Category: LICs

LICs are a great way to achieve market diversification or invest conservatively for those investors without the expertise or inclination to invest directly in other ASX listed companies. LICs in Australia primarily invest in Australian or international shares and offer investors exposure to the same universe of assets that can be accessed through many unlisted managed funds. LICs are bought and sold on the market just like an ordinary share and investors can decide whether the investment style and underlying investment portfolio of a particular LIC suits their own investment objective

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LICs LICs

MA1 Suspended from trading as the Restructure to an ETMF Continues

For the half-year ended December 31, 2020, the gross portfolio return before all fees and expenses was roughly 44.36 percent.

MA1 shareholders unanimously approved the company’s restructuring as an Exchange Traded Managed Fund on May 10th (ETMF).

MA1 was taken off the market on May 28th and will be delisted on June 1st.

Units in the newly formed ETMF Monash Absolute Active Trust (Hedge Fund) are being issued to shareholders on an in-specie basis, with the new ticker MAAT slated to begin trading on the ASX on June 10th.

The ETMF will use a Single Unit (dual registry) Structure, allowing unit holders to buy and sell units on or off the market.

Company Profile

In 2012, Monash Investors was established by one of Australia’s most experienced fund managers in Simon Shields, the previous head of equities at both UBS and CFS, and Shane Fitzgerald a senior equity analyst from UBS and JPMorgan. The firm was set up to manage money in a way that both Simon and Shane felt was simply smarter than riding the share market up and down, instead, attempting to achieve targeted positive returns of double digits p.a. after fees, over a full market cycle while seeking to avoid loss of capital over the medium term. Importantly, it was the experience gained across multiple investment styles and in seeing the pitfalls in managing very large pools of capital that shaped the way the Fund is managed today.

(Source: Factset)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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AFIC share price hits all time high

Over the shoulder view of and stock broker trading online while accepting orders by phone. Multiple computer screens ful of charts and data analyses in background.

According to AFIC, the Commonwealth Bank of Australia (ASX: CBA) is the largest current position, followed by BHP Group Ltd (ASX: BHP), CSL Limited (ASX: CSL), Wesfarmers Ltd (ASX: WES), and Westpac Banking Corp. (ASX: WBC).

These top five positions, however, are supplemented by dozens of other ASX shares. And, with the ASX 200 index lately reaching new highs, AFIC would have benefitted from a rising tide lifting its whole portfolio (evidenced by its NTA per share growth).

This is most likely why the AFIC share price has reached an all-time high today. It isn’t the only one. Other LICs in the AFIC mould are also on the rise.

At the present AFIC share price, the organization has a market value of $9.62 billion and a trailing dividend yield of 3.05 percent (or 4.36 percent when AFIC’s full franking credits are considered).

The net tangible assets (NTA) per share increased to $7.45 per share in June (after tax). This is a significant increase over the previous month’s share price of $6.19. This means that for every AFIC share purchased, buyers receive $7.45 in other assets.

Over the last two decades, the AFIC has returned 5.23 percent in capital gains and 6.18 percent in fully franked dividends.

Company Profile

The Australian Foundation Investment Company Ltd (AFIC) is a Listed Investment Company in Australia (ASX: AFI) and it is one of the oldest on the ASX established in 1928.  It aims to provide shareholders with attractive investment returns by growing stream of fully franked dividends and growth in investment of capital. AFIC measures its performance through 2 measures namely portfolio return and the shareholders return. AFIC is presently Australia’s largest LIC, managing a portfolio worth around $8 billion for its stockholders.

(Source: Factset)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

MEC has released the results for the first half of the year

investment stockbroker risk analysis using multiple devices. Financial analysis using phone app and laptop. Market trading profit.

At a dividend rate of 5 cents per share, the corporation had dividend coverage of more than five years before the dividend was paid. Its earnings for 2020 were 4.6 cents which is almost double to previous year i.e. 2.8 cents. The relative P/E reported to 104.5% by 2020. And the market capital of MEC is not available.

Its portfolio performance since inception is 13.64% p.a. and market share price is currently market at $ 1.225 AUD while trading price is $1.100 as on 26th July 2021. Morphic Ethical Equities Funds NTA is marked at $16.07.21, the Pre-tax $1.4121 per share and the Post-tax $1.3134 per share for the year 2021.

Company Profile

Morphic Ethical Equities Fund (MEC) was established on 02 May 2017. Morphic Asset Management is a global equity investment firm managing the Morphic Global Opportunities Fund co-founded by Jack Lowenstein and Chad Slater. Morphic Ethical Equities Fund is an Australian Listed Investment Company (LIC) (ASX: MEC). Morphic Ethical Equities Fund is an Australian Listed Investment Company (LIC) (ASX: MEC). The Morphic Ethical Equities Fund aims to give investors with a chance to build wealth while remaining assured that they are doing it without harming the environment, people or society.

