The Directors advise that the unaudited net tangible asset backing of the Company's ordinary shares at 30 April 2020 was $4.28 per share (31 March 2020 $3.97 per share). The net asset backing calculation is based on investments at market value, is after tax on net realised gains, before any future tax benefit of net realised losses and before estimated tax on net unrealised gains/losses.
Diversified United Investment Limited is a long term investor and does not intend disposing of its total portfolio. However, under current accounting standards the Company is required to provide for estimated tax on any net gains that would arise on such a theoretical disposal. After deducting this provision, the above figure would be $3.67 (31 March $3.45).
At 30 April 2020:
International equities funds comprised 18.3% of the portfolio;
Bank facilities were $115M drawn as to $72.5M;
Cash and net short term receivables were $29M.
A list of the Company's top 25 investments is attached.
Authorised by:
A J Hancock
Company Secretary
DIVERSIFIED UNITED INVESTMENT LIMITED
25 LARGEST SHAREHOLDINGS
AS AT 30 APRIL 2020
As at 30 April 2020 the twenty-five largest shareholdings of the company, at market values were:
Market Value
Market Value of
Australian Equities
$'000
Total Investments
CSL Ltd
174,834
17.8%
Transurban Group
75,900
7.7%
Commonwealth Bank of Australia Ltd
62,690
6.4%
Rio Tinto Ltd
41,130
4.2%
BHP Billiton Ltd
38,820
4.0%
Westpac Banking Corporation
38,305
3.9%
Australia & New Zealand Banking Group Ltd
33,800
3.4%
Atlas Arteria Ltd Ordinary Stapled Sec
28,125
2.9%
Woodside Petroleum Ltd
27,614
2.8%
Sydney Airport Group
23,310
2.4%
National Australia Bank Ltd
21,855
2.2%
Washington H Soul Pattinson & Company Ltd
20,023
2.0%
Woolworths Ltd
17,875
1.8%
Wesfarmers Ltd
16,460
1.7%
Ramsay Health Care Ltd
15,876
1.6%
Sonic Healthcare Ltd
13,595
1.4%
Computershare Ltd
12,180
1.2%
Resmed Inc
11,700
1.2%
Total Australian Equities in Top 25:
674,092
68.6%
International Equities
35,666
3.6%
Vanguard US Total Market
Vanguard All World Ex- US
34,586
3.5%
Vanguard Information Tech ETF
27,285
2.8%
iShares TR MSCI USA Min Vol ETF
21,996
2.2%
Northcape Capital Global Emerging Market Fund
16,144
1.7%
iShares Global Healthcare ETF
15,494
1.6%
Vanguards Funds PLC FTSE Dev Eur Ex UK
10,052
1.0%
Total International Equities in Top 25:
161,223
16.4%
Total Top 25 Australian & International Equities
835,315
85.0%
Total Investments at Market Value, Net Short Term
982,165
Receivables and Cash
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Disclaimer
Diversified United Investment Limited published this content on 07 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2020 08:13:04 UTC
Diversified United Investment Limited is an Australia-based investment company. The Company invests in Australian and international equities. The Companyâs investment objectives are to create and maintain a diversified portfolio of quality Australian companies, primarily through shares listed on the Australian Securities Exchange (ASX) and an investment in international markets and the investment policy is based on a medium to long-term view of providing income and capital appreciation. It also actively reviews the portfolio to monitor and reduce risks and identify market opportunities as they arise. It provides dividend income to shareholders, which is sustainable over the long-term, maintaining full franking when possible. The Company seeks to provide income and capital appreciation over the longer term for its shareholders through a portfolio of securities predominantly comprising shares of companies listed on the ASX with additional exposure to international markets.
DIVERSIFIED UNITED INVESTMENT LIMITED 
