Portfolio highlights

Top 10 holdings

As at 31 March 2018

TickerCompanyTickerCompany
CBACommonwealth Bank of AustraliaNABNational Australia Bank Limited
WBCWestpac Banking CorporationWESWesfarmers Limited
BHPBHP Billiton LimitedTLSTelstra Corporation Limited
CSLCSL LimitedWOWWoolworths Limited
ANZAustralia and New Zealand Banking Group LimitedRIORio Tinto Limited

Top 10 exclusions

As at 31 March 2018, the company has excluded 22 ASX 100 companies within its investment universe from its investment portfolio due to relative governance concerns. The following are the largest companies by market capitalisation excluded.

TickerCompanyTickerCompany
WFDWestfield CorporationFMGFortescue Metals Group Ltd
GMGGoodman GroupRMDResMed Inc.
QBEQBE Insurance Group LimitedCWNCrown Resorts Limited
OSHOil Search LimitedCIMCimic Group Limited
RHCRamsay Health Care LimitedEVNEvolution Mining Limited

Dividend history

The company has been able to generate an increasing income stream in the form of fully franked dividends for investors over the longer term.

Premium/discount to NTA

Since listing to 31 March 2018, the company has traded at an average premium to pre-tax net tangible assets of 1.20%. The manager is committed to actively managing capital through buybacks to both improve investor liquidity and enhance shareholder returns.

All figures source: Bloomberg, Walsh and Company Asset Management. AQF listing date 8 February 2010. Gross dividends include value of franking credits at 30% tax rate.