The Listed Managed Investment (LMI) Indicative NTA Report tracks the indicative movement of a LMIs pre-tax NTA throughout the month by monitoring the movements in the disclosed holdings and using an index to track the movement of the remainder of the portfolio.

FY2019 will be associated with one word when market participants look back, and that is volatility. Bookended by relatively benign first and last quarters, the second and third quarters of FY19 took both domestic and international asset managers on a proverbial roller coaster ride.

Through April and May we have seen three more listed managed investment vehicles (LMIs) start trading on the ASX including two fixed income-focused listed investment trusts (LITs), Perpetual Credit Income Trust (ASX:PCI) and MCP Wholesale Income Opportunities Trust (ASX:MOT).

The Listed Managed Investment (LMI) Indicative NTA Report tracks the indicative movement of a LMIs pre-tax NTA throughout the month by monitoring the movements in the disclosed holdings and using an index to track the movement of the remainder of the portfolio

Whilst the LMI sector has generally delivered good returns over the past 12 months, there remain a number of uncertainties that could affect global market returns in coming months including the US/ China trade tensions, Brexit and general expectations for lower global growth.

Reporting season has just ended and so we take a look at how the listed investment companies under our coverage fared over that time.

In its latest Quarterly LMI Market Review, Independent Investment Research (IIR) provides detailed coverage of 49 listed investment companies, listed investment trusts and active ETFs including commentary, investment views and ratings.

The reporting season just ended was a good one for the listed investment company sector with most LICs reporting growth in earnings. Of the 31 LICs we cover that paid dividends during the FY2018 period, 26 reported increased earnings whilst only five reported lower earnings.

Reflecting the performance of the small cap index, small cap focused LMIs generated stronger gains than large cap focused LMIs over the 12 months. The average return from our mid-small cap LMI coverage universe for the 12 months to 30 June 2018 was 13.9%.

Discounts and premiums can change over time, so in our report today we compare current discounts/premiums against three averages. It is important to remember that some LICs/LITs may always trade at a discount for a variety of reasons including ongoing underperformance and subscale issues.

It is interesting to note that out of the top 10 IPO’s, 9 were microcaps based on the implied IPO listing market capitalisation.

During the recent reporting season, 21 of the 29 LICs we cover that reported results for the six months to 31 December 2017 increased their profits over the prior comparable period.

The strong performance of global equity markets in 2017 saw listed managed investments with a focus on international markets outperform those with a domestic equities focus.

2017 was an exceptional year for new listed investment company (LIC) and listed investment trust (LIT) raisings, with 14 new entities raising a total of $4.2bn via initial public offers.

While FY18 is barely underway the microcap and small caps indexes have got off to a flyer and are significantly outperforming large caps.

Our Comprehensive Research coverage and commentary for the sector for the period ended September 2017.

For the reporting season just finished there were 24 listed investment companies covered by Independent Investment Research that reported full year results. Out of this 24, there were 14 LICs that experienced earnings declines.

For investors seeking exposure to the Australian large cap market sector, the three largest LICs in this sector, Australian Foundation Investment Company (ASX:AFI) Milton Corporation (ASX:MLT and Argo Investments (ASX:ARG) offer reasonable value trading.

In its latest LMI Monthly Update, Independent Investment Research takes a look at why listed investment companies trade at discounts and premiums to net tangible asset value.

Welcome to the Independent Investment Research Listed Managed Investments June Quarterly Review. In this edition we provide detailed coverage, including commentary, investment views and ratings for 30 listed investment companies and listed investment trusts.

Our Comprehensive Research coverage and commentary for the sector for the period ended May 2017.

For those interested in investing in this growing sector, the latest Independent Investment Research Quarterly LMI Market Review provides detailed coverage of 34 listed investment companies, listed investment trusts and exchange quoted managed funds including commentary, investment views and ratings.

At 30 September 2016 there were 88 listed investment companies (LICs) and listed investment trusts (LITs) with a collective market capitalisation of $29.8B. So it is easy for investors to build a diversified portfolio by investing in this sector.

At 30 September 2016 there were 88 listed investment companies (LICs) and listed investment trusts (LITs) with a collective market capitalisation of $29.8B.

Australian large cap share focused LICs continue to underperform the broader market with an average portfolio return of 2.3% for this sector over the 12 months to 31 October 2016.

With a number of new listed investment companies due to the hit the market over the next few months, there is a growing universe of investment options for investors. In addition to providing detailed coverage of 30 existing listed investment companies and trusts, the Independent Investment Research Listed Managed Investments Quarterly Review highlights a couple of new LIC options for investors.