Stock down under – Millions a year

The biggest and most popular charity in Australia has become a big player in the country’s stock market, the Associated Press reported June 23.

Citing a report in the Australian newspaper, AP said the stock portfolio of the Salvation Army totaled 300 million Australian dollars, or $155 million.

The Christian charity, which has more than 1 billion Australian dollars in assets, or $515 million, earns 350 million Australian dollars a year, or $180 million, through its annual Red Shield Appeal and through government funding, AP said.

The groups biggest stock holdings are in mining giants BHP Ltd. and Rio Tinto, telecom firm Telstra and media group News Limited.

The charity gives away more than 300 million Australian dollars a year, or $155 million, to social services groups, and reinvests much of its funds, AP said.

For full story, go to thestar.

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