|Company Name||% of Total Stock Portfolio|
|2||National Australia Bank||8.90%|
|3||Westpac Banking Corporation||7.70%|
|5||ANZ Banking Limited||4.70%|
|6||BHP Billiton Limited||4.60%|
|8||New Hope Corporation||3.70%|
|15||AGL Energy Limited||1.90%|
|16||Suncorp Group Limited||1.80%|
|18||Ramsay Health Care||1.40%|
|20||Primary Health Care Limited||1.20%|
|21||Toll Holdings Limited||1.20%|
|22||Bendigo and Adelaide Bank||1.20%|
|Cash and cash equivalents||5.2%|
|Total of Top 25 plus|
cash and cash equivalents
Our aim is to create wealth for BKI shareholders, through an increasing fully franked dividend and capital growth.
BKI is a research driven, active equities manager investing for the long term in profitable, high yielding, well managed companies. An investment in BKI gives shareholders access to a diversified equity portfolio across most sectors of the market. BKI is managed for the benefit of shareholders, not charging external portfolio management fees or performance fees.
Net Tangible Asset Backing
The consolidated unaudited pre tax net asset backing at 31 January 2015 was $1.69 per share.
The company is a long-term equity investor and does not intend to dispose of its total portfolio. If estimated tax at 30% on unrealised portfolio gains were to be recognised, net asset backing post tax would be $1.56 per share.
All calculations are before providing for the Interim Ordinary Dividend of 3.55cps. BKI will trade ex-dividend on 12 February 2015. The payment date for the Ordinary Dividend has been scheduled for 26 February 2015.
BKI aims to generate an increasing income stream in the form of fully franked dividends, to the extent of available imputation tax credits, through long-term investment in a portfolio of assets that are also able to deliver long term capital growth to shareholders. All historical dividends paid have been fully franked.
BKI’s historical fully franked dividend yield as at 31 January 2015 was 4.2% (based on the rolling 12 Month Dividend** and share price of $1.665). BKI’s historical grossed up yield as at 31 January 2015 was 6.0% (based on a tax rate of 30%). BKI’s Dividend Reinvestment Plan has been maintained.
Management Expense Ratio (MER)
BKI’s MER as at 31 December 2014 was 0.16%. BKI does not charge shareholders external management or performance fees.
Board and Management
Directors: Robert Millner (Chairman), Alex Payne, David Hall and Ian Huntley.
Management: Tom Millner (CEO), Will Culbert (Senior Investment Analyst) and Jaime Pinto (Company Secretary).