬŒĉŚĉĬĥǣȋ
åĉŒßĉňĞĉĥêåȋÞŠŒĉĥꌌȋŒŚŋÃŚêĀŽǣȋÃȋŒŚŋĬĥĀȋÞĬÃŋåȋ
ÃĥåȋĤÃĥÃĀêĤêĥŚȋŚêÃĤȋÃĥåȋÃĥȋêŒŚÃÞĞĉŒąêåȋ
ŚŋÃßěȋŋêßĬŋåȋĬÿȋåêĞĉŶêŋĉĥĀȋêÃŋĥĉĥĀŒȋÃĥåȋ
åĉŶĉåêĥåȋĀŋĬŷŚąǢ
ąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤȋßĬĥŚĉĥŠÃĞĞŽȋĤĬĥĉŚĬŋŒȋÃĥåȋ
ŋêŶĉêŷŒȋÃĞĞȋĉĥŶêŒŚĤêĥŚŒȋŚĬȋêĥŒŠŋêȋĬŠŋȋňĬŋŚÿĬĞĉĬȋ
ĤêêŚŒȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋĬÞĘêߌĉŶêǢȋ
ESG integration
ĥÃĞŽŒĉŒȋĬÿȋêĥŶĉŋĬĥĤêĥŚÃĞǣȋŒĬßĉÃĞȋÃĥåȋ
ĀĬŶêŋĥÃĥßêȋdz(=ǴȋÿÃߌĬŋŒȋÃŋêȋĉĥąêŋêĥŚȋŚĬȋĬŠŋȋ
ÃŒŒêŒŒĤêĥŚȋĬÿȋÃȋßĬĤňÃĥŽȊŒȋŋĉŒěȋňŋĬƌĞêȋÃĥåȋ
ĉĤňÃߌŒȋĬĥȋĉŚŒȋĞĬĥĀǹŚêŋĤȋŶÃĞŠêǢȋ<ĬŋȋĤĬŋêȋåêŚÃĉĞȋ
ŒêêȋĬŠŋȋ(=ȋFĥŶêŒŚĤêĥŚȋŚÃŚêĤêĥŚȋĬĥȋĬŠŋȋ
ŷêÞŒĉŚêǢȋ
°êȋŠĥåêŋŚÃěêȋêżŚêĥŒĉŶêȋŊŠÃĞĉŚÃŚĉŶêȋÃĥåȋ
ŊŠÃĥŚĉŚÃŚĉŶêȋŋêŒêÃŋßąȋÞêÿĬŋêȋŷêȋĉĥŶêŒŚȋÃĥŽȋĬÿȋ
ĬŠŋȋŒąÃŋêąĬĞåêŋŒȄȋßÃňĉŚÃĞȋĉĥȋÃȋßĬĤňÃĥŽǢȋ
7
Portfolio overview
ĬĤňŋĉŒĉĥĀȋÃňňŋĬżĉĤÃŚêĞŽȋƙƖ Australian companies across a
range of industries, offering both capital growth and consistent and
growing dividends, our investment portfolio is focused on quality and
åĉŶêŋŒĉƌßÃŚĉĬĥǢȋ
ąĬŠŒêąĬĞåȋĥÃĤêŒǢȋFĥȋÃååĉŚĉĬĥǣȋŷêȋĬŷĥȋŒĬĤêȋ
ŒĤÃĞĞêŋǣȋĀŋĬŷĉĥĀȋßĬĤňÃĥĉêŒȋŷĉŚąȋÃŚŚŋÃߌĉŶêȋ
ĞĬĥĀǹŚêŋĤȋňŋĬŒňêߌŒȋÃĥåȋŚąêȋňĬŚêĥŚĉÃĞȋŚĬȋ
ÞêßĬĤêȋÿŠŚŠŋêȋĞêÃåĉĥĀȋŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋ
ßĬĤňÃĥĉêŒǢȋ
BĉĀąĞŽȋåĉŶêŋŒĉƌêå
^ÃĥŽȋĬÿȋĬŠŋȋŒąÃŋêąĬĞåêŋŒȋĉĥŶêŒŚȋĉĥȋŋĀĬȋ
ÞêßÊŒêȋŷêȋĬÿÿêŋȋÃĥȋêÃŒŽȋÃĥåȋêÿÿêߌĉŶêȋŷÃŽȋ
ŚĬȋĀÃĉĥȋêżňĬŒŠŋêȋŚĬȋÃȋåĉŶêŋŒêȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋßĬĤňÃĥĉêŒǢ
fŠŋȋňĬŋŚÿĬĞĉĬȋĉŒȋĥĬŚȋĬŶêŋĞŽȋêżňĬŒêåȋŚĬȋÃĥŽȋ
ĬĥêȋŒêߌĬŋȋĬÿȋŚąêȋêßĬĥĬĤŽǢȋFĤňĬŋŚÃĥŚĞŽǣȋĉŚȋ
ĉĥßĞŠåêŒȋêżňĬŒŠŋêȋŚĬȋŠŒŚŋÃĞĉÃĥȋßĬĤňÃĥĉêŒȋ
ŷĉŚąȋĬŶêŋŒêÃŒȋĬňêŋÃŚĉĬĥŒȋňŋĬŶĉåĉĥĀȋÿŠŋŚąêŋȋ
åĉŶêŋŒĉƌßÃŚĉĬĥǢ
Superior structure
ŋĀĬȊŒȋßĞĬŒêǹêĥåêåǣȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋ
ßĬĤňÃĥŽȋŒŚŋŠßŚŠŋêȋĉĥŒŠĞÃŚêŒȋĬŠŋȋňĬŋŚÿĬĞĉĬȋ
ÿŋĬĤȋĉĥƍĬŷŒȋÃĥåȋĬŠŚƍĬŷŒȋĬÿȋßÃňĉŚÃĞǢȋĥĞĉěêȋ
ĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋÿŠĥåŒȋŷĉŚąȋÃĥȋĬňêĥǹ
êĥåêåȋŒŚŋŠßŚŠŋêǣȋŚąĉŒȋĤêÃĥŒȋŚąÃŚȋŋĀĬȋĉŒȋĥĬŚȋ
ÿĬŋßêåȋŚĬȋŒêĞĞȋÃĥŽȋĬÿȋĬŠŋȋĉĥŶêŒŚĤêĥŚŒȋŚĬȋÿŠĥåȋ
ŋêåêĤňŚĉĬĥŒȋŷąêĥȋĉĥŶêŒŚĬŋŒȋŷÃĥŚȋŚĬȋêżĉŚǢ
ąĉŒȋåĉŶêŋŒĉƌßÃŚĉĬĥȋąêĞňŒȋŋêåŠßêȋŶĬĞÃŚĉĞĉŚŽǢȋ
Quality companies
fŠŋȋňĬŋŚÿĬĞĉĬȋĉŒȋŷêĉĀąŚêåȋŚĬŷÃŋåŒȋêŒŚÃÞĞĉŒąêåȋ
ßĬĤňÃĥĉêŒȋŷĉŚąȋŋêĞĉÃÞĞêȋßÃŒąƍĬŷŒȋÃĥåȋ
ŒŠŒŚÃĉĥÃÞĞêȋåĉŶĉåêĥåŒȋŷąĉßąȋŷêȋňÃŒŒȋŚąŋĬŠĀąȋ
to our shareholders as fully franked dividends.
