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Half Yearly Report and Accounts as at 31 December 2023

Half Yearly Report and Accounts as at 31 December 2023
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Half Yearly Report and Accounts as at 31 December 2023

Mirrabooka Delivers Strong Portfolio Performance, Increases Interim Dividend.

For the six-month period, Mirrabooka’s portfolio return including the benefit of franking was 10.7%. The combined Small Ordinaries and Mid Cap 50 sector benchmark including franking, was 5.1% over the same period.

The 12-month portfolio return including franking was 22.2%. The combined Small Ordinaries and Mid Cap 50 benchmark return over the corresponding period including franking was 8.6%. The strong relative outperformance has come from longer term holdings such as James Hardie Industries, Reece, ARB Corporation, Audinate Group, Breville Group and CAR Group, and relative new holdings Gentrack and IPD Group. In addition, the underweight portfolio position in many mid-sized resource companies which underperformed the market has also benefited relative performance over the 12-month period.

Portfolio activity commonly involved trimming of holdings for risk management purposes due to stretched share prices in larger portfolio positions. Much of this occurred late in the half, as the market rallied aggressively through November and December. Buying activity was driven by seeking better value in new portfolio additions as well as opportunistically topping up existing holdings, particularly in the interest-rate driven market weakness seen in October.

The interim dividend has been increased to 4.0 cents per share fully franked up from the interim dividend last year of 3.5 cents per share fully franked.

Half Year Profit was $4.6 million, down from $5.7 million in the prior corresponding period. While dividend income from investments increased, the large contribution from the trading portfolio and option activity in the prior corresponding period was not repeated this half year.

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