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Wednesday, 29 September 2021
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The Listed Investment Company structure is under siege, but for the right type of asset and manager, it still carries strong appeal. Every LIC should review whether it has a genuine reason to exist in this form.
A comprehensive review of dozens of LICs shows how they performed in the crucial 'peak to peak' of COVID. This 14 months tested the mettle and strategies of a sector often under fire, with many strong results.
Until 2018, LICs and LITs dominated ETFs, much like the Star Wars franchise was the most lucrative in the world until Marvel came along. Now ETFs are double their rivals, just as Marvel conquered Star Wars.
Some LICs have recently paid out more in dividends than their net profit as they have the ability to tap their retained profits and reserves. Others reduced dividends to ease the burden on cashflow and balance sheets.
A long-time advocate of the merits of generating income by investing in industrial companies rather than bonds or deposits checks his 'mothership' chart for the latest results, and continues to feel vindicated.
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?
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.
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.
The Treasurer has announced a public consultation into whether advisers can accept selling fees on LITs and LICs to address potential conflicts and compliance with best interests duties.
Around $4 billion of listed bonds funds have filled a market that did not exist a couple of years ago, and more are coming. They are each buying different assets and promising varying returns.
This exclusive early access to IIR's Monthly Report includes the latest recommendations on global LICs, and a summary of the Active ETFs listed on the ASX. There's now a lot of choice in global listed funds.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
The survey drew a fantastic 2,000 responses with over 1,000 comments and polar opposite views on what is good policy. Do most people believe the home should be in the age pension asset test, and what do they say?
Critics of franking credits are missing the main point. The taxable income of shareholders/taxpayers must also include the company tax previously paid to the ATO before the dividend was distributed. It is fair.