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Argo Investments

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

ALP may trigger $40bn LIC reset

The Australian - Nov 27, 2018

The $40 billion Listed Investment Company sector — a favourite of conservative investors — is going to have to undertake a massive legal restructure to save itself should the ALP win power. Geoff Wilson, one of the most powerful players in the LIC market said today he would be forced to convert the status of all the Wilson group LICs to trusts — a move that would protect both the future of the products and the returns of investors — if the ALPs goes ahead with a proposal to scrap cash rebates on franking credits to retirees. [More]

Argo stands to make $100m from Murdoch bet

Investor Daily - Oct 24, 2018

At its AGM in Adelaide on Monday, Argo Investments managing director Jason Beddow delivered some good news to shareholders, who had just learned that the LIC had underperformed the benchmark index in FY18 due to its underweight exposure to mining stocks. “Following a heated takeover battle, we are in the process of fully exiting our position in 21st Century Fox, the latest edition of the company that started as News Limited, which has been in our portfolio since 1993,” Mr Beddow said. [More]

Argo Investments attacks Labor franking policy

Financial Standard - Oct 22, 2018

The listed investment company, with about $5.5 billion in funds under management, condemned Labor's franking credit policy at its annual general meeting. Holding its AGM this morning, Argo Investments said Labor's policy to remove refundable franking credits would be equivalent to a 30% tax increase for Australians who rely on the income from franking credits. [More]

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]

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