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DJW, DJERRIWARRH INVESTMENTS LIMITED
nipper
post Posted: Jan 16 2020, 09:20 AM
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In Reply To: nipper's post @ Jan 18 2018, 09:02 AM

DJW dropped its dividend, from 10c to 8.75c. They did pay a 'special' last year before the election.

The stock might lose some of its "above NTA" gloss that comes from its enhanced yield, which is generated by options trading.

And the Half Yearly Report did carry this, which is code for 'expect no miracles': The use of options will typically reshape the profile of returns producing more immediate income at the expense of future capital growth.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jan 18 2018, 09:02 AM
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QUOTE
Djerriwarrh seeks to provide an enhanced level of fully franked income in part by using option strategies. This will typically reshape the profile of returns producing more immediate income at the expense of potential capital growth. In falling markets income from options may offset some of the loss from declining share prices.

The emergence of synchronised global growth moved global indices higher. The Australian market has followed with material and energy stocks performing strongly.

In this environment, Djerriwarrh bought back selected in-the-money call option [b]positions to capture more of the potential upside of these holdings rather than let the options be exercised in the rising market.

Call option coverage is at the high end of the normal
10c ff dividend

Given the high level of the market, portfolio activity was focused on buying stocks across a wide range of existing holdings when value was on offer, including writing call options against these purchases. This occurred across several holdings with CSL, Woolworths, BHP, National Australia Bank and Macquarie Group the largest of these.

A limited number of new positions were added, although they are small in the context of the portfolio. These were Brickworks, Ansell and Dulux Group.

Major sales were predominantly because of a deterioration in the outlook for some companies.This included Telstra and TPG Telecom. Whilst Djerriwarrh continues to hold positions in these companies, the structural adjustments occurring in the telecommunications industry through the implementation of the NBN has made these holdings less compelling.




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
birnam
post Posted: Apr 30 2010, 04:04 PM
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In Reply To: Brendan's post @ Apr 30 2010, 03:08 PM

What is there to watch? It's a LIC that pretty much follows the financials index -as it should given its overweightedness to that sector. It's conservative, bland, boring and totally un-sexy. That might be why I like it!



 
Brendan
post Posted: Apr 30 2010, 03:08 PM
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Anyhow still watching this ?

 
wind2close
post Posted: Jan 16 2006, 09:36 AM
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In reply to: wind2close on Monday 03/10/05 12:07pm

Blue skies from here.

W2C graduated.gif

 
wind2close
post Posted: Oct 3 2005, 12:07 PM
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In reply to: wind2close on Thursday 04/08/05 01:12pm

Next target $4.25

W2C wink.gif

 

sentifi.com

Share Cafe Sentifi Top themes and market attention on:


wind2close
post Posted: Aug 4 2005, 01:12 PM
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In reply to: wind2close on Monday 25/07/05 03:18pm

It looks like there's no stopping this stock?

It continues to move from strength to strength.

W2C wub.gif

 
wind2close
post Posted: Jul 25 2005, 03:18 PM
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In reply to: brickwalls on Thursday 05/02/04 10:40am

Knocking on $4's door.

W2C wub.gif

 
brickwalls
post Posted: Feb 5 2004, 10:40 AM
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Outlook - from Qrt Rpt
"Most market commentators are generally expecting improved economic performance in the second half of the 2003/2004 financial year. As a result, the market generally has an optimistic view of earnings growth and anticipates rising share prices. There are, however, a number of issues which may detract from the optimistic scenario, in particular, the possibility of rising interest rates, both here and abroad, in a bid to correct economic imbalances. There is also particular concern in Australia about the prospect of a continuing strengthening A$ relative to the US$. While positive for importers and overseas travellers, there are many other areas of the economy viewing this strong rise as an unwelcome development.
Other issues which may affect the current benign outlook would be any significant deterioration in the global security situation, terrorist disturbances or some other unexpected shock. While such events may have a temporary impact on equity prices, they may have another side effect of increasing the level of volatility, which affects option prices.
Given the current medium to long-term optimism regarding the major resource companies noted above, we have been continuing to add to our holdings of these stocks in our portfolio. The recent weakness in bank stocks has also given us the opportunity to add to our holdings in these companies as we have been somewhat underweight in this area of market."
Currently @$3.67
Top 20 Investments - Ordinary securities $ million
66.4 NAB National Australia Bank
46.4 CBA Commonwealth Bank of Australia
39.7 BHP BHP Billiton
38.4 TLS Telstra Corporation
37.6 NCP The News Corporation (a)
30.3 ANZ Australia and New Zealand Banking Group
19.6 WBC Westpac Banking Corporation
15.7 WAN West Australian Newspapers Holdings
14.3 WPL Woodside Petroleum
14 RIO Rio Tinto
13.4 TOL Toll Holdings
12.7 TCL Transurban Group
11.9 WOW Woolworths
11.5 AMP AMP
11.4 AGL The Australian Gas Light Company
10.8 CML Coles Myer
10.4 FGL Foster's Group
10 AMC Amcor
9.2 BIL Brambles Industries
8.9 AWC Alumina
Total 432.6
As % of Total Portfolio Value ($594.4m) 72.8%
(excludes Cash & Bank Bills)


 
brickwalls
post Posted: Dec 23 2003, 11:57 AM
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icon13.gif Worth a look for consistent returns 6-8%% FF div.
Dec 03 NTA $2.98 vs sp $3.40 [$3.48current]
NTA has fallen a little on previous years most likely due to 29% of holdings is in the banking & finance sector. But that will recover as usual and they have minimal exposure to property.
Pretty much tracked the all ords for last 2 years [as expected due to their portfolio - note annual post tax EOY dip] but has fallen a way a little in last 6 months may rise soon before 1/2 year div.

Get last Annual report @ <http://www.asx.com.au/asxpdf/20030822/pdf/3hs17wt8fs24d.pdf>
pp53-55 has full list of holdings, notes and securities.

 
 



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