Monthly Listed Investment Company Report – Sep 2019
Independent Investment Research updates developments in Australia’s listed investment company market and provides comparative data.
Read MoreLICs
Listed Managed Investment Indicative NTA Report
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.
Read MoreLMI Year In Review
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.
Read MoreCaution Reigns At Argo After Cash Splash
Argo, like its LIC rivals, is now very cautious about the coming year and in reality is not really optimistic about another cash shower like the one enjoyed in the year to June.
Read MoreFranking Frenzy Feeds Into Record AFIC Result
2018-19 was a one-off record for Australian Foundation Investment Company, the country’s biggest LIC and for that, it can thank the ALP’s election policy that threatened franked dividend credits for non or low taxpaying investors.
Read MoreLIC Milton Provides Stern Warning On “Elevated” Valuations
In comments all investors should note, the CEO of one of the country’s biggest listed investment companies has warned that his group is not upbeat on prospects for the 2019-20 financial year, with bank earnings a special concern.
Read MoreCapital Continues To Flow Into LMIs
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).
Read MoreListed Managed Investment Indicative NTA Report
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
Read MoreLIC Mirrabooka Misses Tech Boom
Mirrabooka Investments produced the first major LIC 2018-19 result yesterday for the second half and it looks like the 17% surge in the June half of the year only partly helped offset that weak first half.
Read MoreBetter Equity Markets Drive Solid LMI Returns
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.
Read MoreLeading LIC Increases Special Dividend Taking Annual Dividend Yield To 11.9%
The Board of Plato Income Maximiser Limited (ASX: PL8) has announced an increase in the special dividend to 3 cents per share, taking the annual dividend yield to 11.9% (including franking).
Read MoreLIC Dividends Increase Despite A Tough Six Months
Reporting season has just ended and so we take a look at how the listed investment companies under our coverage fared over that time.
Read MoreDividends, Demergers Boost LIC Argo Investments
Adelaide-based Argo Investments was another listed investment company (LIC) to benefit from capital management moves by BHP, Rio Tinto, and Wesfarmers in the six months to December 31.
Read MoreLIC Milton Corp Lifts Dividend Payout
Sydney-based listed investment company Milton Corp (its linked to the Washington H Soul Pattinson-Brickworks Ltd group of companies) has revealed a modest lift in interim dividend for the December half year and expects markets to remain tough over the next few months.
Read MoreSpecial Dividends Flow From LICs
Like Australian Foundation Investment Co (AFIC), its smaller listed investment company offshoot, AMCIL has seen its December half-year results saved by the BHP and Rio off-market share buy backs.
Read MoreAFIC Sees Better Value Emerging On The ASX
There’s value back in the market say the directors of the country’s biggest listed investment company which holds a near $7 billion investment portfolio consisting of the bluest of local blue-chips.
Read MoreAFIC Unveils Special Dividend Despite Weaker Performance
Shareholders in Australian Foundation Investment Company had some good news yesterday in the Melbourne-based investment group’s interim results – a special dividend of 8 cents a share on top of the unchanged interim of 10 cents a share.
Read MoreQuarterly LMI Market Review
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.
Read MoreLoss Of Franking Credit Is A Game Changer
We demonstrate the impact of Labor’s proposed franking credit changes and why subordinated bonds become relatively much more attractive.
Read MoreAnother Good Reporting Season For LICs
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.
Read MoreSmall Cap Listed Managed Investments Outperform
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%.
Read MoreCadence Announces New Listed Investment Company (LIC)
In this video, Cadence’s Founder & Chairman, Karl Siegling, discusses the company’s upcoming LIC with Informed Investor.
Read MoreLICs Discounts & Premiums
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.
Read MoreMicrocap Monthly: The Top 10 IPO’s
It is interesting to note that out of the top 10 IPO’s, 9 were microcaps based on the implied IPO listing market capitalisation.
Read MoreGryphon Capital Income Trust IPO : Where Is The Risk In Seeking Income ?
As we witnessed during the GFC, equity hybrids act like debt in rising markets and equity in falling markets, which raises the question for many investors – how much risk is being taken in the pursuit of yield?
Read MoreA Good LIC Reporting Season
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.
Read MoreInternational LMIs Outperform
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.
Read MoreA Big Year For Listed Managed Investments
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.
Read MoreMicrocaps Review – Managers Outperforming Passive ETFs
While FY18 is barely underway the microcap and small caps indexes have got off to a flyer and are significantly outperforming large caps.
Read MoreSeptember LIC Update
Our Comprehensive Research coverage and commentary for the sector for the period ended September 2017.
Read MoreLIC Reporting Season Wrap – Dividends Hold Up
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.
Read MoreValue Amongst The Large Cap LICs
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.
Read MoreFive LICs At A Discount To NTA
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.
Read MoreQuarterly LIC Review
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.
Read MoreMay LIC Review
Our Comprehensive Research coverage and commentary for the sector for the period ended May 2017.
Read MoreBuilding a Diversified Portfolio with Listed Managed Investments
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.
Read MoreFinding Opportunities In The LIC 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. So it is easy for investors to build a diversified portfolio by investing in this sector.
Read MoreFinding Opportunities In The LIC 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.
Read MoreSmall Cap LICs Continue To Outperform Large Cap LICs
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.
Read MoreThe LIC sector continues to grow
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.
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