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 record of successfully managing Australian and New Zealand equities since 1998. IML uses a high conviction, fundamental bottom up investment process and has a highly capable and proven investment team. QVE has a two-and-a-half year track-record and has outperformed the benchmark since inception. QVE may be suited to investors who have a high degree of exposure to the S&P/ASX 20 Index and would benefit from industry, sector and company diversification by way of S&P/ASX ex 20 Index exposure. Our research report contains more details, including our investment rating for QVE.