Top 10 holdings
As at 30 September 2017
|CBA||Commonwealth Bank of Australia||CSL||CSL Limited|
|WBC||Westpac Banking Corporation||WES||Wesfarmers Limited|
|BHP||BHP Billiton Limited||TLS||Telstra Corporation Limited|
|ANZ||Australia and New Zealand Banking Group Limited||WOW||Woolworths Limited|
|NAB||National Australia Bank Limited||MQG||Macquarie Group Limited|
Top 10 exclusions
As at 30 September 2017, the company has excluded 25 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.
|WFD||Westfield Corporation||RHC||Ramsay Health Care Limited|
|CIM||Cimic Group Limited||OSH||Oil Search Limited|
|RMD||ResMed Inc.||VCX||Vicinity Centres|
|GMG||Goodman Group||STO||Santos Limited|
|FMG||Fortescue Metals Group Ltd||CWN||Crown Resorts Limited|
The company has been able to generate an increasing income stream in the form of fully franked dividends for investors over the longer term.
*December half dividend yet to be announced
Premium/discount to NTA
Since listing to 30 September 2017, 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.