As an investment consultant and Portfolio Manager with a focus on the listed investment fund space (LICs and LITs) one comment/question I sometimes get from advisers and investors is “why wouldn’t I just pick my own LICs/LITs?” After all, isn’t that the point? You outsource the stockpicking and picking fund... Show More
In this presentation, I will help you breakdown a process you can use to analyse LIC’s. Show More
This article intends to help investors understand the history of the LIC market that led to the innovation of LIC options, as well as the current LIC option market. It will furthermore provide a user guide should an investor own or wish to own LIC options. Show More
Funds oriented to growth stocks such Hamish Douglass’s Magellan have been the rock stars in recent times, which makes value funds such as Templeton the crooner on stage at the RSL club belting out hits from the 1960s. Show More
Despite the complex name, securitization is a simple concept. Securitization is taking an illiquid pool of assets and converting them to liquid securities. Securitization got a bad rap in the wake of the GFC, but in Australia, there are important differences to the “sub-prime” market in the USA. This video... Show More
There are now more than 100 closed end listed investment funds on the ASX including Listed Investment Companies (“LICs”) and Listed Investment Trusts (“LITs”). For simplicity I will refer to them all as “LICs”. LICs differ from other listed funds such as ETFs and active ETFs in a range of... Show More
At the start of February, markets reminded investors that shares don’t always go up in a straight line. The Australian market dropped over 5% from its recent highs, and the US market dropped over 10% from its top. Considering the gains in the market over the past year, these are... Show More
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
One attraction of investing small caps is the potential to uncover one of those rare gems that start small and go on to become big caps. Stocks like Magellan, Fortescue and SEEK spring to mind. Livewire asked Marcus Burns from Spheria for one company he thinks has market-leading potential. Show More
Below are three LIC’s we believe are currently some of the most attractive. As at 23 August 2017, all three are significant holdings in the Affluence LIC Fund. But first, a brief update on some key events in the sector. Show More
We are at an interesting stage in the cycle, with the ASX 200 hovering around recent highs, global equities looking expensive, and calls for boom and bust from different forecasters and commentators. At Affluence we know we don’t know the future, but we can assess current opportunities. Below are three... Show More
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
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
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
The following report contains a LIC sector update and performance review of our coverage list for the month of May 2016. Top picks: Our top picks refer to preferred exposures within each sector based on numerous quantitative and qualitative factors. However, they should not be treated as official stock recommendations... Show More
With over 100 quality LICs to choose from, there's now some great buying in this space. We're often asked which LICs we love the most so here's six of our current favourites, in no particular order. We bet you've never heard of some of them. Show More
As the share prices of listed investment companies (LICs) have traded closer to their true underlying values or net tangible assets (NTA), a flood of money has poured into the sector. The Australian Securities Exchange (ASX) reports the total number of LICs has jumped from 51 to 87 over the... Show More
There has been a huge trade over the last three years for Australian retirees buying unhedged international, particularly US equity market exposure, and taking advantage of the fall in the Aussie dollar and the rise in international equities. But I was reading a Listed Investment Company (LIC) report this week... Show More
One aspect of the recent sensational events regarding Valeant Pharmaceuticals International provides a strong debating point over the governance of externally managed listed investment companies, with real relevance in Australia. Might be time to re-examine the prospectuses you subscribed to in the last two years. Show More
Good management is clearly important… but what are the attributes of good management? Our latest article goes over what we look for in a company's management including their skill, incentives, potential conflicts of interest and the types of lies they tell: the ‘good’ lie, the ‘bad’ lie and the ‘dangerous’... Show More