Importantly, Argo's portfolio is made up of
ßĬĤňÃĥĉêŒȋŚąÃŚȋąÃŶêȋŒĬŠĥåȋĞĬĥĀǹŚêŋĤȋĀŋĬŷŚąȋ
ňŋĬŒňêߌŒǢȋąêŒêȋŚêĥåȋŚĬȋÞêȋÃŚȋŚąêȋĞÃŋĀêŋȋ
êĥåȋĬÿȋŚąêȋŒąÃŋêȋĤÃŋěêŚȋÃĥåȋĉĥßĞŠåêȋĤÃĥŽȋ
BÃŶĉĥĀȋÃȋŒŚÃÞĞêȋňĬĬĞȋĬÿȋĤĬĥêŽȋŚĬȋĉĥŶêŒŚȋĤêÃĥŒȋ
ĬŠŋȋĉĥŶêŒŚĤêĥŚȋŚêÃĤȋßÃĥȋŚÃěêȋÃȋĞĬĥĀǹŚêŋĤȋ
ÃňňŋĬÃßąȋŚĬȋĉĥŶêŒŚĤêĥŚȋåêßĉŒĉĬĥŒǢȋ
°êȋßÃĥȋÃĞŒĬȋŚÃěêȋÃåŶÃĥŚÃĀêȋĬÿȋĤÃŋěêŚȋ
ŶĬĞÃŚĉĞĉŚŽȋŚĬȋÞŠŽȋŒŚĬßěŒȋŷąêĥȋŚąêĉŋȋŒąÃŋêȋňŋĉßêŒȋ
ŚŋÃåêȋÞêĞĬŷȋŚąêĉŋȋĉĥąêŋêĥŚȋŶÃĞŠÃŚĉĬĥŒǢȋ
êߌĬŋȋåĉŶêŋŒĉƌßÃŚĉĬĥ
Other Financials 15%
Industrials 7%
Materials 15%
Consumer Discret. 7%
Banks 14%
Property 2%
Health Care 10%
LICs 2%
Telcos & I.T. 9%
Utilities 2%
Consumer Staples 8%
Cash 1%
Energy 8%
<ĉĀŠŋêŒȋÃÞĬŶêȋÃŋêȋÃŚȋƔƑȋTŠĥêȋƓƑƓƕǢ
8
Top 20 investments
Argo's 20 largest investments at 30 June 2024 are listed below. We
announce our top 20 investments every month via the ASX and on
our website.
ȟĤ
% of
portfolio
^ÃßŊŠÃŋĉêȋ=ŋĬŠň
ƪƨƪDZƥ
ƬDZƨ
Bȋ=ŋĬŠň
ƩƦƬDZƮ
ƪDZƬ
X
ƨƮƫDZƥ
ƪDZƩ
ȋ
ƨƩƩDZƩ
ƩDZƬ
°êŒÿÃŋĤêŋŒ
ƧƭƬDZƩ
ƨDZƮ
ĉĬȋĉĥŚĬ
ƧƫƦDZƪ
ƨDZƫ
°êŒŚňÃßȋ ÃĥěĉĥĀȋ ĬŋňĬŋÃŚĉĬĥ
ƧƧƭDZƮ
ƨDZƦ
_¾ȋ=ŋĬŠňȋBĬĞåĉĥĀŒ
ƧƧƫDZƩ
ƨDZƦ
Santos
ƧƧƦDZƩ
ƨDZƥ
ŋĉŒŚĬßŋÃŚȋXêĉŒŠŋê
ƧƥƩDZƬ
ƧDZƭ
_ÃŚĉĬĥÃĞȋŠŒŚŋÃĞĉÃȋ Ãĥě
ƦƮƫDZƮ
ƧDZƬ
êĞŒŚŋÃȋ=ŋĬŠň
ƦƬƪDZƫ
ƧDZƩ
(ȋFĥŒŠŋÃĥßêȋ=ŋĬŠň
ƦƬƥDZƧ
ƧDZƨ
ĬĤňŠŚêŋŒąÃŋê
ƦƩƨDZƭ
ƧDZƥ
fŋĉĀĉĥȋ(ĥêŋĀŽ
ƦƨƫDZƫ
ƦDZƮ
°ĬĬĞŷĬŋŚąŒȋ=ŋĬŠň
ƦƨƦDZƦ
ƦDZƭ
ŠĥßĬŋňȋ=ŋĬŠň
ƦƨƥDZƪ
ƦDZƭ
êßąĥĬĞĬĀŽȋfĥê
ƦƨƥDZƧ
ƦDZƭ
êêßê
ƦƧƭDZƬ
ƦDZƭ
°ĬĬåŒĉåêȋ(ĥêŋĀŽȋ=ŋĬŠň
ƦƦƩDZƮ
ƦDZƫ
Top 20 equity investments
ƩDzƪƭƧDZƦ
ƫƧDZƬ
Cash and cash equivalents
ƮƬDZƧ
ƦDZƨ
Portfolio holdings
ŋĀĬȊŒȋňĬŋŚÿĬĞĉĬȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒǣȋĉĥßĞŠåĉĥĀȋŚąêȋŶÃĞŠêȋĬÿȋêÃßąȋąĬĞåĉĥĀȋÃĥåȋŚĬŚÃĞȋĥŠĤÞêŋȋ
ĬÿȋŒąÃŋêŒȋąêĞåǣȋßÃĥȋÞêȋÿĬŠĥåȋĬĥȋňÃĀêȋƘƖȋĬÿȋŚąĉŒȋĥĥŠÃĞȋ êňĬŋŚǢȋ
9
Directors’ Report
ąêȋ#ĉŋêߌĬŋŒȋňŋêŒêĥŚȋŚąêĉŋȋƘƙŚąȋĥĥŠÃĞȋ êňĬŋŚȋŚĬĀêŚąêŋȋŷĉŚąȋ
ŚąêȋƌĥÃĥßĉÃĞȋŋêňĬŋŚȋĬÿȋŚąêȋßĬĥŒĬĞĉåÃŚêåȋêĥŚĉŚŽǣȋßĬĥŒĉŒŚĉĥĀȋĬÿȋŋĀĬȋ
Investments Limited and its controlled entities (Argo or Company),
ÿĬŋȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕȋĉĥßĞŠåĉĥĀȋŚąêȋFĥåêňêĥåêĥŚȋ
ŠåĉŚĬŋȄŒȋ êňĬŋŚǢ
Directors
ŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǣȋŚąêȋ ĬÃŋåȋßĬĤňŋĉŒêåȋŒĉżȋ_ĬĥǹêżêߊŚĉŶêȋ#ĉŋêߌĬŋŒȋÃĥåȋŚąêȋ
^ÃĥÃĀĉĥĀȌ#ĉŋêߌĬŋǢȋąêȋ#ĉŋêߌĬŋŒȋĉĥȋĬÿƌßêȋåŠŋĉĥĀȋĬŋȋŒĉĥßêȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋÃŋêȋÃŒȋ
ÿĬĞĞĬŷŒǤ
Experience
(żňêŋĉêĥßêåȋßĬĤňÃĥŽȋåĉŋêߌĬŋȋŷąĬȋąÃŒȋÃĞŒĬȋ
held several senior government positions in
ĉĥ劌ŚŋŽǣȋŒßĉêĥßêȋÃĥåȋêĥêŋĀŽǣȋÃĥåȋĉĥȋêßĬĥĬĤĉßȋ
ÃĥåȋƌŒßÃĞȋňĬĞĉߎǣȋĉĥȋŠŒŚŋÃĞĉÃȋÃĥåȋĬŶêŋŒêÃŒǢ
ASX directorships, current
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzŒĉĥßêȋƓƑƒƙǣȋ
ąÃĉŋĤÃĥǴ
Russell Higgins AO
Independent Non-executive Director
ÃĥåȌ ąÃĉŋĤÃĥ
BEc, FAICD
Joined the Board in 2011, appointed Chairman
in 2018
Audit & Risk Committee member
ASX directorships, last 3 years
Other directorships
