Ann: Half Yearly Report and Accounts as at 31 December 2021, page-4

For Anyone interested, the table below refers to DJW's Top 20 investments as at 31st March 2022 vs 20 April 2022, ie 3 weeks later.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0		Volume held	SP at 31st march	Value	SP at 20th April	Value	Variance
1	BHP	1,142,029	$51.75	$59,100,000	$52.30	$59,728,116	$628,116
2	WBC	2,256,601	$24.24	$54,700,000	$24.36	$54,970,792	$270,792
3	CSL	187,029	$268.15	$50,200,000	$264.50	$49,516,688	-$683,312
4	TCL	3,476,015	$13.55	$47,100,000	$13.76	$47,829,963	$729,963
5	CBA	393,306	$105.77	$41,600,000	$107.24	$42,178,160	$578,160
6	WOW	1,044,015	$37.26	$38,900,000	$39.05	$40,768,787	$1,868,787
7	WES	765,721	$50.41	$38,600,000	$49.33	$37,773,021	-$826,979
8	COL	1,563,372	$17.91	$28,000,000	$18.58	$29,047,460	$1,047,460
9	MQG	122,989	$203.27	$25,000,000	$206.67	$25,418,163	$418,163
10	JHX	593,596	$40.60	$24,100,000	$40.95	$24,307,759	$207,759
11	EQT	802,761	$27.53	$22,100,000	$28.48	$22,862,623	$762,623
12	MFT.NZE	255,856	$83.25	$21,300,000	$82.04	$20,990,414	-$309,586
13	ASX	258,780	$81.15	$21,000,000	$82.72	$21,406,285	$406,285
14	TLS	5,101,010	$3.96	$20,200,000	$4.03	$20,557,071	$357,071
15	NAB	621,329	$32.35	$20,100,000	$33.27	$20,671,623	$571,623
16	CAR	927,342	$20.92	$19,400,000	$20.47	$18,982,696	-$417,304
17	JBH	346,736	$54.22	$18,800,000	$51.70	$17,926,226	-$873,774
18	AIA	2,406,639	$7.23	$17,400,000	$7.17	$17,255,602	-$144,398
19	MGR	6,224,900	$2.49	$15,500,000	$2.40	$14,939,759	-$560,241
20	RHC	233,308	$65.15	$15,200,000	$80.00	$18,664,620	$3,464,620
21
22		Totals		$598,300,000.00		$605,795,827.52	$7,495,827.52
23

Key takeaways:
- Variance in NTA of Top 20 Holdings since 31st March: $7,495827
- Varance as a % : 1.253%
- Variance in DJW SP since 31st March: -6 cents
- Varance as a % : -1.9%
- Post Tax NTA at 31/03/22: 3.25, SP at 31st March 3.20 = Discount to NTA of 5 cents
- Implied current NTA: 3.291, SP at 20th April = Discount to implied NTA = 15.1 cents
- Trading at a nice 5% discount to implied NTA, this stock is a buy even if on valuation grounds alone.