Milton : NTA and Portfolio Report as at 31 March 2021

MONTHLY NTA AND PORTFOLIO REPORT - 31 March 2021

	Before tax 1	After tax1
NTA per share	$5.00	$4.34

1As Milton is a long-term investor and does not intend disposing of its equity investment portfolio the NTA before tax excludes a provision for tax on unrealised capital gains that may arise should the equity investment portfolio be disposed.

MILTON is predominantly a long term investor in companies and trusts that are listed on the Australian Securities Exchange (ASX).

The composition of the equity portfolio is not aligned with any stock exchange index. It reflects the emphasis Milton has always placed on investing in well managed companies that have a profitable history and are expected to grow dividends over time.

Milton has a long track record of paying fully franked dividends, which are predominantly funded by the dividends received from its equity investment portfolio.

Milton's efficient internal management structure aligns interests with shareholders and results in an MER of 15 basis points.

Key facts at 31 March 2021

ASX listing code:	MLT
Listed since	1958
Share price:	$4.67
Market cap	$3.14 billion
Total assets	$3.37 billion
MER (at 31 Dec 2020)	0.15%
Dividends - Fully Franked
FY21	Interim	5.75cps
FY 20	Interim	9.0cps
	Final	8.5cps
	Total	17.5cps
Directors & Management
Robert Millner	Chair
Brendan O'Dea	MD/CEO
Graeme Crampton	NED
Kevin Eley	NED
Ian Pollard	NED
Justine Jarvinen	NED

Milton Corporation Limited
ABN 18 000 041 421	Telephone: (02)	8006 5357
Level 5, 261 George Street, Sydney NSW 2000	Facsimile: (02)	9251 7033
Email: [e-mail]	Share Registry Enquiries: 1800 641 024
Website: www.milton.com.au

PORTFOLIO REPORT

	TOP 20 HOLDINGS		Share of			ASSET CLASSIFICATION		Share of
			Total Assets					Total Assets
			%					%
	W H Soul Pattinson & Company	8.6			Banks	19.0
	Commonwealth Bank	8.0			Materials	12.2
	Macquarie Group Limited	7.4			Other Financials	12.2
	Westpac Banking Corporation	7.2			Energy	10.0
	BHP Group Limited	6.5			Consumer Discretionary	9.4
	CSL Limited	4.7			Industrials	8.6
	Wesfarmers Limited	4.5			Health Care	6.6
	National Australia Bank	3.8			Consumer Staples	5.8
	Woolworths Limited	3.6			Real Estate	4.0
	Eagers Automotive Limited	2.8			Insurance	3.6
	Transurban Group	2.3			Communication Services	3.5
	Rio Tinto Limited	2.2			Utilities	1.6
	Brickworks Limited	2.0			Information Technology	0.8
	ALS Limited	1.7			Total investment portfolio	97.3
	Telstra Corporation Limited	1.5			Cash	1.3
	Amcor PLC	1.5			Other assets	1.4
	Coles Group Limited	1.4			Total assets	100
	Perpetual Limited	1.2
	ASX Limited	1.2
	Johns Lyng Group Limited	1.0
	Total	73.10

TOTAL RETURNS TO 31 MARCH 2021

Commonly used indicators of LIC performance are Total Portfolio Return (TPR) and Total Shareholder Return (TSR). TPR combines the change in value of the NTA per share with the dividends paid in the period. TSR combines the change in share price with the dividends paid in the period and captures the impact of any premium or discount to NTA. The below TPR & TSR calculations do not take into account franking credits which may be of benefit to certain shareholders.

45%				MLT TPR		MLT TSR
40%
35%
30%
25%
20%
15%
10%
5%
0%
6 Months	1 Year		3 Yrs (pa)		5 Yrs (pa)	10 Yrs (pa)	15 Yrs (pa)	20 Yrs (pa)
	MLT TPR	19.04%	38.30%	8.17%	7.93%	7.78%	6.20%	9.08%
	MLT TSR	16.15%	34.40%	5.46%	6.56%	8.45%	5.11%	9.28%