Whitefield Industrials (WHF) Investor update summary

Whitefield Income half-year results

• December half-year gross income was $11.1 million, profit after tax $7.0 million, and earnings per share 4.1 cents, maintaining robust income levels consistent with the past five years.

• Monthly fully franked dividends of 0.583 cents per share commenced in April 2025, annualized at 7.6% including franking credits, with a six-monthly top-up dividend of 3 cents per share, bringing the annualized dividend rate to 8.2%.

• Portfolio generated an 11.8% total return for the half year and 20.2% for the rolling year, outperforming the equal-weighted benchmark by 20 basis points and the market cap-weighted index by 8%.

• Capital increased by $79 million in November through a well-supported SPP and early-closed placement due to high demand.

• The fund maintains a dynamic, defensive portfolio of 70-100 ASX 300 stocks, focusing on profitable, cashflow-positive, dividend-paying companies that adapt to economic conditions.

Whitefield Industrials Q3 update

• NPAT for Q3 was $15.0 million with EPS at 12.5 cents, matching the prior year, despite the absence of special dividends from major holdings.

• The next six-monthly dividend is expected to match the previous 10.5 cents per share, fully franked, with a current gross dividend yield of 5.6% per annum and a long-term record of steady or increasing dividends.

• Portfolio returned 8.6% for nine months, outperforming the 7.9% benchmark, and has outperformed over multiple timeframes.

• Net earnings growth was observed across most of the portfolio, with the majority of holdings maintaining or increasing dividends.

• Share price continues to trade at a discount to asset backing, offering potential value for buyers.

Portfolio structure and exposures

• Income fund's top sector exposures include materials, financials, real estate, and industrials, with leading positions in companies such as IAG, APA, and SUN.

• Industrials fund holds a diverse portfolio of around 160 stocks, primarily in the S&P/ASX200, with broad sector exposure excluding resources.

• Both funds use systematic, quantitative frameworks to target reliable value accretion and earnings resilience.

• WHI has a higher MER (1%) due to its intensive strategy, while WHF's MER is just over 0.4%.

• Dividend reinvestment plans are not currently offered for WHI due to operational complexity, but WHF maintains a bonus share plan.