Highlights

  • Mirrabooka Investments provides diversified exposure to ASX small and mid-cap stocks through a disciplined fundamental investment approach.
  • The company reported a pre-tax NTA of $3.06 per share as at 28 February 2026, reflecting recent market-driven volatility.
  • Mirrabooka offers a fully franked dividend yield of approximately 3.31%, supported by a low management expense ratio of 0.54%.

 

 

Mirrabooka Investments Limited (ASX:MIR), trading on the Australian Securities Exchange (ASX) under the ticker code MIR, stands as a distinguished ASX listed investment company specializing in long-term, fundamental, bottom-up investment management. With an ABN of 31 085 290 928, the company represents a unique opportunity for investors seeking ASX small cap and mid-cap exposure through a professionally managed investment vehicle.

The investment philosophy of Mirrabooka Investments is rooted in disciplined fundamental analysis, utilizing a benchmarking strategy against the combined S&P/ASX Mid 50 and Small Ordinaries Accumulation Indices. This dual-index approach provides investors with comprehensive exposure to Australian mid and small-cap equities. The company's management expense ratio of just 0.54% remains highly competitive within the Australian Securities Exchange ecosystem, with no additional fees—a significant advantage for investors evaluating ASX listed investment companies as part of their portfolio allocation strategy.

Net Tangible Asset (NTA) Performance and Portfolio Valuation

As of February 28, 2026, Mirrabooka Investments' NTA before tax stands at AUD $3.06 per share, with an after-tax NTA of AUD $2.81 per share. This represents a notable decline of approximately 4% from the previous month, when NTA before tax was recorded at $3.18 and after-tax NTA at $2.89. While this monthly fluctuation reflects natural market volatility within the Australian Securities Exchange, it warrants closer examination when evaluating ASX MIR as part of an investment strategy.

Examining historical returns reveals a mixed performance picture across different time horizons. Recent share performance of MIR has been less impressive. The 5-year annualized return is negative 17.12%, while the 1-year return is negative nearly 19%.

Top Holdings and Concentrated Exposure Analysis

Mirrabooka Investments' portfolio strategy emphasizes quality holdings across the Australian Securities Exchange, with top positions demonstrating management's conviction in selected securities. The largest holding is Macquarie Technology Group, representing 7.4% of the portfolio—a substantial position reflecting confidence in the technology sector's growth potential. ALS Limited follows with a 3.9% allocation, ARB Corporation contributes 3.4%, CAR Group represents 3.3%, and ResMed comprises 3.0% of the portfolio.

This portfolio composition reflects a concentrated yet diversified approach to ASX mid cap stocks and ASX small cap opportunities. By focusing on companies with strong fundamental characteristics, Mirrabooka has constructed a portfolio positioned for long-term capital appreciation. The top five holdings represent approximately 20.6% of the total portfolio, indicating a meaningful concentration in the manager's most convinced positions while maintaining exposure to numerous other securities across the Australian Securities Exchange.

Sector Allocation Strategy

The sector composition of Mirrabooka Investments' ASX listed investment company portfolio reveals a balanced but growth-oriented strategy. Industrials dominate at 22.4% of the portfolio, providing exposure to infrastructure, manufacturing, and business services within the Australian Securities Exchange. Information Technology follows with a substantial 17.0% allocation, reflecting the portfolio's commitment to capturing growth in digital transformation and technology innovation across ASX mid cap and ASX small cap securities.

Consumer Discretionary and Other Financials represent 14.6% and 13.3% of the portfolio respectively, while the remainder is distributed across other sectors. This diversified sector approach reduces concentration risk while maintaining meaningful exposure to growth drivers within the Australian Securities Exchange. The weighting toward Industrials and Technology aligns with fundamental investment principles, targeting sectors positioned for sustained expansion in the Australian economy.

Dividend Distribution and Income Characteristics

Mirrabooka Investments offers a compelling income proposition for investors seeking ASX dividend stocks with fully franked distributions. The company maintains a dividend yield of approximately 3.31%, providing meaningful income generation alongside capital appreciation potential. The fully franked nature of these dividends enhances their effective value for Australian taxpayers, particularly those in lower tax brackets or retirees seeking tax-effective income.

Recent H1 2026 results demonstrate operational strength, with a significant profit surge and revenue of AUD $12.73 million. This financial performance underscores management's ability to generate returns for shareholders while maintaining disciplined cost control. For investors evaluating ASX dividend stocks and seeking exposure to ASX mid cap stocks with attractive yield characteristics, Mirrabooka's distribution policy represents a key consideration in portfolio construction.