Monthly NTA & Investment Update - 28 February 2025
Released
Released
Announcement PDF
NTA & Investment Update
February 2025
Net tangible asset (NTA) backing per share
28 February^
31 January
NTA per share1
$9.94
$10.37
NTA per share after unrealised tax provision2
$8.56
$8.89
These figures are after provision for the interim dividend of 17.0 cents per share.
^
Market commentary
After reaching a new record high early in February, Australian shares declined through the month finishing
-3.8% lower, with geopolitical uncertainty weighing on sentiment. As widely expected, the Reserve Bank of
Australia cut official interest rates for the first time in more than four years marking the start of what we
anticipate will be a shallow easing cycle.
The February corporate reporting season provided a mixed picture. Earnings were solid and dividends exceeded
expectations across Argo’s portfolio of stocks. However, uncertainties have led some businesses to postpone
capital expenditure, and many companies reported increased regulatory and political headwinds. Overall,
companies remained cautiously optimistic about the outlook. A notable feature of this reporting season was
the dramatic share price movements – both up and down – when results did not meet investor expectations.
Portfolio
Top 20 investments*
%
Macquarie Group
7.5
Other
Financials 15.2%
Banks
14.7%
BHP
5.1
Materials
13.1%
Banks 14.7%
CBA
5.0
Telcos & I.T. 10.4%
CSL
4.5
Health Care 9.4%
Wesfarmers
4.2
Consumer Staples 8.4%
Westpac
3.6
Consumer
7.5%
Health Discret.
Care 9.4%
Aristocrat Leisure
3.5
Industrials 7.3%
Rio Tinto
3.2
Energy 7.1%
ANZ
3.1
Property 2.7%
NAB
2.7
LICs
1.9%
Industrials
7.3%
Computershare
2.6
Utilities 1.3%
Telstra Group
2.6
Cash 1.0%
Technology One
2.6
Property 2.7%
QBE Insurance
2.6
LICs 1.9%
Santos
2.5
Origin Energy
2.0
Suncorp
1.7
Transurban
1.6
Brambles
1.5
Woolworths Group
1.5
Top 20 equity investments
63.6
Cash and cash equivalents
1.0
Sector diversification*
Other Financials 15.2%
Materials 13.1%
Telcos & I.T. 10.4%
Consumer Staples 8.4%
Consumer Discret. 7.5%
Energy 7.1%
Utilities 1.3%
Cash 1.0%
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
Total assets
$7.8bn
Shareholders
90,900
Dividend yield^
3.9%
MER
0.15%
^ Historical yield of 5.5% (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
for over 75 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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