êĞŒŚŋÃȋ<ĬŠĥåÃŚĉĬĥȋdz ąÃĉŋǴǣȋŋĀĬȋêŋŶĉßêȋ
ĬĤňÃĥŽȋdz ąÃĉŋǴ
Experience
ŠŒŚŋÃĞĉÃĥȋÃĥåȋĉĥŚêŋĥÃŚĉĬĥÃĞȋêżňêŋĉêĥßêȋĉĥȋ
ĀĞĬÞÃĞȋĉĥŶêŒŚĤêĥŚȋĤÃŋěêŚŒȋÃŒȋÃȋ_ĬĥǹêżêߊŚĉŶêȋ
#ĉŋêߌĬŋȋÃĥåȋêżêߊŚĉŶêǢ
ASX directorships, current
ASX directorships, last 3 years
ňÃŋěȋFĥÿŋÃŒŚŋŠßŚŠŋêȋ=ŋĬŠňȋdzƓƑƓƒǴ
Lianne Buck
Independent Non-executive Director
ĬĤǣȋ^ßßǣȋ=F #
Joined the Board in 2022
Audit & Risk Committee member (Chair)
Other directorships
ŋĀĬȋêŋŶĉßêȋ ĬĤňÃĥŽǣȋŠŒ_êŚȋêŋŶĉßêŒǣȋŚȋ
=êĬŋĀêȋ ĬĤĤŠĥĉŚŽȋBĬŠŒĉĥĀ
10
Experience
(żŚêĥŒĉŶêȋêżňêŋĉêĥßêȋĉĥȋŚąêȋŷêÃĞŚąȋ
ĤÃĥÃĀêĤêĥŚȋÃĥåȋňąĉĞÃĥŚąŋĬňĉßȋŒêߌĬŋŒǣȋ
ĉĥßĞŠåĉĥĀȋÃŒȋ (fȋĬÿȋ ĬĞĬĥĉÃĞȋ<ĉŋŒŚȋŚÃŚêȋÃĥåȋ
ąÃĞĞêĥĀêŋȋ<ĉĥÃĥßĉÃĞȋêŋŶĉßêŒǣȋÃĥåȋ ąÃĉŋĤÃĥȋ
ĬÿȋĥĉŠňêŋǢ
ASX directorships, current
BêÃŋŚŒȋÃĥåȋ^ĉĥåŒȋFĥŶêŒŚĤêĥŚŒȋdzŒĉĥßêȋƓƑƒƙǣȋ
ąÃĉŋǴǣȋ=ĞĬÞÃĞȋ¯ÃĞŠêȋ<ŠĥåȋdzŒĉĥßêȋƓƑƒƕǴ
Christopher Cuffe AO
Independent Non-executive Director
ĬĤǣȋ< ǣȋ<<ĉĥǣȋ<F #
Joined the Board in 2016
Audit & Risk Committee member
ASX directorships, last 3 years
ĥŚĉňĬåêŒȋ=ĞĬÞÃĞȋFĥŶêŒŚĤêĥŚȋ ĬĤňÃĥŽȋdzƓƑƒƗǹ
ƓƑƓƒǴ
Other directorships
ŠŒŚŋÃĞĉÃĥȋąĉĞÃĥŚąŋĬňĉßȋêŋŶĉßêŒȋdz ąÃĉŋǴǣȋ
VêŽŶĉêŷȋ<ĉĥÃĥßĉÃĞȋ=ŋĬŠňǣȋąĉŋåȋXĉĥěȋ
FĥŶêŒŚĤêĥŚȋ^ÃĥÃĀêŋŒǣȋąêȋTÃĤêŒȋ<ÃĉŋÿÃżȋ
<ĬŠĥåÃŚĉĬĥ
Experience
(żňêŋĉêĥßêåȋåĉŋêߌĬŋȋÃĥåȋĞÃŷŽêŋǣȋŒêŋŶĉĥĀȋĬĥȋ
µǹĞĉŒŚêåǣȋĀĬŶêŋĥĤêĥŚȋÃĥåȋĥĬŚǹÿĬŋǹňŋĬƌŚȋ
ÞĬÃŋåŒǣȋňÃŋŚĉߊĞÃŋĞŽȋĉĥȋŚąêȋŋêŒĬŠŋßêŒȋÃĥåȋ
êĥêŋĀŽȋŒêߌĬŋŒǢ
ASX directorships, current
VÃŋĬĬĥȋ(ĥêŋĀŽȋdzŒĉĥßêȋƓƑƓƕǴ
ASX directorships, last 3 years
ÃĞÃåĉĥȋ(ĥêŋĀŽȋdzƓƑƓƒǹƓƑƓƕǴǣȋĥåŋĬĤêåÃȋ
^êŚÃĞŒȋdzƓƑƓƒǹƓƑƓƕǴǣȋĉĞêżȋŽŒŚêĤŒȋdzƓƑƒƚǹƓƑƓƒǴ
Melissa Holzberger
Independent Non-executive Director
ǣȋXX ǣȋXX^dz êŒĬŠŋßêŒȋXÃŷǴǣȋ#ĉňȋFĥŚêŋĥÃŚĉĬĥÃĞȋ
_ŠßĞêÃŋȋXÃŷǣȋ=#Xǣȋ<=Fǣȋ=F #
Joined the Board on 1 October 2023
Remuneration Committee member
Other directorships
FĥŚêŋĤĬåÃĞȋêŋĤĉĥÃĞȋ ĬĤňÃĥŽ
11
#ĉŋêߌĬŋŒȄȋ êňĬŋŚ
Experience
(żŚêĥŒĉŶêȋÞÃßěĀŋĬŠĥåȋĉĥȋŚąêȋƌĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋ
ŒêߌĬŋǣȋĉĥßĞŠåĉĥĀȋŷêÃĞŚąȋĤÃĥÃĀêĤêĥŚǣȋ
ĉĥŶêŒŚĤêĥŚȋÞÃĥěĉĥĀȋÃĥåȋŒŠňêŋÃĥĥŠÃŚĉĬĥǣȋĉĥȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋŚąêȋVǢ
ASX directorships, current
Elizabeth Lewin
Independent Non-executive Director
=F #
Joined the Board in 2018
Remuneration Committee member
ASX directorships, last 3 years
Other directorships
ŠŒŚŋÃĞĉÃĥȋ ąÃĤÞêŋȋfŋßąêŒŚŋÃǣȋVÃĞåĬŋȋŠÞĞĉßȋ
ŋŚȋŋĬĘêߌŒ
Experience
(żňêŋĉêĥßêåȋßĬĤňÃĥŽȋåĉŋêߌĬŋȋŷĉŚąȋêżŚêĥŒĉŶêȋ
ěĥĬŷĞêåĀêȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŒêŋŶĉßêŒȋÃĥåȋ
ĉĥŶêŒŚĤêĥŚȋÞÃĥěĉĥĀȋŒêߌĬŋŒǢȋ<ĬŋĤêŋȋ ąÃĉŋȋĬÿȋ
^ÃßŊŠÃŋĉêȋ=ŋĬŠňǢ
ASX directorships, current
FBȋdzŒĉĥßêȋƓƑƓƒǣȋ ąÃĉŋǴ
ASX directorships, last 3 years
^ÃßŊŠÃŋĉêȋ=ŋĬŠňȋdzƓƑƑƘǻƓƑƓƓǴ
Peter Warne
Independent Non-executive Director
dzߌŠÃŋĉÃĞȋŚŠåĉêŒǴǣȋ<F #
Joined the Board in 2022
Remuneration Committee member (Chair)
Other directorships
ĥĉŠňêŋǣȋĞĞêĥŒ
Experience
