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Peter Rae

Peter Rae joined Independent Investment Research as a supervisory analyst covering listed managed investments in March 2016. Peter has 35 years’ experience in the banking and finance industry, including 15 years as an equities analyst. Peter was a sector head in the equities research team at Morningstar with a focus on consumer and industrial companies. Peter joined Aegis Equities Research, subsequently acquired by Morningstar, a leading global provider of independent investment research, in 1999. At Aegis, he held a number of positions including Team Leader, Financial Services and Head of Equities. Before joining Aegis, Peter had an extensive career in the banking industry working in various treasury and balance sheet management roles at St.George Bank, National Australia Bank and Advance Bank. Peter is a Fellow of FINSIA.

Listed Managed Investments: Quarterly Review

Peter Rae
Peter Rae Independent Investment Research

In its latest Quarterly LMI Market Review, Independent Investment Research (IIR) provides detailed coverage of 39 listed investment companies, listed investment trusts and Active ETFs including commentary, investment views and ratings. We look across a number of sectors and investing strategies and provide insight into performance, discounts and premiums to... Show More

LIC Reporting Season Wrap – Dividends Hold Up

Peter Rae
Peter Rae Independent Investment Research

For the reporting season just finished there were 24 listed investment companies covered by Independent Investment Research that reported full year results. Out of this 24, there were 14 LICs that experienced earnings declines. This reflected lower dividend income, particularly for those LICs that have capital account status, and also... Show More

Large cap LICs outperform small caps in FY17

Peter Rae
Peter Rae Independent Investment Research

In its latest LMI Monthly Update, Independent Investment Research looks at the performance of the LIC sector over the 12 months to 30 June 2017. The Australian large cap share focused LICs benefited from solid market performance over that time with the five largest LICs delivering an average portfolio return... Show More

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BKI Investments offers exposure to a well-managed portfolio of Australian equities

Peter Rae
Peter Rae Independent Investment Research

Independent Investment Research has initiated coverage of BKI Investments, one of the older style LICs that invests in a portfolio of Australian equities. It has an all market cap mandate although is heavily weighted to the ASX 50. Up until 2016, BKI was internally managed but is now managed by... Show More

Five LICs at a discount to NTA

Peter Rae
Peter Rae Independent Investment Research

In its latest LMI Monthly Update, Independent Investment Research takes a look at why listed investment companies trade at discounts and premiums to net tangible asset value. We also take a look at five LICs that are currently trading at large discounts to NTA, look at some of the reasons... Show More

AFIC upgraded to Highly Recommended by IIR

Peter Rae
Peter Rae Independent Investment Research

Independent Investment Research is upgrading its rating on Australian Foundation Investment Company from “Recommended Plus” to “Highly Recommended”. The upgrade recognises AFIC’s sound investment processes, highly experienced investment team and Board, transparency, exceptionally low costs and the benefits of a lengthy track-record. Investors can gain confidence from a track-record in... Show More

Selecting the right LIC for your investing needs

Peter Rae
Peter Rae Independent Investment Research

In its latest Quarterly LMI Market Review, Independent Investment Research (IIR) provides detailed coverage of 37 listed investment companies, listed investment trusts and Active ETFs including commentary, investment views and ratings. We look across a number of sectors and investing strategies and provide insight into performance, discounts and premiums to... Show More

Finding value amongst small-cap LICs

Peter Rae
Peter Rae Independent Investment Research

Small-cap shares have underperformed the broader market over the past 12 months and, on some metrics, the sector appears reasonable value. However, investing in small-caps can be a riskier proposition and in recent weeks a number of small-cap company share prices have been hit hard by revenue and earnings downgrades.... Show More

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Large cap LICs continue to benefit from strong market

Peter Rae
Peter Rae Independent Investment Research

In its latest Monthly LMI Update, Independent Investment Research looks at listed investment company performance over the March 2017 quarter. The Australian large cap focused listed investment companies benefited from the solid market performance over the quarter with the five largest listed LICs delivering an average portfolio return (pre-tax NTA... Show More

