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CLEARVIEW WEALTH LIMITED — Net Asset Value 2005
Oct 12, 2005
64733_rns_2005-10-12_670ca90f-de64-4144-8d8e-10e4b687760b.pdf
Net Asset Value
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MMC Contrarian Limited
ABN 83 106 248 248
Level 5, 34 Hunter Street Sydney NSW 2000 GPO Box 4406 Sydney NSW 2001
Phone: +612 9221 7155 Fax: +612 9233 2713 [email protected] www.mmccontrarian.com.au
30 September 2005 Net Tangible Assets (NTA) Statement
MMC Contrarian Limited (MMA) is a listed investment company. MMA's investments are managed by MMC Asset Management Limited (MMC) (AFS Licence No. 230920). HGL Limited (ASX code: HNG) has made available the services of several of its key executives to assist MMC with providing these management services. Both HGL in its own right and MMC on behalf of its clients are experienced investors with excellent long term records in selecting investments. MMA's investment philosophy is aimed at preserving and growing shareholders' capital over the long term. This is achieved by acquiring a concentrated portfolio of companies primarily listed on the Australian Stock Exchange that are trading at a discount to their fair value (value investing), by thinking independently and not following the herd (Contrarianism), and by having a structured and methodical approach to investing (discipline). An MMA share therefore offers its shareholders exposure to a distinct investment strategy that is not widely available in the investment markets
| 31 July 2005 |
31 August 2005 |
30 September 2005 |
||||
|---|---|---|---|---|---|---|
| Investment category | Sm. | 5m | Sm | |||
| Listed equities | 103 | 42% | 115 | 47% | 94 | 37% |
| Hybrids | 8 | 3% | 8 | 3% | 8 | 3% |
| Fixed interest and cash | 133 | 55% | 123 | 50% | 149 | 60% |
| Total investment assets | 244 | 100% | 246 | 100% | 251 | 100% |
| NTA per share before tax - cents * | 111.5 | $110.4+$ | 112.0 | |||
| MMA share price - cents | 95.5 | 96.5 | 96.0 | |||
| (Discount) Premium to NTA before tax % | (14.4) | (12.6) | (14.3) | |||
| NTA per share after tax - cents ** | 109.0 | $107.8+$ | 110.6 | |||
| (Discount)Premium to NTA after tax % | (12.4) | (10.5) | (13.2) |
MMA is a long term investor and does not intend disposing of its total portfolio. The next quarterly report from the investment manager will be issued in October 2005.
- The NTA at 31 August is after the provision of a 2 cent a share dividend paid on 22nd September 2005.
David Sutherland Company Secretary
* unaudited, before provision for tax on unrealised gains
** unaudited, after provision for tax on unrealised gains