LICs

Bell Potter analyst Hayden Nicholson updates developments in the LIC market where in line with its investment strategy, Hearts and Minds Investments (HM1) are refreshing the conference portfolio.

Traditionally, the main differentiating factor between ETFs and LICs was the employed style of management. However, with a growing suite of rule-based Exchange Traded Products, this is now much less pronounced.

Bell Potter analyst William Gormly updates developments in the LIC market where WAM Capital has announced and progressed with an unconditional off-market takeover bid for Contango Income Generator.

Bell Potter analyst William Gormly updates developments in the LIC market where after trading at a persistent discount to its pre-tax NTA, Concentrated Leaders Fund has achieved a new milestone.

Bell Potter analyst William Gormly updates developments in the LIC market where the Board of WAM Leaders Limited (WLE) has announced its intention to deliver a 3.5 cent fully franked FY21 interim dividend.

Bell Potter analyst William Gormly updates developments in the LIC market where strong gains across global equity markets has seen the arithmetic average share price to pre-tax NTA discount narrow from 11.2% to 8.8%.

Bell Potter analyst William Gormly updates developments in the LIC market where WAM Capital has announced an unsolicited conditional off-market takeover bid for Concentrated Leaders Fund.

Bell Potter analyst William Gormly updates developments in the LIC market where Antipodes Global has committed to undertake a significant and innovative discount control mechanism.

Bell Potter analyst William Gormly updates developments in the LIC market and provides a review of premium/discount to NTA by investment mandate.

Bell Potter analyst William Gormly updates developments in the LIC market where the Board of MFF Capital Investments has announced the progression of a 1:5 pro rata non-renounceable bonus issue of options.

Bell Potter analyst William Gormly updates developments in the LIC market where Future Generation Australia (FGX) has announced the intention to provide a fully franked FY21 interim dividend of 2.6cps.

Bell Potter analyst William Gormly updates developments in the LIC market where Magellan has announced a proposed series of transactions, which will have the effect of consolidating its three existing Global Equities retail funds.

Bell Potter analyst William Gormly updates developments in the LIC market where Australian Foundation Investment Company Limited (AFI) has announced its preliminary results for the reporting period ended 30 June 2020.

Bell Potter analyst William Gormly updates developments in the LIC market where the board of WAM Global Limited (WGB) has declared a fully franked final dividend of 4.0cps, bringing the FY20 net dividend to 7.0cps.

Bell Potter analyst William Gormly updates developments in the LIC market where the Board of Blue Sky Alternatives Access Fund has announced it has entered into a deed of termination with the current investment manager.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market where WAM Capital’s investment portfolio has delivered an outperformance over the benchmark of 4.4% in FY20.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market and highlights Future Generation Global which has traded at an average discount wider than 20% this calendar year.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market where Clime Capital has announced a 16% YoY cut to the fully franked June quarter dividend.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market where Adelaide-based Lanyon Asset Management has taken aim at Contango Income Generator Limited.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market where MFF Capital Investments appears well-positioned with approximately $750m of cash in the portfolio.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market where 5 LITs have maintained a strong level of income amidst the recent months of volatility.

Will Gormly updates developments in Australia’s LIC market where Whitefield Limited (WHF) has reported a year-on-year (YoY) decrease in investment revenue and net profit of 2.6% and 9.0%, respectively.

Will Gormly updates developments in Australia’s LIC market where Pengana International Equities Limited (PIA) has provided an update to the market that it is well placed to deliver a fully franked final dividend later in the calendar year.

Information Technology (IT) and Health Care have been two of the top-performing global sectors in 2020 so far, showing greater resilience amidst the global equity sell-off in the first quarter.

Will Gormly updates developments in Australia’s LIC market where net cash as a percentage of investment assets and net cash in MFF Capital Investments Limited (MFF) has increased to 33.9%.

Will Gormly updates developments in Australia’s LIC market where VGI Partners has delivered a strong March result with a pre-tax NTA and share price return of 1.4% and 2.7%, respectively.

Bell Potter analyst William Gormly updates developments in Australia’s listed investment company market where there are four WAM LICs that have upcoming fully-franked dividends payable that offer an attractive yield.

Spheria has provided an update on the LIC’s share buyback while Metrics Credit Partners Diversified Australian Senior Loan Fund has been upgraded from BBB+ to A- by S&P Global Ratings.

Analysing portfolio weighting towards cash of LIC/LITs in the past 3 months provides an insight into how different Manager’s views towards the market have rapidly changed.

The sell-off has increased yields across LIC/LITs. Compared to open-end trusts, LICs can retain earnings over reporting periods which allows for a smoother distribution of dividends.

Unlike managed funds and ETFs, LICs have the ability to retain earnings and franking credits across volatile periods to enable a sustainable, growing level of dividends over the long-term.

Blue Sky Alternatives Access Fund has announced that all the key commercial terms for a change of manager to Wilson Asset Management have been met.