Insights into Listed Investment Companies (LICs) Benefits and Assessment
Explore the advantages of Listed Investment Companies (LICs) such as outperformance, fully franked dividends, low management expenses, and transparency. Learn how to assess LICs for investment based on performance, NTA value, and other key factors. Diversify your portfolio with LICs for capital growth and access resources for LIC investors. Discover a boutique fund manager with a proven investment approach and a track record of success in the LIC category.
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Presentation Transcript
The Leadership Series Insights into listed investment companies (LICs) Kate Thorley 9 August 2017
Listed investment company (LIC) benefits Outperformance: market and managed funds*^ Professionally managed closed-end structure where managers can take a long term view and are not forced buyers and sellers of investments in unfavourable markets Can deliver a consistent growing stream of fully franked dividends over time Low management expense ratio (MER) Packaged into tradeable units (shares) that are offered on the ASX Accountability and transparency Corporations Act and ASX listing requirements Diversified portfolio of assets Range of investment styles and market sector exposure Page 2 ^ Australian Study: Morgan Stanley Wealth Management Research, Bell Potter Research * UK Study: Collins Stewart
Assessing LICs for investment Performance after fees and adjusted for dividends Investment team Pre-tax net tangible assets (NTA) the value of the company Buy at a discount to NTA and sell at a premium to NTA Understand why the LIC is trading at a discount or premium Fully franked dividend yield = profit reserve + franking credits Mandate and investment style Size and liquidity Page 3
Diversified portfolio of LICs Capital growth Australian market - 100 LICs Internation al Internationa l Total market cap $33 billion* Benchmark aware Small cap Absolute return Benchmark unaware Sector specific Page 4 *As at 30 June 2017
LIC investor resources Independent research houses and brokers ASX website Livewire website: livewiremarkets.com Cuffelinks website: cuffelinks.com.au LIC investor websites Attending investor days and conference calls Financial and news media Page 5
About us Independent boutique fund manager Six LICs and over $2 billion in shareholder capital for 55,000 retail shareholders Eight investment professionals with combined investment experience of over 100 years Proven investment approach Committed to philanthropic and advocacy initiatives Winner of the Listed Investment Companies category at the Professional Planner | Zenith Fund Awards 2014, 2015 and 2016 Page 6
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