 (Source: fnarena)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

APL Provides Update on Conditional Tender Offer (CTO)

The company’s main discount management approach is the CTO. If the average daily discount over the 12-month period ending October 18, 2021 is greater than 7.5 percent, the CTO is triggered. Since the beginning of the term through 14 May 2021, the average daily discount has been 11.5percent.

The CTO allows shareholders to sell APL shares to the company via an off-market buy-back at a price equal to the current post-tax NTA less 2% if it is triggered. A maximum of 25% of the company’s issued capital will be repurchased.

Since the average daily discount stays above the discount threshold of 7.5 percent, the CTO will be triggered until the discount narrows significantly in the future months. There may be an arbitrage opportunity for shareholders depending on where the share price is trading at the end of the time.

NTA before tax was $1.248. The current performance was marked at 21% approximately in June 2021. The present dividend of APL for the year 2021 is 2%.

Company Profile

APL was founded in 2015 by Jacob Mitchell, formerly Deputy Chief Investment Officer of Platinum Asset Management and majority owned by its investment team. Antipodes Global Investment Company (ASX: APL) is an Australian-LIC that offers shareholders exposure to a long-short global equity portfolio with a currency overlay. By purchasing exceptional and undervalued firms, the Company aims to outperform global stock markets while also safeguarding our stockholders from risk and volatility.

(Source: fool.com.au)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

Pengana International Equities Limited (PIA) Appoints New Manager

New Jersey  based, Harding Loevner LP is appointed as a new investment team. Harding Loevner is a global equity manager with over the staff of 100 employees and over US$84b Assets .

PIA will use the Harding Loevner global equity strategy with the inclusion of PIA’s ethical filters as a result of the appointment.

Currently, Share price of Pengana International Equities Limited (PIA) is $1.360. On 16th July Net Tangible Assets for Pre – Tax is $1.491 and Performance of Pegana International Equities Limited is 14.30%.

Harding Loevner’s investment strategy, as per PIA, supports the company’s goal of providing shareholders with capital growth through holdings in an ethically screened and actively managed portfolio of worldwide firms, as well as regular, predictable, and fully franked dividends.

Currently, IIR Ratings is ‘on watch ’ for PIA and will be full evaluation once it is reviewed for new investment team and strategy is completed.

Company Profile

Pengana International Equities Ltd, formerly Hunter Hall Global Value Limited, is a listed investment company (LIC). The Company’s investment objective is to generate positive absolute returns in excess of the investment portfolio’s benchmark over an investment horizon of approximately five years. The Company operates through investment in securities segment. The Company’s portfolio is invested in equities. The Company invests in a range of sectors, such as consumer staples, financials, healthcare, industrials, information technology, materials, telecom services and consumer discretionary. The Company operates through various countries, such as Italy, Brazil, Australia, Japan, South Korea, the United Kingdom and the United States. The Company gives investors easy access to a portfolio of global equities, including a strategic allocation to Australian equities. The Company’s investment manager is Hunter Hall Investment Management Limited.

(Source: FN Arena )

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

Ophir High Conviction Fund Striking the Benchmark

Closeup of a stock market broker working with graphs on digital tablet at office. Rear view of stock agent reading bad report and graph. Back view of multiethnic businessman analyzing fall sales.

The fact that both founders have all of their liquid investments here is the most appealing aspect. The share price of this ASX LIC has increased by 21.69% for the financial year 2020. It has a price-to-earnings ratio of 11.08, which is slightly more than its NTA per share of $2.98 as of the P.Y. 2020.

The benchmark for the Ophir LIC portfolio is the S&P/ASX Mid Small Index (ASX: AXMSA). The LIC grew at a rate of 12.7 percent in FY20, compared to a benchmark growth rate of -5.3 percent.

The annualized return since inception (net of fees) is 20.2% on 22 July 2021.

The NAV Performance reported at $3.24 per unit and the Current Unit Price is $3.77 as at 30 June 2021. It grew by 24.7% for the financial year 2021 with market capital of $806 million

Company Profile

The Ophir High Conviction Fund is an ASX-listed small and mid-cap Australian stocks fund with a long only strategy. Ophir is a boutique Australian fund manager established in 2012 by its founders and senior portfolio managers Andrew Mitchell and Steven Ng. The Fund typically invests in a concentrated portfolio of 15-30 non-S&P/ASX 50 companies. The Fund trades on the ASX under the ticker symbol ‘OPH’ as a LIC. The Fund focuses on identifying high-quality businesses with structural development possibilities using Ophir’s thorough fundamental, bottom-up research process.

(Source: fool.com.au)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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MFF Capital with Low Dividend Yield from 5.5% to 3%

With some of its current assets, long-term performance may be maintained. Visa, MasterCard, Home Depot, CVS Health, Facebook, Berkshire Hathaway, Microsoft, CK Hutchison, Flutter Entertainment, L’Oreal, and JP Morgan Chase are among the companies it owns with a market capitalization of more than 1%.

CMC claims to have produced total shareholder returns (TSR) of 17.5% per annum on average over the last decade, making it one of the best-performing LICs.

