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Wednesday, 2 December 2020
Recently trending Welcome to Firstlinks Edition 383Five ways the Retirement Review points to new policiesGraeme Shaw on why investing is at a pivotal momentRetirement Review gives strong views on hoarding of super11 key findings on retirement dreams during the pandemic
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The boards and managers of six high-profile LICs, frustrated by their shares trading at large discounts to asset value, have embarked on radical strategies to fix the problems. Will they work?
Australian investors usually turn to local shares to generate fully franked dividends, but it is possible for a global equity fund to have the same mandate in a broader universe of stocks.
Running a fund should not become a gravy train for boards and investment managers. It is time to address the persistent discounts to NTA on LICs, and there is one especially exciting new structure.
Why invest in an unlisted fund by a well-known, experienced fund manager when the equivalent listed fund is offered at a substantial discount? Maybe there's a structural problem to fix here.
Treasury has finally banned commissions paid to brokers and advisers on LICs and LITs but the exemption from FoFA rules remains for other listed products in the 'real' economy, whatever that is.
The net tangible assets of a LIC should show its real value and sounds simple to calculate. So why is there a great disparity in the methods, and what does tax have to do with it?
Retail investors in fixed interest LITs now realise some structures were not the defensive portfolios they expected, but have prices reached value? Plus it's time to act on stamping fees.
The arguments on whether advisers can accept selling fees on LICs and LITs is heating up as lobbyists work both sides of the fence. Your input to our survey will give Treasury some useful data.
The LIC/LIT stamping fee issue is hotting up, as the Federal Treasurer sets up a snap 'public consultation' to help him. Take our survey and we will present the conclusions to Josh Frydenberg.
Advisers accepting selling fees to push LICs and LITs (and hybrids) has become an industry flashpoint. The heated debate is overlooking crucial points which must be addressed in any final resolution.
Internal emails from the regulator released under an FOI request reveal warnings about advice conflict when selling fees are paid on LICs. Investors need to understand the consequences of the debate.
One of the downsides of Donald Trump commanding the headlines is that we skim over other significant issues. For example, few Australians read the China Daily News or coverage of its contents, missing official statements that are terrifying hundreds of Australian producers. China says Australia will 'pay tremendously' for its recent lack of respect.
The Retirement Income Review goes much further than an innocent-sounding 'fact base', and is sure to guide policies in the run up to the next election. It will change how we think about retirement incomes.
Company profits have not improved for many years but higher valuations have been driven by falling rates and excess liquidity. Conditions do not suit a value and contrarian manager but here are some opportunities.
The Review includes some profound findings, most notable that retirement income should include drawing down far more capital. Expect post-retirement products to proliferate under a Retirement Income Covenant.
A mid-pandemic survey of over 1,000 people near or in retirement found three in four are not confident how long their money will last. Only 18% felt their money was safe during a strong economic downturn.
Banks severely cut dividends in 2020 but are expected to improve payments in 2021. History provides clues to when the banks will return to their 2019 levels of profitability, but who is positioned the best?