Investment portfolio returns
Argo's investment portfolio performance can be measured using the movement in Net Tangible Asset backing (NTA) per share, assuming that dividends paid are reinvested. The figures below are compound annual growth rates and are compared with the S&P/ASX 200 Accumulation Index for various periods.
It should be noted that Argo's portfolio performance is calculated after deducting all administration expenses and tax, whereas share market indices do not take account of these costs.
Argo's investment portfolio returns can vary from Argo's share price returns due to the share price fluctuating between a discount and premium to Argo's NTA. These variations mainly result from supply and demand imbalances and changes in sentiment in the market for Argo's shares.