Westoz Investment Company executive director Philip Rees said the results were built on a strong underlying return from its investment portfolio, which generated a 21 per cent return over the period.
“The results were assisted by corporate activity in three of our larger holdings, being Aquila Resources Limited, Aurora Oil and Gas Limited and Clough Limited,” said Mr Rees.
“Since our inception in May 2005, our underlying portfolio of 16.2 per cent per annum remains well ahead of the broader market,” he said.
Westoz Funds Management executive director Dermot Woods believes the recent outperformance of larger stocks will mean that value is beginning to emerge in small to mid-cap opportunities.
“We continue to believe that value is beginning to emerge in our area of investment focus, being small to mid-cap opportunities with a connection to Western Australia,” said Mr Woods.
“Our current cash holdings (34 per cent at the end of July), will allow us to take advantage of further opportunities as they emerge,” he said.
Westoz’s total assets have grown to $176 million as at 30 June 2014 and the company paid $13.5 million in dividends during the year.
