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Argo, which has 96,000 shareholders, has not been able to hold its annual meeting in person in the first two years of the pandemic, but came back in a face-to-face setting in Adelaide on Monday. At the end of September, Argo’s top holding was Macquarie Group, which comprised 6.4 per cent of its total portfolio, followed by BHP at 5.6 per cent and CSL at 5.5 per cent. Santos was its 11th largest holding.