MFF Capital’s lower costs are another reason to admire it, aside from the fact that it invests in exceptional companies. Its fees are set, so as it grows in size, it will cost less as a percentage of assets.

MFF Capital’s half-yearly dividend will be increased to 5% per share, according to the board of directors. At today’s MFF Capital share price, a 10% yearly dividend would offer a dividend yield of 5.5%. Recently the company’s dividend policy, effective with the final Dividend for the Financial Year 2020, is 3% for half yearly payouts per ordinary shares.

Currently, the dividend yield is marked approximately around 3%. Its approximate weekly NTA per share was $3.397 (pre-tax) and $2.888 (post-tax) as on July, 2021.

Company Profile

MFF Capital Investments Limited (ASX Code: MFF) is an ASX-listed investment firm with a minimum of 20 stock exchange-listed international and Australian companies. MFF seeks to build a portfolio of firms with appealing business features (“Quality”) that are discounted compared to their intrinsic values (“Value”). Additionally it acts to protect the shareholders interest by minimizing the risk of permanent capital loss.

(Source: fool.com.au)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

BTI Raises $4m from Share Purchase Plan

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On May 2021, Net Tangible Asset per Share of per Tax is $1.53 and Net Tangible Assets per Share of post Share is $1.37.

The share purchase plan for Bailador Technology Investments ((BTI)) ended on May 18th. BTI received $4 million in applications from eligible stockholders.

The SPP was launched in April as a follow-up to a $20 million institutional placement, with shares in the SPP being offered at the same price as the institutional placement.

The funds will be utilised to fund a pipeline of investments that the Manager believes will provide investors with good value.

Company Profile

Bailador Technology Investments is a growth capital fund focused on the information technology sector, actively managed by an experienced team with demonstrated sector expertise.  Bailador provides exposure to a portfolio of information technology companies with global addressable markets. We invest in private technology companies at the expansion stage.

(Source: FN Arena)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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LICs LICs

Hearts and Minds LIC up by 1.85%

Despite the corona virus market crash in March, Hearts and Minds is up by 6.71 percent as of F.Y.2020. The company grew by 7.2 percent, outperforming the MSCI World Net Total Return Index by 3.4 percent (AUD). This LIC traded at less than its net tangible assets (NTA) value per share of $3.71.

The current share price(for F.Y. 2021) of Hearts and Minds Investments Ltd is $4.40. When compared to its closing share price of $4.33 seven days ago, this is a 1.62 percent increase.

 

The HM1 stock price is up $0.08 or 1.85 percent from its opening price.  Hearts and minds pre tax NTA is $4.25 as at close of business on 16 July 2021.

Company Profile

Hearts and Minds Investments Limited (ASX: HM1) is a unique Australian listed investment company. HM1 was founded in 2018 and already has over 8,000 owners and over $700 million invested in 25-30 high conviction equities businesses that have been recommended by top fund managers. HM1’s goals are to maximise long-term shareholder profits by investing in high-confidence concepts and to offer critical financial support to renowned medical research organizations. Without paying fees to an investment manager, HM1 provides investors with professionally managed and readily traded exposure to Australian and global listed equity markets.

(Source: Morningstar)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.

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MXT Raises $192m through Institutional Placement

It seeks to invest 60% to 70% of capital in the Metrics Credit Partners Diversified Australian Senior Loan Fund (DASLF), 20% to 30% of capital in the MCP Secured Private Debt Fund II (SPDF II) and 10% to 20% of capital in the MCP Real Estate Debt Fund (REDF).

The portfolio of MCP Wholesale Investments Trust consists of a portfolio of corporate loans, investment grade and sub-investment grade loans, and diversified across borrowers, industries, the credit risk spectrum and loan products. The investment manager of the trust is Metrics Credit Partners Pty Ltd.

Currently, Annual Yield is 4.61% and Latest Share Price is $2.05.

MCP Master Income Trust ((MXT)) reported on April 26 that it has secured binding commitments from wholesale and institutional investors for 95.9 million new units in MXT at a price of $2.00 per unit, raising $192 million.

The proceeds will be invested in accordance with the investment mandate and target return of MXT.

“The additional investor capital will provide for increased portfolio diversification, which lowers investment risk, expected positive impact on total investor returns as new capital is deployed and invested, enhanced liquidity from MXT’s increased scale, and expected further cost reductions over time,” said Andrew Lockhart, Managing Partner at The Metric.

Company Profile

MCP Master Income Trust (the Trust) is an Australia-based investment trust. The trust, through investment in MCP Wholesale Investments Trust and other trusts, will invest in Australian corporate loans. The MCP Wholesale Investments Trust may make direct investments or invest in Wholesale Funds, which invest directly in portfolios of corporate fixed income through direct lending to Australian companies.

(Source: FN Arena)

General Advice Warning

Any advice/ information provided is general in nature only and does not take into account the personal financial situation, objectives or needs of any particular person.