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11 June 2025
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2017 was a watershed year for LICs, not only because of the increase in issues, but the new features that address previous shortcomings.
Unlike managed funds and ETFs, LICs can trade at substantial premiums and discounts to the value of their underlying assets, but this is only one factor to consider when choosing a LIC.
Fee structures of LICs can vary greatly. Higher fees impact on net returns and make beating benchmarks more difficult. On the other hand, expect manager skill and outperformance to come at a higher cost.
Instead of just looking at the historical returns of a Listed Investment Company (LIC), investors should also factor in risk measures such as beta, standard deviation and the Sharpe Ratio when assessing a LIC.
The $3m super tax could be put down to the Government needing money and the wealthy being easy targets. It’s deeper than that though and this looks at the factors behind the policy and why more taxes on the wealthy are coming.
There is an alternative, simpler approach which could be used to mitigate some of the difficulties that the proposed super tax has for holders of large assets such as properties, businesses and farms in SMSFs.
Here's a detailed look at how current valuations and profit forecasts for the S&P 500 stack up versus history. The answer? Both seem excessive, making the market vulnerable to a correction or worse.
A recent ruling could change the tax payable by beneficiaries of family trusts. If the ATO has previously demanded extra payments on unpaid present entitlements in your family group, you should watch this space.
Subdividing can offer a lucrative first step into property development. Yet it comes with legal, planning and unexpected tax considerations that should be understood from an early stage to avoid surprises.
Though it may feel like this time is different, markets have shown resilience throughout history when confronted by wars, pandemics and other crises. In many cases, the best course of action has been none at all.
China has always managed its affairs in a very different way to Western countries and empires. For those concerned about China's rise as a global power, the big question is whether this approach could change.