Portfolio highlights

Top 10 holdings

As at 30 September 2017

TickerCompanyTickerCompany
CBACommonwealth Bank of AustraliaCSLCSL Limited
WBCWestpac Banking CorporationWESWesfarmers Limited
BHPBHP Billiton LimitedTLSTelstra Corporation Limited
ANZAustralia and New Zealand Banking Group LimitedWOWWoolworths Limited
NABNational Australia Bank LimitedMQGMacquarie 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.

TickerCompanyTickerCompany
WFDWestfield CorporationRHCRamsay Health Care Limited
CIMCimic Group LimitedOSHOil Search Limited
RMDResMed Inc.VCXVicinity Centres
GMGGoodman GroupSTOSantos Limited
FMGFortescue Metals Group LtdCWNCrown Resorts 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.

*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.