ŚÃŋŚêåȋąĉŒȋßÃŋêêŋȋĉĥȋĤĉĥĉĥĀȋêĥĀĉĥêêŋĉĥĀȋ
ÞêÿĬŋêȋĤĬŶĉĥĀȋĉĥŚĬȋŚąêȋĉĥŶêŒŚĤêĥŚȋĉĥ劌ŚŋŽǣȋ
ŷĬŋěĉĥĀȋĉĥȋÞŋĬěĉĥĀǣȋŋêŒêÃŋßąȋÃĥåȋÿŠĥåŒȋ
ĤÃĥÃĀêĤêĥŚǢȋTĬĉĥêåȋŋĀĬȋĉĥȋƓƑƑƒȋÃŒȋÃĥȋ
FĥŶêŒŚĤêĥŚȋĥÃĞŽŒŚǣȋÞêßÃĤêȋ ąĉêÿȋFĥŶêŒŚĤêĥŚȋ
fÿƌßêŋȋĉĥȋƓƑƑƙȋÃĥåȋ ąĉêÿȌ(żêߊŚĉŶêȋfÿƌßêŋȋ
ĉĥȋƓƑƒƑǢ
Jason Beddow
Non-Independent Managing Director
(ĥĀǣȋ=åĉňňň<ĉĥȋdzêßFĥŒŚǴǣȋ=F #
Joined the Board in 2014
ASX directorships, current
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzŒĉĥßêȋƓƑƒƖǣȋ
^ÃĥÃĀĉĥĀȌ#ĉŋêߌĬŋǴ
ASX directorships, last 3 years
Other directorships
ŋĀĬȋêŋŶĉßêȋ ĬĤňÃĥŽȋdz^ÃĥÃĀĉĥĀȋ#ĉŋêߌĬŋǴ
12
Retired director
Experience
(żňêŋĉêĥßêåȋåĉŋêߌĬŋȋÃĥåȋÿĬŋĤêŋȋ ąĬåêŒȋ
ßąĬĞÃŋȋŷĉŚąȋêżŚêĥŒĉŶêȋêżêߊŚĉŶêȋêżňêŋĉêĥßêȋ
ĉĥȋÞÃĥěĉĥĀȋÃĥåȋĉĥŶêŒŚĤêĥŚȋÞÃĥěĉĥĀȋĉĥȋ
ŠŒŚŋÃĞĉÃǣȋTÃňÃĥȋÃĥåȋŚąêȋǢ
ASX directorships, current
ąÃŋŚêŋȋBÃĞĞȋ êŚÃĉĞȋdzŒĉĥßêȋƓƑƒƙǣȋ ąÃĉŋǴ
Roger Davis
Independent Non-executive Director
(ßdzBĬĥŒǴǣȋ^ąĉĞdzfżĬĥǴǣȋ<
Joined the Board in 2012
Remuneration Committee member (Chair)
Retired on 30 September 2023
ASX directorships, last 3 years
Other directorships
_°ȋ_ÃŚĉĬĥÃĞȋÃŋěŒȋɈȋ°ĉĞåĞĉÿêȋ ĬĥŒêŋŶÃŚĉĬĥȋ
ŋŠŒŚȋdz ąÃĉŋǴ
Directors’ relevant interests
ąêȋ#ĉŋêߌĬŋŒȄȋŋêĞêŶÃĥŚȋĉĥŚêŋêŒŚŒȋĉĥȋŒąÃŋêŒȋÃĥåȋêżêߊŚĉŶêȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒǣȋÃŒȋĥĬŚĉƌêåȋŚĬȋŚąêȋ
µȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋŚąêȋCorporations Act 2001ǣȋÃŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚȋÃŋêȋÃŒȋÿĬĞĞĬŷŒǤ
Shares
Performance Rights
ǢǢȋBĉĀĀĉĥŒȋf
123,459
-
XǢ^Ǣȋ Šßě
10,589
-
Ǣ(Ǣȋ Šÿÿêȋf
15,000
-
-
-
(ǢǢȋXêŷĉĥ
15,015
-
ǢBǢȋ°Ãŋĥê
-
-
TǢȋ êååĬŷ
462,438
373,459
^ǢVǢȋBĬĞƅÞêŋĀêŋ
13
Board and Committee meetings
ŚȋŚąêȋåÃŚêȋĬÿȋŚąĉŒȋŋêňĬŋŚǣȋŚąêȋ ĬÃŋåȋąÃŒȋÃĥȋŠåĉŚȋɈȋ ĉŒěȋ ĬĤĤĉŚŚêêȋÃĥåȋÃȋ êĤŠĥêŋÃŚĉĬĥȋ
ĬĤĤĉŚŚêêǢ
ąêŋêȋŷêŋêȋêĉĀąŚȋ ĬÃŋåȋĤêêŚĉĥĀŒǣȋÿĬŠŋȋŠåĉŚȋɈȋ ĉŒěȋ ĬĤĤĉŚŚêêȋĤêêŚĉĥĀŒȋÃĥåȋŚąŋêêȋ
êĤŠĥêŋÃŚĉĬĥȋ ĬĤĤĉŚŚêêȋĤêêŚĉĥĀŒȋąêĞåȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǢȋąêȋĥŠĤÞêŋȋĬÿȋĤêêŚĉĥĀŒȋ
ÃŚŚêĥåêåȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋÞŽȋêÃßąȋĬÿȋŚąêȋ#ĉŋêߌĬŋŒȋŷąĉĞêȋĉĥȋĬÿƌßêȋŷêŋêǤ
Audit & Risk
Committee
Board
_ĬDZȋĬÿ
meetings
ąêĞåȋŷąĉĞê
Ãȋ#ĉŋêߌĬŋ
_ĬDZȋĬÿ
_ĬDZȋĬÿ meetings
meetings ąêĞåȋŷąĉĞê
attended ÃȋĤêĤÞêŋ
Remuneration
Committee
_ĬDZȋĬÿ
meetings
attended
_ĬDZȋĬÿ
meetings
ąêĞåȋŷąĉĞê
ÃȋĤêĤÞêŋ
_ĬDZȋĬÿ
meetings
attended
ǢǢȋBĉĀĀĉĥŒȋf
8
8
4
4
-
3*
XǢ^Ǣȋ Šßě
8
8
4
4
-
-
Ǣ(Ǣȋ Šÿÿêȋf
8
8
4
4
-
-
R.A. Davis dzÃǴ
2
2
-
1*
1
1
^ǢVǢȋBĬĞƅÞêŋĀêŋȋdzÞǴ
6
6
-
3*
2
2
(ǢǢȋXêŷĉĥ
8
8
-
3*
3
3
ǢBǢȋ°Ãŋĥê
8
8
-
3*
3
3
TǢȋ êååĬŷ
8
8
-
4*
-
3*
ǭȋȋ FĥßĞŠåêŒȋĤêêŚĉĥĀŒȋÃŚŚêĥåêåȋÃŒȋĥĬĥǹĤêĤÞêŋŒ
dzÃǴȋ ^ŋǢȋ#ÃŶĉŒȋŋêŚĉŋêåȋĬĥȋƔƑȋêňŚêĤÞêŋȋƓƑƓƔǢ
dzÞǴȋ ^ŒǢȋBĬĞƅÞêŋĀêŋȋŷÃŒȋÃňňĬĉĥŚêåȋĬĥȋƒȋfߌĬÞêŋȋƓƑƓƔǢ
Company Secretary
ĉĤȋ ĉĥěŒȋ (ßǣȋ ǣȋ<=Fǣȋ=F #ȋąêĞåȋŚąêȋŋĬĞêȋĬÿȋ ĬĤňÃĥŽȋêßŋêŚÃŋŽȋåŠŋĉĥĀȋŚąêȋŽêÃŋȋÃĥåȋÃŚȋŚąêȋ
date of this report.
