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View top investments and performance

 

Investments included in the Djerriwarrh’s portfolio are selected for their profitability and long-term growth prospects. 

At the same time we concentrate on stocks where there is an active options market. This is intended to give scope for the writing of predominantly exchange traded options with the level of the portfolio ‘covered’ by call options typically ranging between 20 to 50 per cent of the total portfolio at any one time. 

A list of Djerriwarrh’s 20 largest holdings as at 30 November 2017 is set out in the following table.  

Top 20 Investments – Ordinary Securities  

Valued at closing prices at 30 November 2017
Total Value
$ million
1 CBA* Commmonwealth Bank of Australia
66.4
2 WBC* Westpac Banking Corporation 63.1
3 BHP* BHP 
55.3
4
NAB* National Australia Bank
40.0
5 ANZ* Australia & New Zealand Banking Group
38.2
6 CSL* CSL
33.4
7
WES* Wesfarmers
27.9
8
TLS* Telstra Corporation
20.9
9 BXB* Brambles
20.1
10 WOW* Woolworths
19.5
11 RIO* Rio Tinto 17.8
12 MQG*
Macquarie Group 16.8
13 JHX*
James Hardie Industries
16.4
14 OSH* Oil Search
15.0
15
AMC* Amcor
13.5
16 SEK*
Seek 13.2
17 QUB*
Qube Holdings
13.1
18 WPL*
Woodside Petroleum
12.7
19 TCL*
Transurban Group
12.2
20 AMP* AMP
11.3

Total Portfolio Value


526.8

As % of Total Portfolio Value
(Excludes Cash)

66.1%

 

*Indicates that options were outstanding against part or all of the holding

 

Note: Options
As part of our activities, the Company sells call options and put options. We may sell call options, but only against part or all of particular securities held by the Company. Put options are sold as an opportunity to acquire stock at advantageous prices. We have cash or undrawn banking facilities available to buy the underlying securities if all puts are exercised.

 

Portfolio Management

The growth of the Company’s net assets per share plus dividends is a measurement of how the Company’s portfolio of investments has been managed. This is measured relative to the S&P/ASX 200 Accumulation Index (which also assumes reinvestment of dividends).

Djerriwarrh is a medium to long term investor, so our investment performance is focused over a corresponding period, say five to ten years.

% Per Year Return to 30 November 2017

 Portfolio Management_1711

Note: Djerriwarrh net asset per share growth plus dividend series is calculated after management fees, income tax and capital gains tax on realised sales of investments. It also does not reflect the value of franking credits attached to the dividends paid by Djerriwarrh which adds approximately 2.7 per cent to the portfolio return and 1.4 per cent additional return when compared to the Index. It should be noted that Index returns for the market do not include the negative impact of management expenses and tax on their performance.