Monthly NTA & Investment Update - 29 February 2024
Released
Released
Announcement PDF
NTA & Investment Update
February 2024
Net tangible asset (NTA) backing per share
29 February^
31 January
NTA per share1
$9.42
$9.48
NTA per share after unrealised tax provision2
$8.17
$8.25
These figures are after provision for the interim dividend of 16.5 cents per share.
^
Market commentary
After reaching a new high early in February, Australian shares ended the month up +0.8%.
The February corporate reporting season was positive overall reflecting robust domestic and global
economies. Most companies reported easing margin pressures as inflation continues to moderate and
outlook statements were generally favourable, notwithstanding some potential risks.
Consumer Discretionary stocks were among the stand-out performers with retail spending remaining
resilient in spite of higher interest rates and cost of living pressures.
Several holdings in this sector contributed positively to Argo’s portfolio performance for the month, including
Reece (up +18.0%) and Wesfarmers (up +15.4%), after posting better-than-expected results.
Portfolio
Top 20 investments*
%
Macquarie Group
7.0
BHP
5.5
CSL
5.3
Wesfarmers
4.6
CBA
4.4
Health Care 10.1%
Rio Tinto
3.7
Consumer Staples 8.7%
ANZ
3.2
Telcos
& Discret.
I.T. 8.3%
Consumer
7.0%
Westpac
3.0
Industrials
Energy 6.9% 8.0%
NAB
2.7
Santos
2.7
Telstra
2.5
Aristocrat Leisure
2.5
QBE Insurance
2.3
LICs 2.1%
Reece
2.1
Cash 1.8%
Computershare
1.9
Utilities 1.5%
Transurban
1.7
Technology One
1.6
Suncorp
1.6
Woolworths
1.6
APA
1.5
Top 20 equity investments
61.4
Cash and cash equivalents
1.8
Sector diversification*
Materials 15.0%
Materials
15.0%
Other Financials
14.4%
Banks 13.5%
Other
Financials 14.4%
Health Care
10.1%
Banks
13.5%
Consumer Staples 8.7%
Telcos & I.T. 8.3%
Industrials 8.0%
Property 2.7%
Consumer
Discret. 7.0%
LICs 2.1%
Energy 6.9%
Cash 1.8%
Property 2.7%
Utilities 1.5%
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.
$6.7bn
Shareholders
94,200
Dividend yield^
3.9%
MER
0.15%
^ Historical yield of 5.6% (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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