Mirrabooka Investments (MIR) Investor Update summary

Portfolio overview and investment approach

• Four listed investment companies (AFIC, Djerriwarrh, Mirrabooka, AMCIL) manage diversified portfolios with distinct objectives, focusing on long-term capital growth and fully franked dividends.

• Combined funds under management total approximately $12 billion, with an investment team boasting over 200 years of experience.

• The traditional LIC model is used: internally managed, low fees, tax-aware, and aligned with shareholder interests.

• Emphasis on stability of capital, active management, and the ability to exploit market opportunities not available to index ETFs.

Performance highlights

• AFIC delivered 8.3% (1 year), 9.7% (3 years), 10.7% (5 years), and 10.1% (10 years) per annum returns, including franking.

• Djerriwarrh achieved enhanced grossed-up dividend yield of 7.3% and 10.7% (1 year), 8.0% (3 years), 7.8% (5 years), and 6.7% (10 years) per annum returns.

• Mirrabooka posted 11.8% (1 year), 9.3% (3 years), 8.9% (5 years), and 9.3% (10 years) per annum returns.

• AMCIL reported 5.4% (1 year), 11.2% (3 years), 8.3% (5 years), and 10.7% (10 years) per annum returns.

Portfolio composition and activity

• AFIC's portfolio is diversified across growth, cyclical, stalwart, and income stocks, with major holdings in Goodman, CSL, Xero, BHP, and major banks.

• Djerriwarrh maintains 45 stocks, with top holdings in BHP, CSL, Telstra, Transurban, and Woodside; 39% call option exposure.

• Mirrabooka's top 20 holdings include Macquarie, ARB, Mainfreight, EVT, and ResMed, with recent purchases in Cuscal and Channel Infrastructure NZ.

• AMCIL's top holdings are CSL, Wesfarmers, BHP, Goodman, and Transurban, with recent additions in Wisetech Global, ARB, and Life360.