Djerriwarrh

What Djerriwarrh does

Djerriwarrh Investments Limited (ASX: DJW) is an Australian Listed Investment Company that has operated since 1996 as part of the AFIC group of companies. It invests shareholders' capital in a concentrated portfolio of 40-60 Australian equities and overlays a systematic call-option writing strategy that has generated $12.5M-$16.7M of option income annually over a 30-plus-year track record. The fund's product is essentially a single closed-end vehicle traded on the ASX, accessed by retail investors and SMSFs seeking income and franking credit exposure rather than direct financial advice or separately managed accounts.

The company's revenue mechanics derive from two streams: dividends received from the underlying Australian equity portfolio and premiums earned from writing call options against portfolio holdings. Total investment portfolio stands at $893.5M as at 10 July 2026, with Net Asset Backing of $3.26 per share against a $2.93 share price, implying a ~10% discount to NTA. Management charges a 0.47% MER with no performance fee, materially below comparable active Australian equity strategies, and distributes a 15.5 cents per share fully franked dividend that translates into a 7.8% grossed-up yield, well above the S&P/ASX 200's 4.1%.

Distribution and operational infrastructure are shared with the broader AFIC group, providing scale economies in compliance, custody, and administration. Recent operational upgrades include appointment of MUFG as share registrar and integration with Cboe for VWAP-based option-execution pricing, with dividends transitioned from semi-annual to quarterly cadence (first paid May 2026). Leadership succession is underway from long-serving CEO Mark Freeman to Alison Gibson. The closed-end structure means Djerriwarrh has no redemption liability to shareholders; capital raising and capital return occur only via on-market issuance or buy-backs, neither of which has been a recent feature.

Name

Djerriwarrh

Legal name

Djerriwarrh Investments Limited

Website

https://djerri.com.au

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1–10 employees

Short description

Djerriwarrh Investments Limited (ASX: DJW) is an Australian Listed Investment Company managing an $893.5M portfolio of 40-60 Australian equities combined with a 30-year option-writing overlay, serving retail investors and SMSFs with a 7.8% grossed-up fully franked dividend yield.

Ownership category

akta.pro rank

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Dividend Income: Djerriwarrh receives dividends from its portfolio of Australian equities. The company invests in companies that pay growing dividends and distributes a high percentage of operating profits as fully franked dividends to shareholders. Dividends are paid quarterly from FY2026 onwards.
2. Option Premium Income: Income generated from selling call options over portfolio holdings. The company sells options when market volatility is elevated, receiving premiums from counterparties who pay for the right to buy shares at a predetermined price. Over five financial years to 1H FY26, option income ranged between $12.5 million and $16.7 million per year.
3. Capital Gains: Realised gains from portfolio companies when call options are exercised, or when investments are sold. Options were exercised in ANZ, Rio Tinto, Telstra, NAB, Westpac, and Region, with capital redeployed into other opportunities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Djerriwarrh Investments Limited is a Listed Investment Company (LIC) on the ASX (ticker DJW) that invests in a diversified portfolio of 40-60 Australian equities selected for dividend growth and option market availability. The company enhances shareholder income by selling call options over part of the portfolio to generate option premiums, distributing the resulting income as fully franked dividends to shareholders on a quarterly basis.

Product overview

Djerriwarrh is a Listed Investment Company (LIC) focused on delivering enhanced fully franked dividend income from Australian equities. The core Djerriwarrh Investment Portfolio holds 40-60 quality companies selected for dividend growth and option-writing opportunities. The offering is supplemented by the Dividend Reinvestment Plan (DRP) and Direct Share Sale Plan (DSSP), which provide shareholders flexibility in managing their holdings. The portfolio utilizes an option-writing strategy over equities to generate option premium income, which supplements dividend income and enables enhanced yields above the S&P/ASX 200 Index. Dividends are paid quarterly, with the first quarterly dividend of 4.25 cents per share announced for May 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• Djerriwarrh Investment Portfolio A Listed Investment Company (LIC) that invests in 40-60 Australian companies, utilizing an option-writing strategy to generate enhanced fully franked dividend income superior to the ASX 200 benchmark. Available to retail investors via ASX brokers.

Quantifiable outcome

• 7.8% grossed-up dividend yield based on share price, nearly double the 4.1% of S&P/ASX 200 Index
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• MUFG Corporate MarketscoreOthersMUFG Corporate Markets serves as Djerriwarrh's share registrar, providing shareholder services including investor centre access, dividend payments, and administration of the Dividend Reinvestment Plan (DRP) and Discount Share Purchase Plan (DSSP). Shareholders receive welcome letters with their Holder Identification Number and can update bank details through this registry.
• ASX-Recommended BrokerscoreChannel Partner/ Reseller/ DistributorThe company directs investors to ASX-recommended brokers for share trading. The ASX maintains a list of approved full-service and online brokers that investors can use to buy and sell Djerriwarrh shares. Recommended brokers include ANZ Share Investing, Bell Direct, Bell Potter Securities, Commonwealth Securities, and others.

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Hearts and Minds Investments Limited: Concentrated ASX-listed LIC that holds high-conviction Australian equities for long-term capital growth and income. Comparable LIC structure and Australian-equities focus, though its portfolio construction and absence of options overlay differentiates it from Djerriwarrh.
• Milton Corporation Limited: Long-established Australian LIC investing in a diversified portfolio of ASX equities with a focus on long-term dividend income. Comparable in structure, scale, and income mandate, though less options-intensive than Djerriwarrh.
• WAM Leaders Limited: Large-cap Australian LIC managed by Wilson Asset Management that uses option strategies to enhance income. Directly comparable to Djerriwarrh on portfolio construction, option-writing approach, and income-focused mandate.
• Whitefield Limited: Australian LIC focused on a diversified portfolio of industrial and resource equities, providing fully franked dividend income. Comparable LIC structure and income-focused investor base, though without a prominent option overlay.
• BKI Investment Company Limited: Australian Listed Investment Company focused on a diversified portfolio of ASX-listed equities with a long-standing focus on delivering fully franked dividend income. Comparable in structure, mandate, and investor base to Djerriwarrh.
• Plato Income Maximiser Limited: ASX-listed LIC that uses an active options overlay strategy to enhance fully franked dividend income from a portfolio of Australian equities. Closely comparable to Djerriwarrh's income maximisation thesis and option-writing execution.
• WAM Research Limited: Small-to-mid cap Australian LIC managed by Wilson Asset Management using option strategies to enhance income. Directly comparable on options overlay usage and LIC structure, with similar yield-enhancement proposition.
• WAM Capital Limited: ASX-listed LIC with an active investment approach and options overlay that targets income and absolute returns. Highly comparable to Djerriwarrh in its use of option strategies to enhance yield, though with a smaller-cap tilt.
• AMCIL Limited: AFIC-group LIC investing in a concentrated portfolio of Australian equities with an income focus. Directly comparable to Djerriwarrh in mandate and group affiliation, with similar dividend distribution objectives.

Broad incumbents

• Australian Foundation Investment Company: Parent entity within the AFIC group of LICs and one of Australia's largest diversified LICs. Directly comparable investment philosophy (long-term Australian equities, dividend income) and shares operational infrastructure with Djerriwarrh, but operates at materially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Djerriwarrh