Mirrabooka Investments Announces $635.4 Million Portfolio and NTA Increase to $2.82 as of 30 June 2026

Mirrabooka’s Before-Tax and After-Tax NTA Both Rise in June 2026

As of 30 June 2026, Mirrabooka Investments reported a before-tax NTA of $2.82 per share, marking a $0.06 increase from $2.76 at 31 May 2026. The after-tax NTA also improved, climbing to $2.63 per share from $2.59 the previous month, a $0.04 gain over the period. The company noted these figures remain subject to audit.

The difference between before-tax and after-tax NTA is significant for investors in listed investment companies. Mirrabooka explained that this gap accounts for deferred tax provisions on unrealised capital gains or losses within the portfolio. The company stressed its long-term investment approach, indicating no intention to sell its entire long-term portfolio. However, current accounting standards require recognition of tax effects on hypothetical disposals, after applying any carried-forward losses.

Portfolio Value Reaches $635.4 Million at Financial Year-End

At 30 June 2026, marking the end of the 2025–26 financial year, Mirrabooka’s portfolio was valued at $635.4 million. The portfolio is primarily diversified across ASX-listed mid and small-cap Australian equities, with a modest cash allocation. The benchmark for the company is the combined S&P/ASX Mid 50 and Small Ordinaries Accumulation Indices, reflecting its focus on companies outside the S&P/ASX 50 Leaders index.

Mirrabooka’s investment strategy is long-term, fundamental, and bottom-up, with an investment horizon of five to ten years or more. The company highlighted its low management cost of 0.54% with no additional fees as a key advantage, alongside tax-efficient income through fully franked dividends and the convenience of transparent ASX pricing and share liquidity.

Macquarie Technology Group Tops Holdings at 7.0% of Portfolio

Macquarie Technology Group is Mirrabooka’s largest holding as of 30 June 2026, valued at $41.7 million and comprising 7.0% of the portfolio. This position is significantly larger than any other individual holding, reflecting strong conviction by the investment team. The second and third largest holdings, ALS and CAR Group, were each valued at approximately $22.2–$22.3 million, representing 3.7% of the portfolio each. Both ALS and CAR Group have options outstanding on portions of their holdings, as noted in the company update.

The top five holdings also include EVT at $18.0 million (3.0%) and Life360 at $17.0 million (2.9%), with Breville Group also valued at $17.0 million and holding a 2.9% weighting. Collectively, the top 20 investments were worth $324.2 million, accounting for 54.3% of the portfolio value excluding cash. This concentration offers investors clear insight into the deployment of over half the fund’s assets.

Top 20 Holdings Cover Industrials, Technology, and Consumer Sectors

Beyond the top five, Mirrabooka’s top 20 holdings as at 30 June 2026 included ResMed ($16.3 million, 2.7%), Mainfreight ($15.9 million, 2.7%), Region Group ($14.7 million, 2.5%), ARB Corporation ($14.4 million, 2.4%), and Cuscal ($14.4 million, 2.4%). Further holdings included Channel Infrastructure NZ at $13.5 million (2.3%), Temple and Webster Group at $13.3 million (2.2%), and Vista Group International at $12.9 million (2.2%).

The remaining top 20 positions featured Cleanaway Waste Management ($12.4 million, 2.1%), James Hardie Industries ($12.2 million, 2.0%), AUB Group ($12.2 million, 2.0%), ASX Limited ($11.5 million, 1.9%), REA Group ($11.4 million, 1.9%), and Pinnacle Investment Management Group ($10.7 million, 1.8%). This diverse list spans technology, healthcare, industrials, financial services, consumer discretionary, and real estate sectors, illustrating Mirrabooka’s broad approach to small and mid-cap Australian equities.

Sector Allocation Dominated by Industrials and Information Technology

As of 30 June 2026, Industrials represented the largest sector allocation in Mirrabooka’s portfolio at 21.1%, followed by Information Technology at 15.9%. Other Financials accounted for 14.8%, and Consumer Discretionary made up 12.0%. Together, these four sectors comprise nearly two-thirds of the total portfolio, highlighting the fund’s emphasis on industrial, technology, and financial businesses within the small-to-mid-cap market.

Other sector weightings included Communication Services at 9.8%, Healthcare at 8.2%, Cash at 6.0%, Real Estate at 5.7%, Consumer Staples at 2.5%, Energy at 2.1%, and Materials at 1.9%. The 6.0% cash position provides flexibility for new investments or risk management. The relatively low weighting in Materials is notable given the prominence of resources stocks in the broader Australian small-cap sector, indicating a selective stance toward this area.

One-Year Return of -10.8% Trails Benchmark’s 5.9% Gain

For the year ending 30 June 2026, Mirrabooka’s portfolio posted a return of -10.8% on a net asset per share growth plus dividends including franking basis. This contrasts with the benchmark — the combined S&P/ASX Mid Cap 50 and Small Ordinaries Accumulation Indices including franking — which returned 5.9% over the same period. The company noted that this assumes investors can fully utilise franking credits and reminded that past performance does not guarantee future results.

Longer-term returns present a more positive outlook. The three-year annualised return was 5.3% for the portfolio versus 9.7% for the benchmark, the five-year return was 1.7% compared to 7.8%, and the ten-year return stood at 9.2% per annum against 10.5% for the benchmark. These figures suggest that despite recent challenges, Mirrabooka has delivered positive absolute returns over a decade, consistent with its five-to-ten-year-plus investment horizon.

Low-Cost, Long-Term Investment Strategy Supports Mirrabooka’s Objectives

Mirrabooka’s investment goal is to achieve medium to long-term capital growth by holding core positions in select small and medium-sized companies outside the S&P/ASX 50 Leaders Index, while providing attractive dividend income to shareholders. The fund’s management fee of 0.54% with no additional charges positions it as a cost-effective option compared to many actively managed small and mid-cap funds.

The company update highlighted key benefits including tax-efficient income through fully franked dividends, professional management by an experienced board and investment team, transparent ASX pricing, and regular shareholder meetings. Mirrabooka publishes estimated NTA figures weekly and provides a detailed monthly NTA update with top 20 holdings — as demonstrated in this latest release — offering ongoing transparency into portfolio composition and valuation.

Share Price Premium or Discount to NTA Emphasized for Investors

Consistent with standard practice for listed investment companies, Mirrabooka’s update referenced the share price premium or discount relative to NTA. This metric is closely monitored by LIC investors as it indicates whether shares trade above or below the underlying portfolio value. The immediate impact on share price was not evident from publicly available information at the time of the announcement.

Investors often consider the NTA premium or discount when determining entry and exit points. A discount may present an opportunity if expected to narrow, while a premium can signal market confidence in management or income features. Mirrabooka’s regular weekly and monthly NTA disclosures aim to maintain transparency for the investment community.

Key Items for Investors to Watch After June 2026 NTA Release

With the financial year now closed as of 30 June 2026, investors will likely focus on upcoming events. The next major milestone is Mirrabooka’s full-year results and any dividend declarations, given the company’s commitment to delivering attractive dividend returns. Mirrabooka has a consistent history of paying fully franked dividends, which are valuable for investors able to utilise franking credits.

Investors may also track changes in portfolio composition in future monthly NTA updates, especially considering the one-year underperformance relative to the benchmark. The update indicates the portfolio is navigating a challenging environment for Australian small and mid-cap equities; thus, the direction of the NTA and any portfolio adjustments will be important indicators in the coming months. The company reminded investors that these figures are subject to audit and encouraged seeking licensed financial advice before making investment decisions.