Australian Governance Masters Index Fund Limited Month end shareholding and NTA estimate
As at the close of the Australian Stock Exchange ( ASX ) on Friday 29 April 2011, Australian Governance Masters Index Fund Limited ( the Company ) was invested in 75 of the 100 companies which make up the S&P/ASX 100 Index. The total investment value of portfolio was $57,170,040. The unaudited, pre-tax, estimated NTA per share of the Company was $1.655.
The Company is a long-term equity investor and does not intend to dispose of its total portfolio. If estimated tax at 30% on unrealised portfolio gains were to be recognised, net asset backing post tax would be $1.641 per share.
Over the month of April, the unaudited, pre-tax, estimated NTA per share decreased by 0.40%. Over the same period the S&P/ASX 100 Accumulation Index fell by 0.08%
As at 29 April 2011 the 75 shareholdings of the Company, at market values were:
Asset Name Investment Fund Weight BHP BILLITON LIMITED 9,120,170 15.58% COMMONWEALTH BANK OF AUSTRALIA. 4,912,585 8.39% WESTPAC BANKING CORPORATION 4,389,650 7.50% ANZ BANKING GROUP LIMITED 3,688,581 6.30% NATIONAL AUSTRALIA BANK LIMITED 3,447,284 5.89% WESFARMERS LIMITED 2,272,459 3.88% RIO TINTO LIMITED 2,132,445 3.64% TELSTRA CORPORATION LIMITED. 1,894,401 3.24% NEWCREST MINING LIMITED 1,887,965 3.22% WOOLWORTHS LIMITED 1,881,441 3.21% WOODSIDE PETROLEUM LIMITED 1,631,027 2.79% ORIGIN ENERGY LIMITED 1,186,209 2.03% QBE INSURANCE GROUP LIMITED 1,161,012 1.98% CSL LIMITED 1,098,994 1.88% AMP LIMITED 915,302 1.56% SANTOS LIMITED 777,727 1.33% MACQUARIE GROUP LIMITED 712,447 1.22% FOSTER'S GROUP LIMITED 633,666 1.08% SUNCORP-METWAY LIMITED. 620,306 1.06% BRAMBLES LIMITED 572,615 0.98% ORICA LIMITED 568,334 0.97% STOCKLAND TRUST GROUP 528,232 0.90% AMCOR LIMITED 500,843 0.86% OIL SEARCH LIMITED 449,156 0.77% TRANSURBAN GROUP 446,536 0.76% INSURANCE AUSTRALIA GROUP LIMITED 437,589 0.75% AGL ENERGY LIMITED 389,076 0.66%
Asset Name Investment Fund Weight WORLEYPARSONS LIMITED 368,570 0.63% INCITEC PIVOT LIMITED 357,662 0.61% COCA-COLA AMATIL LIMITED 354,606 0.61% ALUMINA LIMITED 333,845 0.57% ASX LIMITED 324,499 0.55% ILUKA RESOURCES LIMITED 317,304 0.54% GPT GROUP 315,270 0.54% TABCORP HOLDINGS LIMITED 297,936 0.51% SONIC HEALTHCARE LIMITED 279,684 0.48% COMPUTERSHARE LIMITED. 271,388 0.46% QANTAS AIRWAYS LIMITED 268,698 0.46% ASCIANO GROUP 267,622 0.46% OZ MINERALS LIMITED 267,254 0.46% LEND LEASE GROUP 267,160 0.46% COCHLEAR LIMITED 266,199 0.45% DEXUS PROPERTY GROUP 251,264 0.43% MIRVAC GROUP 243,510 0.42% TOLL HOLDINGS LIMITED 215,404 0.37% BORAL LIMITED. 193,745 0.33% BENDIGO AND ADELAIDE BANK LIMITED 190,013 0.32% BLUESCOPE STEEL LIMITED 175,969 0.30% METCASH LIMITED 171,092 0.29% TELECOM CORPORATION 166,842 0.28% TATTS GROUP LIMITED 161,943 0.28% ONESTEEL LIMITED 158,606 0.27% FAIRFAX MEDIA LIMITED 158,166 0.27% SIMS METAL MANAGEMENT LIMITED 156,564 0.27% PALADIN ENERGY LTD 150,916 0.26% UGL LIMITED 138,299 0.24% JAMES HARDIE INDUSTRIES SE 137,446 0.23% SEEK LIMITED 134,399 0.23% DAVID JONES LIMITED 130,704 0.22% BOART LONGYEAR LIMITED 126,073 0.22% CHALLENGER FINANCIAL SERVICES GROUP LIMITED 122,871 0.21% BANK OF QUEENSLAND LIMITED. 119,621 0.20% CALTEX AUSTRALIA LIMITED 112,342 0.19% APA GROUP 110,696 0.19% ANSELL LIMITED 107,191 0.18% CONNECTEAST GROUP 103,696 0.18% MACARTHUR COAL LIMITED 89,227 0.15% CSR LIMITED 85,557 0.15%
Asset Name Investment Fund Weight GOODMAN FIELDER LIMITED 83,592 0.14% PERPETUAL TRUSTEES AUSTRALIA LIMITED 78,263 0.13% BILLABONG INTERNATIONAL LIMITED 71,732 0.12% TEN NETWORK HOLDINGS LIMITED 67,401 0.12% ARISTOCRAT LEISURE LIMITED 57,829 0.10% WEST AUSTRALIAN NEWSPAPERS HOLDINGS LIMITED 43,055 0.07% AWE LIMITED 42,262 0.07% CASH 1,384,248 2.36% TOTAL 58,554,287 100.00%
* Source: Dixon Advisory & Superannuation Services Limited – the historical performance of the Manager is not a guarantee of the future performance of the Portfolio or the Company
Australian Governance Masters Index Fund Limited invests only in the best governed top Australian companies within the S&P/ASX 100 Index, as ranked by the Company’s corporate governance analysis and third party research. The Company pursues an index style of investing with an active corporate governance bias and expects to hold securities of 75 to 85 Australian entities within the S&P/ASX 100 at any time.
The Company believes that boards and management that show relatively high levels of corporate governance tend to outperform relatively poorly governed companies over the long term. The Company also seeks to promote adherence to corporate governance best practice recommendations in its investments by voting its proxies and participating in shareholder meetings.
The Company aims to achieve long term capital appreciation, while reducing risk, preserving the capital of the Company and by investing in a diversified portfolio of investments.