Top 10 holdings
As at 31 March 2018
| Ticker | Company | Ticker | Company |
|---|---|---|---|
| CBA | Commonwealth Bank of Australia | NAB | National Australia Bank Limited |
| WBC | Westpac Banking Corporation | WES | Wesfarmers Limited |
| BHP | BHP Billiton Limited | TLS | Telstra Corporation Limited |
| CSL | CSL Limited | WOW | Woolworths Limited |
| ANZ | Australia and New Zealand Banking Group Limited | RIO | Rio 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.
| Ticker | Company | Ticker | Company |
|---|---|---|---|
| WFD | Westfield Corporation | FMG | Fortescue Metals Group Ltd |
| GMG | Goodman Group | RMD | ResMed Inc. |
| QBE | QBE Insurance Group Limited | CWN | Crown Resorts Limited |
| OSH | Oil Search Limited | CIM | Cimic Group Limited |
| RHC | Ramsay Health Care Limited | EVN | Evolution 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.