^ŋǢȋ ĉĥěŒȋĘĬĉĥêåȋŚąêȋ ĬĤňÃĥŽȋĉĥȋƓƑƑƘȋÃĥåȋĉŒȋÃĥȋêżňêŋĉêĥßêåȋĀĬŶêŋĥÃĥßêȋêżêߊŚĉŶêȋŷĉŚąȋÃȋ
ÞÃßěĀŋĬŠĥåȋĉĥȋÃßßĬŠĥŚĉĥĀǣȋÿŠĥåŒȋĤÃĥÃĀêĤêĥŚȋÃĥåȋŒŚĬßěÞŋĬěĉĥĀǢȋBêȋŷÃŒȋÃňňĬĉĥŚêåȋ ĬĤňÃĥŽȋ
êßŋêŚÃŋŽȋĉĥȋƓƑƒƑȋÃĥåȋ ąĉêÿȋfňêŋÃŚĉĥĀȋfÿƌßêŋȋĉĥȋƓƑƒƖǣȋŷąĉĞêȋŒŚĉĞĞȋĤÃĉĥŚÃĉĥĉĥĀȋŚąêȋßĬĤňÃĥŽȋ
ŒêßŋêŚÃŋĉÃĞȋåŠŚĉêŒǢ
Principal activities and state of affairs
ąêȋňŋĉĥßĉňÃĞȋÃߌĉŶĉŚĉêŒȋĬÿȋŚąêȋ ĬĤňÃĥŽȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋŷêŋêȋŚąêȋĉĥŶêŒŚĤêĥŚȋĬÿȋÿŠĥåŒȋ
ĉĥȋŠŒŚŋÃĞĉÃĥȋĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋÃĥåȋŒąĬŋŚǹŚêŋĤȋĉĥŚêŋêŒŚȋÞêÃŋĉĥĀȋŒêߊŋĉŚĉêŒǢȋąêȋ ĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋ
ĬŷĥêåȋŒŠÞŒĉåĉÃŋŽȋÃĞŒĬȋňŋĬŶĉåêŒȋĤÃĥÃĀêĤêĥŚȋŒêŋŶĉßêŒȋŚĬȋÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋ
ŠĥåêŋȋÃĥȋŠŒŚŋÃĞĉÃĥȋ<ĉĥÃĥßĉÃĞȋêŋŶĉßêŒȋXĉßêĥßêǢȋ^ĬŋêȋåêŚÃĉĞŒȋÃŋêȋňŋĬŶĉåêåȋĉĥȋŚąêȋfňêŋÃŚĉĥĀȋÃĥåȋ
<ĉĥÃĥßĉÃĞȋ êŶĉêŷȋÞêĞĬŷǢ
14
#ĉŋêߌĬŋŒȄȋ êňĬŋŚ
fňêŋÃŚĉĥĀȋÃĥåȋƌĥÃĥßĉÃĞȋŋêŶĉêŷ
franked dividends a priority. Argo has paid
åĉŶĉåêĥåŒȋêŶêŋŽȋŽêÃŋȋŒĉĥßêȋĉŚȋŷÃŒȋêŒŚÃÞĞĉŒąêåǢȋ
Summary of business model
Argo shares offer investors a professionally
ĤÃĥÃĀêåǣȋåĉŶêŋŒĉƌêåȋÃĥåȋêÃŒĉĞŽȋŚŋÃåêåȋ
êżňĬŒŠŋêȋŚĬȋŚąêȋŠŒŚŋÃĞĉÃĥȋêŊŠĉŚŽȋĤÃŋěêŚǣȋ
ŷĉŚąĬŠŚȋŚąêȋĥêêåȋŚĬȋňÃŽȋÿêêŒȋŚĬȋÃĥȋêżŚêŋĥÃĞȋ
investment manager.
ŋĀĬȋĉŒȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋŷąĉßąȋ
ŒêêěŒȋŚĬȋĤÃżĉĤĉŒêȋŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥŒȋ
ŚąŋĬŠĀąȋŋêĞĉÃÞĞêȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåȋĉĥßĬĤêȋ
ÃĥåȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
ߌĉŶêĞŽȋĤÃĥÃĀĉĥĀȋÃȋåĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋ
ŠŒŚŋÃĞĉÃĥȋŒąÃŋêŒȋŷĉŚąĉĥȋÃȋĞĬŷǹßĬŒŚǣȋĉĥŚêŋĥÃĞĞŽȋ
ĤÃĥÃĀêåȋÞŠŒĉĥꌌȋĤĬåêĞǣȋŷêȋÃňňĞŽȋÃȋ
ßĬĥŒêŋŶÃŚĉŶêǣȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚȋÃňňŋĬÃßąȋ
ŷąĉßąȋąÃŒȋňŋĬŶêĥȋŋêŒĉĞĉêĥŚȋŒĉĥßêȋƒƚƕƗǢȋ
<ĬŋȋŚąêȋĞÃŒŚȋƒƑȋŽêÃŋŒǣȋŚąêȋ ĬĤňÃĥŽȋąÃŒȋ
ňŋĬåŠßêåȋÃȋßĬĤňĬŠĥåȋĉĥŶêŒŚĤêĥŚȋŋêŚŠŋĥȋ
ĬÿȋȫƘǢƓɄȋňêŋȋÃĥĥŠĤǣȋÃŒȋĤêÃŒŠŋêåȋÞŽȋŚąêȋ
ĤĬŶêĤêĥŚȋĉĥȋĥêŚȋŚÃĥĀĉÞĞêȋÃŒŒêŚȋdz_ǴȋÞÃßěĉĥĀȋ
per share, assuming dividends paid are
ŋêĉĥŶêŒŚêåǢȋąĉŒȋŋêŚŠŋĥȋĉŒȋÃÿŚêŋȋĤÃĥÃĀêĤêĥŚȋ
êżňêĥŒêŒȋÃĥåȋÃåĘŠŒŚêåȋÿĬŋȋßĬĤňÃĥŽȋŚÃżȋňÃĉåǣȋ
ÃĥåȋßĬĤňÃŋêŒȋŚĬȋÃȋŋêŚŠŋĥȋĬÿȋȫƙǢƒɄȋňêŋȋÃĥĥŠĤȋ
ÿŋĬĤȋŚąêȋɈǯµȋƓƑƑȋßߊĤŠĞÃŚĉĬĥȋFĥåêżǣȋ
ÃĞŚąĬŠĀąȋŚąêȋĉĥåêżȋåĬêŒȋĥĬŚȋŚÃěêȋĉĥŚĬȋÃßßĬŠĥŚȋ
ÃĥŽȋßĬŒŚŒǢȋŋĀĬȄŒȋŚĬŚÃĞȋŒąÃŋêąĬĞåêŋȋŋêŚŠŋĥȋ
dz ǴȋÞÃŒêåȋĬĥȋŚąêȋŒąÃŋêȋňŋĉßêȋĬŶêŋȋŚąêȋŒÃĤêȋ
ƒƑǹŽêÃŋȋňêŋĉĬåȋŷÃŒȋȫƖǢƒɄȋňêŋȋÃĥĥŠĤǣȋÃĥåȋ
ȫƗǢƙɄȋĉĥßĞŠåĉĥĀȋŚąêȋÿŋÃĥěĉĥĀȋßŋêåĉŚŒȋÃŚŚÃßąêåȋ
to the dividend payments.
