Given that nearly 60% of the Listed Investment Companies (LICs) in our coverage have delivered strong outperformances over its benchmark over the last 10 year p.a. - we still see the compelling proposition a LIC presents in an investment portfolio. In our new LIC Quarterly, Analyst Nathan Umapathy profiles 42 LICs detailing: historical performances over 1, 3, 5 and 10 years on an accumulation basis; active return relative to a benchmark; NTA data; reported portfolio composition; investment strategy; manager profile; dividend policy and history; and risk/return gauges. We discuss the costs associated with LICs and why some Managers have a higher fee structure. Our key picks for the sector are also identified across pre-tax NTA and share price performance, distribution yield based on the previous 12 months and including Special Dividends, and valuation.