Monthly NTA & Investment Update - 31 January 2024
Released
Released
Announcement PDF
NTA & Investment Update
January 2024
Net tangible asset (NTA) backing per share
31 January^
31 December
NTA per share1
$9.48
$9.33
NTA per share after unrealised tax provision2
$8.25
$8.15
These figures are before provision for the interim dividend of 16.5 cents per share.
^
Market commentary
Shares globally had a solid start to the calendar year extending recent gains as investors continued to
anticipate interest rate cuts and shrugged-off recession concerns. Despite a sluggish start, Australian
shares gathered momentum towards the end of the month reaching a new high on 31 January. Overall, the
S&P/ASX 200 Accumulation Index ended the month up +1.2% and up over +12.0% from its October 2023 low.
With the February corporate reporting season getting underway, we will be particularly focused on how
companies are managing input costs, as well as the impact of higher mortgage repayments and price rises
on consumer spending.
On Monday, Argo reported half-year profit of $125.3 million and maintained a record interim dividend of
16.5 cents per share, fully franked. To see the full announcement, click here or visit argoinvestments.com.au.
Portfolio
Top 20 investments*
%
Macquarie Group
6.9
Materials 15.7%
BHP
6.0
Other Financials 14.1%
CSL
5.6
Banks 13.3%
CBA
4.5
Health Care 10.5%
Wesfarmers
4.0
Rio Tinto
4.0
ANZ
3.1
Santos
3.0
Westpac
2.8
Telstra
2.7
NAB
2.7
Aristocrat Leisure
2.4
QBE Insurance
2.1
Computershare
1.9
Reece
1.8
Woolworths
1.7
Transurban
1.7
Sonic Healthcare
1.6
Woodside Energy
1.6
APA
1.6
Top 20 equity investments
61.7
Cash and cash equivalents
2.0
Sector diversification*
Materials 15.7%
Other Financials 14.1%
Banks 13.3%
Consumer Staples 8.1%
Health
Care
10.5%
Telcos
& I.T.
8.1%
Industrials
7.6%
Consumer
Staples 8.1%
Energy
7.2%
Telcos
& I.T. 8.1%
Consumer Discret. 6.8%
Industrials 7.6%
Property 2.8%
Energy 7.2%
LICs 2.2%
Consumer Discret. 6.8%
Cash 2.0%
Property
Utilities
1.6%2.8%
LICs 2.2%
Cash 2.0%
Utilities 1.6%
ƺ
Ʊ
*
After all costs, including any tax payable.
As required under the ASX Listing Rules, theoretical NTA per share
after providing for estimated tax on unrealised gains/losses in the
portfolio. That is, after tax that may arise if the entire portfolio was
sold.
As a percentage of investment portfolio.
argoinvestments.com.au | 1
About us
At a glance
Shareholder benefits
ASX code
ARG
Founded
1946
Market cap.
$6.9bn
Shareholders
94,400
Dividend yield^
3.8%
MER
0.15%
^ Historical yield of 5.4% (including franking) based on
dividends paid/declared over the last 12 months.
Fully-franked, sustainable dividends
Dividends paid every year since
inception in 1946 and fully franked
since 1995
Experienced board and management
Highly experienced board and
management team with strong
governance and conservative culture
Company overview
One of Australia’s oldest and largest listed
investment companies (LICs), Argo actively manages
a diversified portfolio of Australian shares with
a low-cost, internally managed business model.
Argo applies a conservative, long-term investment
approach which has proven resilient since 1946.
Strong balance sheet with no debt
A strong balance sheet and no debt
allows a long-term approach to
investing
Company objective
Maximise long-term shareholder returns through
reliable fully franked dividend income and capital
growth.
Low-cost, internally managed
Internal management structure
ensures low operating costs and no
external fees
How to invest
We are listed on the Australian Securities Exchange
(ASX) under the ASX code ‘ARG’. To become a
shareholder, simply buy shares through your
stockbroker, online broker, financial adviser or
platform.
Diversified and administratively
simple
Exposure to a diversified portfolio of
Australian equities through a single
ASX trade
Share registry enquiries
BoardRoom Pty Ltd
1300 350 716
investorserve.com.au
argo@boardroomlimited.com.au
Long-term and proven investment
approach
Resilience and growth through
various market cycles and conditions
over 77 years
This report has been prepared as general information only and is not intended to provide financial advice or take into
account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is
suitable for your circumstances before making any investment decisions. Past performance is no guarantee of future results.
This announcement is authorised by Tim Binks, Company Secretary. Argo Investments Limited ACN 007 519 520
argoinvestments.com.au | 2
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