ŋĀĬȋĀêĥêŋÃŚêŒȋŚąêȋĤÃĘĬŋĉŚŽȋĬÿȋĉŚŒȋĉĥßĬĤêȋ
ÞŽȋȃąÃŋŶêŒŚĉĥĀȄȋŚąêȋåĉŶĉåêĥåŒȋŋêßêĉŶêåȋÿŋĬĤȋ
ŚąêȋßĬĤňÃĥĉêŒȋĉĥȋĬŠŋȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ
ååĉŚĉĬĥÃĞȋĉĥßĬĤêȋĉŒȋåêŋĉŶêåȋÿŋĬĤȋĉĥŚêŋêŒŚȋ
êÃŋĥêåȋĬĥȋßÃŒąȋåêňĬŒĉŚŒǣȋňŋêĤĉŠĤȋĉĥßĬĤêȋ
ÿŋĬĤȋŒêĞĞĉĥĀȋêżßąÃĥĀêǹŚŋÃåêåȋĬňŚĉĬĥŒǣȋÃȋ
ŒĤÃĞĞȋÃĤĬŠĥŚȋĬÿȋŒąÃŋêȋŚŋÃåĉĥĀȋÃߌĉŶĉŚŽȋÃĥåȋ
ÿêêȋĉĥßĬĤêȋÿŋĬĤȋĤÃĥÃĀĉĥĀȋÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋ
ĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽǢȋ
ŋĀĬȄŒȋĬňêŋÃŚĉĬĥÃĞȋßĬŒŚŒȋÃŋêȋŋêĞÃŚĉŶêĞŽȋ
ŒŚÃÞĞêȋÃĥåȋÃŋêȋĞĬŷêŋȋŚąÃĥȋŚąĬŒêȋĬÿȋĤĬŒŚȋ
ĬŚąêŋȋĤÃĥÃĀêåȋĉĥŶêŒŚĤêĥŚȋňŋĬåŠßŚŒȋåŠêȋ
to our internally managed listed investment
ßĬĤňÃĥŽȋŒŚŋŠßŚŠŋêǢȋFĥȋŚąêȋƓƑƓƕȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋ
Śąêȋ ĬĤňÃĥŽȄŒȋŚĬŚÃĞȋĬňêŋÃŚĉĥĀȋßĬŒŚŒȋŷêŋêȋ
êŊŠĉŶÃĞêĥŚȋŚĬȋƑǢƒƖɄȋĬÿȋÃŶêŋÃĀêȋÃŒŒêŚŒǣȋŷąĉßąȋ
ĉŒȋŶêŋŽȋĞĬŷȋÞŽȋĉĥ劌ŚŋŽȋŒŚÃĥåÃŋåŒǢȋŋĀĬȄŒȋ
ĤÃĉĥȋêżňêĥŒêȋĉŚêĤŒȋÃŋêȋŋêĤŠĥêŋÃŚĉĬĥǣȋŒąÃŋêȋ
ŋêĀĉŒŚŋŽȋÿêêŒǣȋĉĥŒŠŋÃĥßêǣȋŒĬÿŚŷÃŋêȋÃĥåȋĬÿƌßêȋ
rent.
In addition to managing Argo’s portfolio and
ĬňêŋÃŚĉĬĥŒǣȋŚąêȋ ĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋĬŷĥêåȋ
ŒŠÞŒĉåĉÃŋŽǣȋŋĀĬȋêŋŶĉßêȋ ĬĤňÃĥŽǣȋĤÃĥÃĀêŒȋ
ÃĥȋêżŚêŋĥÃĞȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽǣȋ
ŋĀĬȋ=ĞĬÞÃĞȋXĉŒŚêåȋFĥÿŋÃŒŚŋŠßŚŠŋêȋdzXFǴǢȋąêȋ
ĤÃĥÃĀêĤêĥŚȋÃߌĉŶĉŚĉêŒȋĉĥßĞŠåêȋÃåĤĉĥĉŒŚŋÃŚĉĬĥǣȋ
ƌĥÃĥßĉÃĞȋŋêňĬŋŚĉĥĀǣȋßĬĤňÃĥŽȋŒêßŋêŚÃŋĉÃĞȋåŠŚĉêŒȋ
ÃĥåȋŒŠňêŋŶĉŒĉĬĥȋĬÿȋXFȄŒȋŒąÃŋêȋŋêĀĉŒŚŋŽǣȋÃŒŒêŚȋ
ߊŒŚĬåĉÃĥȋÃĥåȋĉŚŒȋǹÞÃŒêåȋňĬŋŚÿĬĞĉĬȋĤÃĥÃĀêŋǢ
ąêȋÃÞĬŶêȋßąÃŋÃߌêŋĉŒŚĉߌȋĤÃěêȋÿĬŋȋÃĥȋ
êÿƌßĉêĥŚȋÞŠŒĉĥꌌȋĤĬåêĞȋŷąĉßąȋÞêĥêƌŚŒȋÿŋĬĤȋ
êßĬĥĬĤĉêŒȋĬÿȋŒßÃĞêǢȋąêȋĞĬŷȋňŋĬňĬŋŚĉĬĥȋĬÿȋ
ŶÃŋĉÃÞĞêȋßĬŒŚŒȋĉĤňĞĉêŒȋŚąÃŚȋĉĥȋĀêĥêŋÃĞǣȋňŋĬƌŚȋ
ŷĉĞĞȋƍŠßŚŠÃŚêȋÃßßĬŋåĉĥĀȋŚĬȋŚąêȋňêŋÿĬŋĤÃĥßêǣȋ
ÃĥåȋĉĥȋňÃŋŚĉߊĞÃŋȋŚąêȋåĉŶĉåêĥåȋňÃŽĬŠŚȋňĬĞĉßĉêŒǣȋ
ĬÿȋêÃßąȋĬÿȋŚąêȋßĬĤňÃĥĉêŒȋĉĥȋŚąêȋĉĥŶêŒŚĤêĥŚȋ
portfolio.
ŚȋÞÃĞÃĥßêȋåÃŚêȋŚąêŋêȋŷêŋêȋƙƗȋåĉÿÿêŋêĥŚȋ
ŒŚĬßěŒȋĉĥȋŚąêȋňĬŋŚÿĬĞĉĬǣȋňŋĬŶĉåĉĥĀȋŚąêȋ ĬĤňÃĥŽȋ
ŷĉŚąȋåĉŶĉåêĥåȋĉĥßĬĤêȋÿŋĬĤȋÃȋåĉŶêŋŒêȋŋÃĥĀêȋĬÿȋ
industries.
ąêȋĤÃĘĬŋĉŚŽȋĬÿȋŋĀĬȄŒȋňŋĬƌŚȋĉŒȋňÃĉåȋĬŠŚȋÃŒȋ
åĉŶĉåêĥåŒȋŚĬȋĬŠŋȋŒąÃŋêąĬĞåêŋŒǣȋŷĉŚąȋÿŠĞĞŽȋ
15
#ĉŋêߌĬŋŒȄȋ êňĬŋŚ
Investment process
êżňêßŚÃŚĉĬĥŒȋŚąÃŚȋŚąêȋ ȄŒȋŋÃňĉåȋŒêŋĉêŒȋ
ĬÿȋĉĥŚêŋêŒŚȋŋÃŚêȋŋĉŒêŒȋąÃåȋÞêêĥȋêÿÿêߌĉŶêȋĉĥȋ
ßĬĥŚŋĬĞĞĉĥĀȋĉĥƍÃŚĉĬĥȋÃĥåȋŚąêŋêȋĤÃŽȋÞêȋĥĬȋ
need for further rises in the short term.
ąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤǣȋĞêåȋÞŽȋŚąêȋ^ÃĥÃĀĉĥĀȋ
#ĉŋêߌĬŋǣȋĉŒȋŋêŒňĬĥŒĉÞĞêȋÿĬŋȋßĬĥŒŚŋŠßŚĉĥĀȋÃĥåȋ
ĤÃĉĥŚÃĉĥĉĥĀȋÃĥȋÃňňŋĬňŋĉÃŚêĞŽȋåĉŶêŋŒĉƌêåȋ
ňĬŋŚÿĬĞĉĬȋŷąĉßąȋĀêĥêŋÃŚêŒȋåĉŶĉåêĥåȋ
ĉĥßĬĤêȋÃĥåȋĞĬĥĀǹŚêŋĤȋßÃňĉŚÃĞȋĀŋĬŷŚąǢȋ
<ĉĥÃĥßĉÃĞŒǣȋĞêåȋÞŽȋŚąêȋÞĉĀȋÿĬŠŋȋŋêŚÃĉĞȋÞÃĥěŒǣȋ
ŷÃŒȋŚąêȋÞêŒŚȋňêŋÿĬŋĤĉĥĀȋŒêߌĬŋȋĬŶêŋȋ
ŚąêȋƒƓȋĤĬĥŚąŒǣȋŷĉŚąȋÃȋȫƓƚɄȋŋêŚŠŋĥǢ
ąêȋĉĥŶêŒŚĤêĥŚȋňŋĬßꌌǣȋŷąĉßąȋĉĥŶĬĞŶêŒȋ
ŚąêȋĤĬĥĉŚĬŋĉĥĀȋÃĥåȋŋêŶĉêŷȋĬÿȋêżĉŒŚĉĥĀȋ
ĉĥŶêŒŚĤêĥŚŒȋÃŒȋŷêĞĞȋÃŒȋÃĥÃĞŽŒĉĥĀȋňĬŚêĥŚĉÃĞȋ
ĥêŷȋĉĥŶêŒŚĤêĥŚŒǣȋĉĥßĞŠåêŒȋêżŚêĥŒĉŶêȋ
ŋêŒêÃŋßąǣȋßĬĤňÃĥŽȋŶĉŒĉŚŒȋÃĥåȋĉĥ劌ŚŋŽȋ
ŒŚŠåĉêŒǣȋÃŒȋŷêĞĞȋÃŒȋêßĬĥĬĤĉßȋÃĥÃĞŽŒĉŒȋ
to help identify emerging trends and
ÃŒŒĉŒŚȋŷĉŚąȋŚąêȋŚĉĤĉĥĀȋĬÿȋŚŋÃĥŒÃߌĉĬĥŒǢȋ
ąêȋĥêżŚȋÞêŒŚȋŒêߌĬŋŒȋŷêŋêȋêßąĥĬĞĬĀŽǣȋ
ȫƓƗɄȋdzÿĬĞĞĬŷĉĥĀȋŠňȋĞÃŒŚȋŽêÃŋȄŒȋȫƔƓɄǴȋ
Ãĥåȋ êÃĞȋ(ŒŚÃŚêǣȋȫƓƓɄǢ
ąêȋĞÃĀĀÃŋåŒȋŷêŋêȋ^ÃŚêŋĉÃĞŒǣȋŷĉŚąȋ ąĉĥÃȄŒȋ
ŒĞŠĀĀĉŒąȋêßĬĥĬĤŽȋŷêĉĀąĉĥĀȋĬĥȋŋêŒĬŠŋßêȋ
ŒŚĬßěŒǣȋêĞêßĬĤĤŠĥĉßÃŚĉĬĥŒȋÃĥåȋŚĉĞĉŚĉêŒǣȋ
all delivering negative returns.
ąêȋßĞĬŒêåǹêĥåȋŒŚŋŠßŚŠŋêȋĬÿȋÃȋĞĉŒŚêåȋ
ĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋĉŒȋĉåêÃĞĞŽȋŒŠĉŚêåȋŚĬȋ
ÞŠĉĞåĉĥĀȋÃȋĞĬĥĀǹŚêŋĤȋňĬŋŚÿĬĞĉĬǣȋÃŒȋŋĀĬȋåĬêŒȋ
ĥĬŚȋêżňêŋĉêĥßêȋĉĥŶêŒŚĬŋȋŋêåêĤňŚĉĬĥŒȋŷąĉßąȋ
ĤĉĀąŚȋĬŚąêŋŷĉŒêȋÿĬŋßêȋåêŒĉŋÃÞĞêȋĞĬĥĀǹŚêŋĤȋ
ąĬĞåĉĥĀŒȋŚĬȋÞêȋŒĬĞåǢȋFĥŒŚêÃåǣȋŒąÃŋêąĬĞåêŋŒȋ
ŷĉŒąĉĥĀȋŚĬȋĞĉŊŠĉåÃŚêȋŚąêĉŋȋąĬĞåĉĥĀȋĉĥȋŋĀĬȋ
simply sell their shares on the share market.
ąĉŒȋŒŚÃÞĉĞĉŚŽȋÃĞĞĬŷŒȋŋĀĬȋŚĬȋŚÃěêȋÃåŶÃĥŚÃĀêȋ
ĬÿȋŒąĬŋŚǹŚêŋĤȋĤÃŋěêŚȋƍŠßŚŠÃŚĉĬĥŒȋĉĥȋĬŋåêŋȋ
ŚĬȋÞŠŽȋĬŋȋÃååȋŚĬȋąĬĞåĉĥĀŒȋŷąêĥȋňŋĉßêŒȋ
ŚŋÃåêȋÞêĞĬŷȋŚąêȋĞĬĥĀǹŚêŋĤȋŶÃĞŠÃŚĉĬĥŒȋ
ßÃĞߊĞÃŚêåȋÞŽȋŚąêȋĉĥŶêŒŚĤêĥŚȋŚêÃĤǢȋ
ąêȋĞÃŋĀêŋȋĤĬŶêŒȋĉĥȋŋĀĬȄŒȋňĬŋŚÿĬĞĉĬȋ
åŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋĉĥßĞŠåêåǤȋ
ŠŋßąÃŒêŒ
ȋ=ŋĬŠň
Bȋ=ŋĬŠň
X
F#ȋ(åŠßÃŚĉĬĥ
Resmed *
Santos
ŚÃĥĤĬŋêȋ êŒĬŠŋßêŒ
¯ĉŶÃȋ(ĥêŋĀŽ
°ĬĬåŒĉåêȋ(ĥêŋĀŽȋ=ŋĬŠň
°ĬĬĞŷĬŋŚąŒȋ=ŋĬŠň
* new portfolio position
Review of activities and events during the
year
Sales
# FȋdzŚÃěêĬŶêŋǴȋǭǭ
ŠŒŚŋÃĞĉÃĥȋĥĉŚêåȋFĥŶêŒŚĤêĥŚȋ ĬǢ
(ŒŚĉÃȋBêÃĞŚąȋǭǭ
FĥŶĬßÃŋêȋdzŚÃěêĬŶêŋǴȋǭǭ
XĉĬĥŚĬŷĥȋ êŒĬŠŋßêŒȋǭǭ
_ÃŚĉĬĥÃĞȋŠŒŚŋÃĞĉÃȋ Ãĥě
°êŒÿÃŋĤêŋŒ
** fully exited position
FŚȋŷÃŒȋÃĥĬŚąêŋȋĀĬĬåȋŽêÃŋȋÿĬŋȋŚąêȋŠŒŚŋÃĞĉÃĥȋ
êŊŠĉŚŽȋĤÃŋěêŚǣȋŷĉŚąȋŚąêȋɈǯµȋƓƑƑȋ
ßߊĤŠĞÃŚĉĬĥȋFĥåêżȋŋêŚŠŋĥĉĥĀȋȫƒƓǢƒɄȋĬŶêŋȋ
ŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕǣȋ
ÃååĉĥĀȋŚĬȋĞÃŒŚȋŽêÃŋȄŒȋĀÃĉĥŒȋĬÿȋȫƒƕǢƙɄǢ
