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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 31 July 2018 is set out in the following table.  

Top 20 Investments – Ordinary Securities  

Valued at closing prices at 31 July 2018
Total Value
$ million
1 CBA* Commonwealth Bank of Australia
64.2
2 WBC* Westpac Banking Corporation 59.0
3 BHP* BHP
52.6
4
NAB* National Australia Bank 39.2
5 ANZ* Australia & New Zealand Banking Group 38.7
6 CSL* CSL 29.8
7
WES* Wesfarmers
27.4
8
MQG* Macquarie Group
25.0
9 BXB* Brambles 19.4
10 RIO* Rio Tinto
17.1
11 OSH* Oil Search 16.0
12 WPL*
Woodside Petroleum 15.9
13 SYD*
Sydney Airport
15.5
14 JHX* James Hardie Industries 15.3
15
TCL* Transurban Group 14.9
16 SUN*
Suncorp Group 14.8
17 WOW*
Woolworths Group
14.8
18 AMC*
Amcor
14.5
19 TLS Telstra Corporation 13.3
20 QUB* Qube Holdings 12.3

Total Portfolio Value


519.7

As % of Total Portfolio Value
(Excludes Cash)

65.9%

 

*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.

 Portfolio Performance

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.