At December-end 2015, there were 89 listed investment companies (LICs) and Listed Investment Trusts (LITs) on the ASX, with a collective market capitalisation of $30.8B. Over the 12 months to 31 December 2015, the market cap of LICs & LITs grew 15.7%, with 12 new listings over the 12-month period. As shown in the below chart, the number and market cap of LICs and LITs has accelerated in recent times. The best performing portfolio (pre-tax NTA plus dividends) over the December quarter was BST, with a 14.9% increase in portfolio value. The portfolio was also the best performing portfolio for the year 2015. From a shareholder perspective BST was also the best performer for the quarter, with the share price (including dividends) increasing 17.1%. USF was the best performer over the year with the share price (including dividends) rising 28%. IIR have ceased coverage of NAC and have initiated coverage on three LICs - 8EC, BTI and HHV. For more detail, please see IIR's research attached.