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Argo Investments

Fund Manager: Argo Investments
Inception Date: Jan 01, 1947

Dividend increases boost Argo’s FY profit

Money Management - Aug 15, 2018

Australian listed investment company (LIC), Argo Investments, has announced a full-year profit of $218.9 million, which was 3.5 per cent higher compared to last year thanks to higher dividends from Macquarie Group, BHP Billiton and Rio Tinto. Following on from this, the board raised dividends for the sixth successive year, declaring a final dividend of 16 cents per share fully franked. [More]

Argo chairman retires

Financial Standard - May 18, 2018

The long-time chairman and director of Argo Investments will retire in June. In a set of announcements to the ASX, Argo confirmed Ian Martin will retire from his positions with the firm, including the chairmanship of both Argo Investments and Argo's global listed infrastructure company. Martin will also relinquish his directorship of Argo Investments after a 14 year direct association with the firm. He served as inaugural chair of the listed investment company, leading it through an initial public offering, which at the time was the largest IPO of its kind for a LIC. [More]

Argo’s half-year profit up

Money Management - Feb 06, 2018

Argo Investments, an Australian listed investment company with $5.6 billion in assets, has reported 6.2 per cent growth in half-year profit to $110.5 million, thanks to improved dividends from a number of companies in its portfolio which included BHP Billiton and Rio Tinto. By contrast, last year the companies from the resources sector reduced their dividends. However, the rebound in the commodity prices helped reverse the trend. Argo said it bought $99 million of long-term investments and received proceeds of $49 million from long-term investment sales. [More]

LIC Argo Flush With Cash

Share Cafe - Aug 15, 2017

Argo Investments seems to be rolling in cash. It lifted its final dividend for the year to June after revealing its fifth consecutive year of higher annual dividends with total payout for the year 31 cents, up from 30.5 cents a year earlier. That was a nine year high, and while it will run its dividend reinvestment program this year, it will close off its share purchase plan for the time being - a sure sign of an investment company with more than enough cash for the time being. That share purchase plan raised $60 million in 2016 and 2017, while the DRP brought in just under $40 million each year. [More]

Australian Foundation Investment Company holds $1.9 billion worth of shares in the big four banks and managing director Ross Barker says the practical outcome of what he describes as a "strange" message the federal government is sending to investors, is that bank dividends will be cut further. AFIC and fellow listed investment companies Argo Investments and Milton Corporation have a heavy exposure to banks and are wincing more than most after the federal budget, as uncertainty swirls about whether the banks will now make shareholders bear the brunt of its new $6.2 billion bank levy. "I think it's a pretty poor outcome," Mr Barker said on Wednesday about the federal government's bank levy. "What the government has done is introduce a tax that just targets five companies. Not an entire sector, just five companies. That's appalling," he said. [More]

We almost fell of our chairs on Monday when we saw Listed Investment Company (LIC) Australian Leaders Fund (ALF) fall almost 10% in a single day of trade. ALF is an Absolute Return manager (meaning they can buy stocks as well as short or sell stocks), whose price generally sees much lower fluctuation than the broader market due to its long/short nature. ALF manages around $360m of funds and has fairly decent liquidity, so we knew something was up to see such a large fall in a day and dug a littl ... [More]

Whilst ETFs are a reasonably new phenomenon, Listed Investment Companies (LICs) have a much longer history, with 30 LICs available on the ASX when the first ETF was launched in 2001. However, they go back much further than that. The oldest and largest LIC on the ASX (AFIC) began life way back in 1936. There’s 6 LICs listed on the ASX which began life over 40 years ago, making them older than many readers of ETF Watch. Today we take a look at the grandfathers of LICs and see how t ... [More]

When two listed investment companies, the $5.3 billion Argo Investments and the $415 million WAM Leaders, released their latest financial results it provided a stark reminder of why the integrated advice model of the major banks cannot survive. Argo and WAM Leaders stand for the sorts of things banks struggle to offer through their integrated advice models – transparency, accountability, low costs and hands-on control of investments. Under the integrated financial advice model there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5 per cent to 3.5 per cent. [More]

As an alternative dividend source to the banks and property trusts, the burgeoning listed investment company sector should be on the shopping list of any self-respecting, self-funded retiree. An LIC is a basket of stocks chosen by a manager and then listed as an investment vehicle on the sharemarket. Critics of LICs contend that investors are merely incurring a management fee to invest in the usual blue-chip suspects: for example, despite recently broadening its investments into selected mid-caps, the banks still account for 25 per cent of the portfolio of the biggest LIC in the local market, the Australian Foundation Investment Company. [More]

Mild Colonial boy Chris Cuffe to join Argo board

The Australian - Aug 26, 2016

UniSuper chairman Chris Cuffe, the “father” of Colonial First State who left the fund manager in 2003 with a $33 million payout, will join the board of listed investment company Argo. Mr Cuffe, the founder of Australian Philanthropic Services, replaces long-serving Argo director Rob Patterson, whose term expires in October. Argo Investments, Australia’s second-largest listed investment company, earlier this month revealed a 5 per cent slide in profit for the year to $216.3m. Revenue for the $5 billion fund slid 5.7 per cent over the period. [More]

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