Portfolio Update: Repositioning for May Reporting Season Dividends

4th April 2025

Across the Australian Equity component of investor portfolios (Income tilt), we have increased our allocation to Westpac Banking Corporation (ASX: WBC).

With Westpac due to report its 1H25 results next month, we are increasing our allocation to harvest the fully franked dividend it will declare in May (ex-dividend date May 5th) and pay in June. Given current valuations and a soft earnings growth outlook, it is likely that we will be more active in trading this position than is typical.

We have funded the increased allocation to Westpac via sale of Perpetual (ASX: PPT). The decision to sell PPT was driven by 2 main considerations:

Perpetual is unlikely to rejoin our investable universe, the ASX 100 Index, within our 3-year investment horizon; and
It is now clear that unlocking value from the divestment of the corporate trust and wealth management businesses is unlikely in the short term.

As always, thank you for your ongoing support, it is very much appreciated. If you have any questions or would like more information, please contact your adviser.

Warnings and disclosures

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