Milton : NTA and Portfolio Report as at 31 July 2020

MONTHLY NTA AND PORTFOLIO REPORT - 31 July 2020

	Before tax 1	After tax1
NTA per share	$4.29	$3.85

(Before provision for final dividend declared of 8.5cps)

1As Milton is a long-term investor and does not intend disposing of its long term equity investment portfolio the NTA before tax excludes a provision for tax on unrealised capital gains that may arise should the equity investment portfolio be disposed

MILTON is predominantly a long term investor in companies and trusts that are listed on the Australian Securities Exchange (ASX).

The composition of the equity portfolio is not aligned with any stock exchange index. It reflects the emphasis Milton has always placed on investing in well managed companies that have a profitable history and are expected to grow dividends over time.

Milton has a long track record of paying fully franked dividends, which are predominantly funded by the dividends received from its equity investment portfolio.

Milton's efficient internal management structure aligns interests with shareholders and results in an MER of 14 basis points.

Key facts at 31 July 2020

ASX listing code:	MLT
Listed since	1958
Share price:	$4.23
Market cap	$2.8 billion
Total assets	$2.9 billion
MER (at 30 June 2020)	0.14%
Dividends - Fully Franked
FY 20	Interim	9.0cps
	Final	8.5cps
	Total	17.5cps
Directors & Management
Robert Millner	Chair
Brendan O'Dea	MD/CEO
Graeme Crampton	NED
Kevin Eley	NED
Ian Pollard	NED
Justine Jarvinen	NED

			Dividend Dates							Other key dates
		Dividend	Ex date	Payment date						Annual General Meeting - 20 Oct 2020 at 3.00pm
	Final	8.5 cps	13 Aug 2020	2 Sep 2020
										To be held as a virtual meeting and
	DRP is available for the above dividend							the link will be posted on our website.

Last day for receipt of DRP election notice - 17 August 2020

Milton Corporation Limited
ABN 18 000 041 421	Telephone: (02)	8006 5357
Level 4, 50 Pitt Street, Sydney NSW 2000	Facsimile: (02)	9251 7033
Email:[e-mail]	Share Registry Enquiries: 1800 641 024
Website:www.milton.com.au

PORTFOLIO REPORT

	TOP 20 HOLDINGS			Share of				ASSET CLASSIFICATION			Share of
				Total Assets							Total Assets
				%							%
	Commonwealth Bank			7.8				Banks			16.7
	Macquarie Group Limited	7.0				Other Financials	12.2
	W H Soul Pattinson & Company			6.2				Materials			11.7
	BHP Group Limited	6.2				Industrials	9.0
	Westpac Banking Corporation			5.9				Consumer Discretionary			8.1
	CSL Limited	5.6				Energy	7.8
	Wesfarmers Limited			4.6				Health Care			7.5
	Woolworths Group Limited	3.9				Consumer Staples	6.5
	National Australia Bank			3.0				Communication Services			4.1
	Transurban Group Limited	2.8				Real Estate	4.0
	Rio Tinto Limited			2.4				Insurance			3.0
	AGL Energy Limited	2.1				Utilities	2.9
	Eagers Automotive Group			1.9				Information Technology			0.9
	Brickworks Limited	1.8				Total investment portfolio	94.4
	Coles Group Limited			1.8				Cash			4.2
	ALS Limited	1.8				Other assets	1.4
	Telstra Corporation Limited			1.8				Total assets			100.0
	ASX Limited	1.6
	Perpetual Limited			1.3
	Amcor PLC	1.2
	Total			70.7

TOTAL RETURNS TO 31 July 2020

Commonly used indicators of LIC performance are Total Portfolio Return (TPR) and Total Shareholder Return (TSR). TPR combines the change in value of the NTA per share with the dividends paid in the period. TSR combines the change in share price with the dividends paid in the period and captures the impact of any premium or discount to NTA. The below TPR & TSR calculations do not take into account franking credits which may be of benefit to certain shareholders.

	10%
				MLT TPR	MLT TSR
	5%
	0%
	-5%
	-10%
	-15%
		1 Year		3 Yrs (pa)		5 Yrs (pa)		10 Yrs (pa)		15 Yrs (pa)		20 Yrs (pa)
			MLT TPR	-11.19%			2.36%			2.99%		6.75%		6.00%		8.63%
			MLT TSR	-9.19%			1.51%			1.79%		7.26%		6.07%		8.99%