BĬŷêŶêŋǣȋŚąêȋŠŒŚŋÃĞĉÃĥȋĤÃŋěêŚȄŒȋĀÃĉĥŒȋŷêŋêȋ
ĬĥĞŽȋÃÞĬŠŚȋÃȋŚąĉŋåȋĬÿȋŚąĬŒêȋĉĥȋŚąêȋĥĉŚêåȋŚÃŚêŒȋ
ŷąĉßąȋŷêŋêȋÿŠêĞĞêåȋÞŽȋêĥĬŋĤĬŠŒȋĉĥŶêŒŚĬŋȋ
åêĤÃĥåȋÿĬŋȋŚąêȋĞÃŋĀêȋŚêßąĥĬĞĬĀŽȋŒŚĬßěŒǢ
FĥȋÃååĉŚĉĬĥǣȋÿĬĞĞĬŷĉĥĀȋŒßŋĉňǹÿĬŋǹŒßŋĉňȋŚÃěêĬŶêŋŒǣȋ
_êŷßŋêŒŚȋ^ĉĥĉĥĀȋÃĥåȋĞĞěêĤȋŷêŋêȋŋêňĞÃßêåȋ
ĉĥȋŚąêȋňĬŋŚÿĬĞĉĬȋÞŽȋ_êŷĤĬĥŚȋ ĬŋňĬŋÃŚĉĬĥȋ
ÃĥåȋŋßÃåĉÃĥȋXĉŚąĉŠĤȋŋêŒňêߌĉŶêĞŽǢ
FĥȋŠŒŚŋÃĞĉÃǣȋŚąêȋĤÃŋěêŚȋÞêĀÃĥȋŚąêȋŽêÃŋȋ
ŷĉŚąȋÃȋŷêÃěêŋȋňêŋĉĬåȋÿŋĬĤȋTŠĞŽȋŚĬȋfߌĬÞêŋȋ
ƓƑƓƔǣȋÞŠŚȋŚąêĥȋĘŠĤňêåȋŒąÃŋňĞŽȋŚĬȋŋêßĬŋåȋ
ĤŠßąȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȄŒȋĀÃĉĥŒȋĉĥȋŚąêȋ
ĤĬĥŚąŒȋĬÿȋ_ĬŶêĤÞêŋȋÃĥåȋ#êßêĤÞêŋȋƓƑƓƔǢȋ
FĥŶêŒŚĬŋȋĬňŚĉĤĉŒĤȋŷÃŒȋŒňÃŋěêåȋÞŽȋĉĥßŋêÃŒĉĥĀȋ
16
#ĉŋêߌĬŋŒȄȋ êňĬŋŚ
fŶêŋÃĞĞǣȋȑƔƕƕȋĤĉĞĞĉĬĥȋĬÿȋĉĥŶêŒŚĤêĥŚȋ
ňŠŋßąÃŒêŒȋŷêŋêȋĤÃåêȋåŠŋĉĥĀȋŚąêȋŽêÃŋȋÃĥåȋ
ȑƓƙƘȋĤĉĞĞĉĬĥȋŷÃŒȋŋÃĉŒêåȋÿŋĬĤȋĉĥŶêŒŚĤêĥŚȋ
ŒÃĞêŒǢȋąêȋŚĬŚÃĞȋĥŠĤÞêŋȋĬÿȋąĬĞåĉĥĀŒȋĉĥȋ
ŚąêȋňĬŋŚÿĬĞĉĬȋŋêåŠßêåȋÿŋĬĤȋƙƚȋŚĬȋƙƗǢȋ
FĥŚêŋêŒŚȋŋêßêĉŶêåȋĬĥȋßÃŒąȋåêňĬŒĉŚŒȋĉĥßŋêÃŒêåȋ
ŒĞĉĀąŚĞŽȋÃĥåȋĉĥßĬĤêȋÿŋĬĤȋŚŋÃåĉĥĀȋÃĥåȋŷŋĉŚĉĥĀȋ
êżßąÃĥĀêǹŚŋÃåêåȋĬňŚĉĬĥŒȋåêßĞĉĥêåȋÿŋĬĤȋ
ĞÃŒŚȋŽêÃŋȄŒȋŒŚŋĬĥĀȋŋêŚŠŋĥȋĬÿȋȑƓƓǢƙȋĤĉĞĞĉĬĥȋ
ŚĬȋȑƔǢƒȋĤĉĞĞĉĬĥǢȋåĤĉĥĉŒŚŋÃŚĉĬĥȋêżňêĥŒêŒȋ
ĉĥßŋêÃŒêåȋĬĥĞŽȋŒĞĉĀąŚĞŽȋÿŋĬĤȋȑƒƑǢƖȋĤĉĞĞĉĬĥȋ
ŚĬȋȑƒƑǢƗȋĤĉĞĞĉĬĥǣȋÃȋßŋêåĉŚÃÞĞêȋĬŠŚßĬĤêȋĉĥȋ
ŚąêȋߊŋŋêĥŚȋĉĥƍÃŚĉĬĥÃŋŽȋêĥŶĉŋĬĥĤêĥŚǢ
Argo’s full year portfolio return after
åêåŠßŚĉĥĀȋĤÃĥÃĀêĤêĥŚȋßĬŒŚŒȋÃĥåȋ
ÃåĘŠŒŚĉĥĀȋÿĬŋȋßĬĤňÃĥŽȋŚÃżȋňÃĉåȋŷÃŒȋȫƒƒǢƑɄǣȋ
ŠĥåêŋňêŋÿĬŋĤĉĥĀȋŚąêȋɈǯµȋƓƑƑȋßߊĤǢȋ
FĥåêżȋŋêŚŠŋĥȋĬÿȋȫƒƓǢƒɄȋÃĞŚąĬŠĀąȋŚąêȋĉĥåêżȋ
åĬêŒȋĥĬŚȋŚÃěêȋÃßßĬŠĥŚȋĬÿȋÃĥŽȋßĬŒŚŒǢȋąĉŒȋ
ŋêƍêߌêåȋĬŠŋȋŠĥåêŋŷêĉĀąŚȋňĬŒĉŚĉĬĥŒȋ
ŷĉŚąĉĥȋŒŚŋĬĥĀĞŽȋňêŋÿĬŋĤĉĥĀȋŒêߌĬŋŒȋŒŠßąȋ
ÃŒȋ<ĉĥÃĥßĉÃĞŒȋdzňÃŋŚĉߊĞÃŋĞŽȋ ĬĤĤĬĥŷêÃĞŚąȋ
ÃĥěȋÃĥåȋ_ÃŚĉĬĥÃĞȋŠŒŚŋÃĞĉÃȋ ÃĥěǴȋÃĥåȋ êÃĞȋ
(ŒŚÃŚêȋdzňÃŋŚĉߊĞÃŋĞŽȋ=ĬĬåĤÃĥȋ=ŋĬŠňǴǢ
ŋĀĬȄŒȋÞÃĞÃĥßêȋŒąêêŚȋŋêĤÃĉĥŒȋŒŚŋĬĥĀǣȋŷĉŚąȋ
ŚĬŚÃĞȋÃŒŒêŚŒȋĉĥßŋêÃŒĉĥĀȋÞŽȋƘǢƔɄȋŚĬȋȑƘǢƕȋÞĉĞĞĉĬĥȋ
ÃŒȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋĉĥßŋêÃŒêåȋĉĥȋ
ŶÃĞŠêȋŷĉŚąȋŚąêȋêŊŠĉŚŽȋĤÃŋěêŚȋÃňňŋêßĉÃŚĉĬĥǢȋ
ŋĀĬȋąÃŒȋĥĬȋåêÞŚȋÃĥåȋßÃŒąȋĬĥȋąÃĥåȋĬÿȋȑƚƘǢƓȋ
ĤĉĞĞĉĬĥǢȋ ÃŒąȋĞêŶêĞŒȋƍŠßŚŠÃŚêȋŚąŋĬŠĀąȋŚąêȋ
ŽêÃŋȋÃßßĬŋåĉĥĀȋŚĬȋŚąêȋŚĉĤĉĥĀȋĬÿȋåĉŶĉåêĥåŒȋ
ŋêßêĉŶêåȋĉĥȋŚąêȋňĬŋŚÿĬĞĉĬǣȋĉĥŶêŒŚĤêĥŚȋ
ňŠŋßąÃŒêŒȋÃĥåȋåĉŒňĬŒÃĞŒǣȋåĉŶĉåêĥåŒȋňÃĉåȋĬŠŚȋ
ŚĬȋŒąÃŋêąĬĞåêŋŒȋÃĥåȋÃĥŽȋßÃňĉŚÃĞȋŋÃĉŒĉĥĀŒǢȋ
ŋĀĬȄŒȋŒąÃŋêȋňŋĉßêȋŋêŚŠŋĥȋdz ǴȋĬÿȋȫƓǢƗɄȋŷÃŒȋ
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