lics

Patrick Poke

The last few years has been a golden age for LICs. Starting in 2013, the removal of commissions on unit trusts as part of the “Future of Financial Advice” (FOFA) reforms levelled the playing field. More recently, buoyant capital markets and fund managers looking for stable pools of capital have... Show More

Christopher Joye

In my column today I write "if only the RBA had its brilliant new research on the impact of interest rates on house prices back in 2013 when I warned them that their easy money policy would blow a huge housing bubble, as it subsequently did" (click on that link... Show More

Patrick Poke

More than 50% of LICs on the ASX are currently trading at a discount, including more than 30% trading at a discount of 10% or more. Geoff Wilson, Chairman and Chief Investment Officer of Wilson Asset Management, says that buying LICs at a discount is like “a real-life Boxing Day... Show More

Daryl Wilson

The LIC sector is a fascinating market to operate in. Sometimes IPOs are well supported and discounts to NTA narrow, and at other times (such as now) the overall sector feels soft and many LICs trade at greater than average discounts. Show More

Chris Stott

Wilson Asset Management (WAM) was founded in 1997 by Geoff Wilson. Since then, WAM has gone on to launch seven LIC’s with over $3 billion in shareholder capital. The flagship fund, WAM Capital, has delivered 17.5% p.a. since inception (August 1999), outperforming the ASX All Ords by 9.2% p.a. Show More

Funds
Patrick Poke

There are a range of brokers and researchers who produce regularly monthly or quarterly updates on the LIC sector. While the quality and depth of the research available is excellent, providing complete coverage of over 100 companies and trusts takes can take several weeks. The LICs presented below are not an... Show More

Mary Manning

Asian markets have had a very strong year, up 29% year to date in 2017 (in AUD terms). This performance has been driven by a combination of strong earnings growth and moderate multiple expansion. Outstanding market performance in China and India and strong sector performance in the Asian mega-cap technology... Show More

James Marlay

Geoff Wilson's prediction on where the market will finish 2018 isn't as bearish as you'd think, lessons from how the Australia's Future Fund invests and an article from Chris Cuffe on the murky world of LIC performance reporting. Show More

Magellan Asset Management

The Magellan Global Trust is a new investment vehicle to be listed on the ASX that is designed to offer investors a steady income stream from a global equities investment fund; specifically, a target cash distribution of 4% p.a. Other features include a reinvestment plan that provides a 5% discount... Show More

Daryl Wilson

Through LICs you can access many different managers, asset classes, geographies and investment strategies. One of our funds invests only in LICs, so we spend a lot of time looking for investment opportunities in the sector. Here are ten things you need to consider before making any LIC investment. Show More

Independent Investment Research

Listed Investment Companies (LICs) have enjoyed somewhat of a renaissance ever since the Future of Financial Advice (FOFA) reforms levelled the playing field with unlisted trusts. In the last four years, 42 new LICs have been listed, bringing the total combined market capitalisation for all LICS to $31 billion at... Show More

Fred Woollard

APW unitholders are being asked to vote on a proposal to wind up the fund. The proposal comes from Samuel Terry Asset Management, APW’s second largest unitholder. It argues that APW should be wound up because its units have traded at a 20-50% discount to NAV for more than five... Show More

Morgans Financial Limited

The initial public offering for the Watermark Global Leaders Fund (ASX:WGF) is now open. The Listed Investment Company (LIC) will provide investors with access to an actively managed portfolio of global equities in a market neutral stance. The fund aims to deliver consistent, positive rates of return through a market... Show More

Peter Hall

The Australian Listed Managed Investments sector has grown from just under 80 to over 90 LICs or LITs during FY16, and the group now has an aggregate market cap of over A$30 billion. With several high profile new entrants listing soon, it is set to be an ever-larger portion of... Show More

Patrick Poke

This week was all about central banks, as both the BoJ and the Federal Reserve met. Global markets seemed to like the news well, with the MSCI All Countries World Index up 2.3% for the week so far. Moving on from central banks; Market Matters explains TPG’s 27% fall, Tren... Show More

Steve Johnson

Starting about 12 years ago, a crop of new wave LICs came with a so-called ‘free’ LIC options. In addition to every share you bought for $1.00, the manager generously gave you an option over an additional share, at no additional cost. Sometime down the track, usually up to three... Show More

Patrick Poke

Morgans’ five top large-cap picks for September, Chris Stott shares some overheated sectors, Giselle Roux from Escala Partners says yield stocks are overpriced, and nine top-performing LICs. Here are four things you should read this weekend. Show More