Shareholder returns

Our objective

Our objective is to maximise long-term returns to our shareholders through reliable fully franked dividend income and capital growth. This is measured by Argo’s share price and dividends received over time, with most shareholders also receiving the benefit of franking credits.

Shareholder returns – $10,000 invested over 20 years

Figures above are to 30 April 2024.


Argo has paid dividends every year since we were established in 1946 and every dividend has been fully franked since 1995. Our recent dividend track record is shown in the chart below and details of each dividend paid since 1986 is provided here.

Annual dividends paid (cents per share)
So far this financial year, only the interim dividend has been declared.

Share price performance 

Share price performance is measured by movements in Argo’s share price, assuming dividends are reinvested. Share price performance can be compared to the benchmark S&P/ASX 200 Accumulation Index, which measures the performance of the broader Australian share market, including dividends. 

NTA performance 

The performance of Argo’s investment portfolio can be measured by changes in the value of net tangible assets (NTA) per share, assuming dividends are reinvested. Argo announces an end of month NTA to the ASX. Latest NTA figures and our monthly investment update are published on our homepage.

The chart below shows the compound annual growth rate of Argo’s share price, NTA and the S&P/ASX 200 Accumulation Index over various periods. The NTA performance figures are after deducting all administration expenses and tax. However, the S&P/ASX 200 Accumulation Index does not allow for these costs.

Total returns


Figures above are to 30 April 2024.

Share price relative to NTA

Argo shares can trade at a premium or a discount to the per share NTA. This is mainly due to changes in the supply and demand for Argo shares. On 30 April 2024, the share price traded at a discount of -7.5% to the reported month-end NTA. The graph below shows the share price premium or discount relative to NTA over time.

Share price premium/discount to NTA

Figures above are to 30 April 2024.