Argo upgraded to Highly Recommended by IIR

Peter Rae
Peter Rae Independent Investment Research

Independent Investment Research is upgrading its rating on Argo Investments (ASX:ARG) from “Recommended Plus” to “Highly Recommended”. IIR has always held Argo in high regard, but over the years our conviction has been cemented that Argo is truly best-of-breed in the listed investment company sector. The positives of Argo far... Show More

Contango MicroCap concerns remain

Peter Rae
Peter Rae Independent Investment Research

Contango MicroCap (ASX:CTN) released details of the management agreement with its newly appointed second manager, OC Funds Management. There are a number of material differences between this new agreement and the agreement with the existing manager, Contango Asset Management. A number of these differences are at odds with CTN’s existing... Show More

Do options provide LIC investors with value?

Peter Rae
Peter Rae Independent Investment Research

Since January 2013 there have been 30 new listed investment companies (LICs) join the ASX. Each of these LICs issued investors with options as part of the initial public offer (IPO). In most cases, investors received one ‘free’ option for each share, although there were some offers where the ratio... Show More

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QV Equities: An opportunity to invest outside the top 20

Peter Rae
Peter Rae Independent Investment Research

Independent Investment Research has initiated coverage of QV Equities (ASX:QVE) a listed investment company (LIC) that invests in a diversified portfolio of ASX listed entities outside the S&P/ASX 20 Index. QVE is managed by Investors Mutual Limited (IML), a long established and experienced investment management company with a proven track... Show More

Listed Managed Investments: Quarterly Review

Peter Rae
Peter Rae Independent Investment Research

(LICs), listed investment trusts (LITs), and exchange quoted managed funds (EQMFs). At 31 January 2016, there were 96 LICs and LITs on the ASX, with a collective market capitalization of $ 31.6B. There are a number of new LICs in the pipeline including URB Investments, Contango Global Growth, Plato Income... Show More

WAM Research upgraded to Highly Recommended by IIR

Peter Rae
Peter Rae Independent Investment Research

Independent Investment Research (IIR) has upgraded its rating for WAM Research (ASX:WAX) to Highly Recommended. The upgrade recognises WAX’s highly experienced investment team, strong record of outperformance since inception in 2003 and delivery of its objective to provide a growing stream of fully franked dividends. We consider WAX to be... Show More

LIC’s continue to offer attractive dividend yields

Peter Rae
Peter Rae Independent Investment Research

In this month’s Independent Investment Research (IIR) LMI Monthly Update we discuss why the listed investment company sector was able to maintain steady dividends and, in some cases, announce modest dividend increases despite reporting lower profits during the recent reporting season. We do not expect to see many dividend reductions... Show More

LICs hold dividends steady despite lower profits

Peter Rae
Peter Rae Independent Investment Research

In our latest Monthly LMI Update, Independent Investment Research looks at performance across the listed investment company (LIC) sector. With company reporting season underway, a number of the large cap focused LICs have already reported their earnings results. A general theme running through these results is that reported earnings are... Show More

Selecting the right LIC for your investing needs

Peter Rae
Peter Rae Independent Investment Research

In its latest Quarterly LMI Market Review, Independent Investment Research (IIR) provides detailed coverage of 35 listed investment companies, listed investment trusts and exchange quoted managed funds including commentary, investment views and ratings. We look across a number of sectors and investing strategies and provide insight into performance, discounts and... Show More

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Small cap focused LICs still shine

Peter Rae
Peter Rae Independent Investment Research

The performance of mid/smallcap focused listed investment companies (LICs) continues to reflect the strong performance of the small cap market sector over the past 12 months. The average portfolio return from the small/mid cap focused LICs for the 12 months to 31 October 2016 was 11.9% however, a number of... Show More

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Five top performing LICs

Peter Rae
Peter Rae Independent Investment Research

Small cap shares continued to outperform large caps during the September quarter with the S&P/ASX Small Ordinaries Accumulation Index up 8.5% for the quarter and 29.2% for the 12 months to 30 September. This difference in performance between the sectors was again reflected in the performance of listed investment companies,... Show More

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