The Directors advise that the unaudited net tangible asset backing of the Company's ordinary shares at 30 September 2019 was $4.85 per share (31 August 2019 $4.79 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 $4.07 (31 August 2019 $4.02).
At 30 September 2019:
International equities comprised 16% of the portfolio;
Bank facilities were $115M drawn as to $72.5;
Cash and net short term receivables were $33M.
A list of the Company's top 25 investments is attached.
Yours sincerely,
A J Hancock
Company Secretary
DIVERSIFIED UNITED INVESTMENT LIMITED
25 LARGEST SHAREHOLDINGS
AS AT 30 SEPTEMBER 2019
As at 30 September 2019 the twenty-five largest shareholdings of the company, at market values were:
Market Value
Market Value of
Australian Equities
$'000
Total Investments
CSL Ltd
132,035
12.0%
Commonwealth Bank Of Australia Ltd
80,830
7.3%
Transurban Group
80,795
7.3%
Westpac Banking Corporation
68,172
6.2%
Australia & New Zealand Banking Group Ltd
57,040
5.2%
BHP Billiton Ltd
44,064
4.0%
Rio Tinto Ltd
43,555
4.0%
Woodside Petroleum Ltd
36,265
3.3%
National Australia Bank Ltd
32,670
3.0%
Sydney Airport Group
29,711
2.7%
Woolworths Ltd
26,096
2.4%
Wesfarmers Ltd
25,870
2.4%
Atlas Arteria Ltd Ordinary Stapled Sec
23,400
2.1%
Washington H Soul Pattinson & Company Ltd
23,133
2.1%
IDP Education Ltd
15,570
1.4%
Sonic Healthcare Ltd
14,025
1.3%
Stockland Units
13,650
1.2%
Ramsay Health Care Ltd
12,974
1.2%
Computershare Ltd
11,305
1.0%
Total Australian Equities in Top 25:
771,160
70.1%
International Equities
37,322
3.4%
Vanguard All World Ex- US
Vanguard US Total Market
35,120
3.2%
Vanguard Information Tech ETF
23,518
2.1%
iShares TR MSCI USA Min Vol ETF
23,394
2.1%
Northcape Capital Global Emerging Market Fund
14,766
1.4%
iShares Global Healthcare ETF
13,378
1.2%
Total International Equities in Top 25:
147,498
13.4%
Total Top 25 Australian & International Equities
918,658
83.5%
Total Investments at Market Value, Net Short Term
1,100,078
Receivables and Cash
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Diversified United Investment Limited published this content on 09 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 October 2019 08:40:11 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 
