Performance since inception as at 31 Jan 24: 5.7% pa

Company overview

QVE is a listed investment company that aims to provide a regular income stream for investors, as well as long-term capital growth, through a diversified portfolio of high-quality, good-value companies listed outside the ASX Top 20.

  • Suitable for:  investors wanting to achieve long term value via a combination of income and capital growth.
  • Invests in: 20-50 ASX listed companies outside the S&P/ASX 20 Index
  • Investment timeframe: 5+ years
  • Investment objectives: generate net returns higher than the S&P/ASX 300 Accumulation Index, excluding the S&P/ASX20 Accumulation Index (the top 20 stocks), over a 5+ year investment horizon.

Company facts

Portfolio managers Simon Conn and Marc Whittaker
Benchmark S&P/ASX 300 Ex20 Accumulation Index
Inception | Listing 22 August 2014
Market code QVE (ASX)
Dividend frequency Quarterly
Management fee 0.90% p.a. of the NAV up to $150m; 0.75% p.a. over $150m
Peformance fee Nil
FY23 gross yield (includes franking credits) 7.9% (Past performance is not a reliable indicator of future performance. Calculated on the closing share price on 30 June, 2023)

Portfolio performance

Latest QVE report

Net Performance as at 31 Jan 2024
1mth 3mth 6mth 1yr 2yrs^ 3yrs^ 5yrs^ 10yrs^ Since
inception^
Total Return 1.9% 10.5% 2.7% 8.7% 4.0% 8.0% 4.7% - 5.7%
Benchmark* 0.4% 13.0% 0.7% 4.3% 4.5% 6.3% 7.8% - 8.4%

^ Performance per annum

* The benchmark for this fund is the S&P/ASX 300 Ex20 Accumulation Index.

The above returns are after fees, assume all declared dividends are reinvested, and excludes tax paid. Past performance is not a reliable indicator of future performance.

Sector and stocks

 
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Company Name ASX code Sector % weight
Aurizon Holdings Limited AZJ Industrials 5.3%
Orica Limited ORI Materials 4.5%
APA Group APA Utilities 4.1%
Sonic Healthcare Limited SHL Health Care 3.9%
Amcor PLC AMC Materials 3.2%
Suncorp Group Limited SUN Financials 2.9%
Ampol Limited ALD Energy 2.8%
Skycity Entertainment Group Limited SKC Consumer Discretionary 2.6%
Charter Hall Retail REIT CQR Real Estate 2.4%
Medibank Private Limited MPL Financials 2.3%

Fund holdings as at 31 Jan 2024

 
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc, (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by [Licensee]. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or impIied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any or such standard or classification, Without limiting any or the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Prices

Net Tangible Assets (NTA)*per share

Date NTA before tax NTA after tax
16 Feb 2024 $1.02 $1.06
09 Feb 2024 $1.04 $1.07
02 Feb 2024 $1.04 $1.08
25 Jan 2024 $1.02 $1.06
19 Jan 2024 $1.01 $1.05
 

*The before and after tax NTA numbers relate to the provision for tax on net profit in addition to deferred tax on the unrealised gains/losses in the Company’s investment portfolio. The Company is a long-term investor and does not intend disposing of its total portfolio. Under current accounting standards, the Company is required to provide for tax on any gains/losses that might arise on such a theoretical disposal, after utilisation of brought forward losses. All figures are unaudited and approximate.

Net Tangible Assets before tax (NTA)* per share of the company since its listing on 22 August 2014.

 
 

Past performance is not a reliable indicator of future performance. *All figures are unaudited and approximate.

Source: ASX via WebLink IR. Share prices are delayed 20 minutes.

Dividend information

The Board of QV Equities Limited has declared a fully franked quarterly dividend of 1.3 cents per share for the December quarter.
Relevant dates for the interim dividend are listed below:
• Ex-Dividend Date: 13 February 2024
• Dividend Record Date: 14 February 2024
• Dividend Payment Date: 1 March 2024
 

 

Financial Year Period Amount (cents per share) Ex-Dividend Date Payment Date
2024 December Quarter 2023 1.30 13/02/2024 01/03/2024
2024 September Quarter 2023 1.30 14/11/2023 01/12/2023
2023 June Quarter 2023 1.30 15/08/2023 01/09/2023
2023 March Quarter 2023 1.30 16/05/2023 02/06/2023
2023 December Quarter 2022 1.30 14/02/2023 03/03/2023
2023 September Quarter 2022 1.30 15/11/2022 02/12/2022
2022 June Quarter 2022 1.20 15/08/2022 02/09/2022
2022 March Quarter 2022 1.20 16/05/2022 03/06/2022

Past performance is not a reliable indicator of future performance as a result past dividends are not indicative of future dividends.

 

 

Past performance is not a reliable indicator of future performance as a result past dividends are not indicative of future dividends.

Ratings and awards

Zenith - Recommended

Independent Investment Research - Recommended Plus

How to invest

QV Equities Limited (ASX: QVE) is an investment company listed on the Australian Securities Exchange (ASX).

Investors can become shareholders by purchasing QVE shares as you would any listed security – through your broker, financial adviser, or your online brokerage account or platform. You can find out more on the ASX website.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned 1 March 2023) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners. com.au/RegulatoryGuidelines

 

The Independent Investment Research research rating requires to be read with the full research report that can be found on the issuers website (or upon request) together with our full disclaimer that is found on the front cover of our research note. We require readers of our research note to obtain advice from their wealth manager before making any decisions with respect to the recommendation on this note. The note is not general advice just financial information without having regard too the financial circumstances of the reader.

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