AMCIL has reported profit after tax of $4.1 million for the half-year ended December 31, 2025, up 14.8% on the prior corresponding period, driven by increased activity in its options portfolio.
Revenue from operating activities rose 0.9% to $5.0 million.
The board declared an interim dividend of 1.0 cent per share, fully franked at 30%, unchanged from last year. The dividend will be paid on February 24, 2026, to shareholders on the register at February 3, 2026, with no LIC capital gains or conduit foreign income component attached.
Portfolio return impacted by sector rotation
AMCIL recorded a six-month portfolio return of –7.0% to December 31, 2025, including franking, compared with a +4.2% return from the S&P/ASX 200 Gross Accumulation Index. Over 12 months, the portfolio returned –9.0%, versus the Index at +11.5%.
The company said performance was affected by market conditions that favoured value and momentum strategies, with several sectors where AMCIL is overweight experiencing pullbacks. Healthcare and Information Technology were among the weakest-performing sectors, while banks and resources delivered strong gains.
AMCIL noted that it had minimal exposure to major trading banks and no exposure to small and mid-cap resources, which rose sharply over the period, reflecting its long-standing focus on consistent earnings growth rather than cyclical momentum.
Portfolio composition and top holdings
At December 31, 2025, AMCIL’s largest investments on a value basis were CSL, Macquarie Group, BHP, Transurban Group and Mainfreight.
The top 20 investments represented 72.7% of total portfolio value, excluding cash.
Portfolio activity: selective buying, bank exits
Buying activity during the half was described as modest, reflecting caution around elevated equity valuations.
AMCIL increased its holding in Woolworths Group, citing its dividend yield and valuation following weaker operational performance, and added Woodside Energy Group for its near-term cash-flow profile.
New positions were also established in Nanosonics and PEXA Group.
On the sell side, AMCIL completed the disposal of its remaining holdings in Westpac Banking Corporation and National Australia Bank, reduced its exposure to James Hardie Industries, and exited Equity Trustees, while trimming Netwealth Group.
Outlook: valuations elevated, cash retained
AMCIL said the equity market continued to look expensive relative to long-term averages for price-to-earnings ratios and dividend yields, despite heightened geopolitical uncertainty and a more challenging outlook for economic growth and inflation.
The company remains cautious in the current environment and is holding a strong cash position to take advantage of opportunities as they emerge, while maintaining confidence in the quality, balance sheets and long-term earnings potential of its portfolio companies.