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Thursday, 27 January 2022
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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.
Eligibility for the Commonwealth Seniors Health Card has no asset test and a relatively high income test. It's worth checking eligibility and the benefits of qualifying to save on the cost of medications.
This is our annual checklist of what retirees need to be aware of in 2022. It is a long list of 25 items and not everything will apply to your situation. Run your eye over the benefits and entitlements.
The Warren Buffett/Charlie Munger partnership is the stuff of legends, but even Charlie admits it is coming to an end ("I'm nearly dead"). He is one of the few people in investing prepared to say what he thinks.
Depending on personal circumstances, it may be time to rethink the bias to paying down housing debt over wealth accumulation in super. Do the sums and ask these four questions to plan for your future.
Markets don't seem normal, but Magellan is criticised for its caution. Higher interest rates to control inflation could create a recession and some of today's investing will turn out a mass delusion of modern history.
Are markets on a road to recovery or a path of potholes? Leading portfolio managers were asked for the theme that most excites or worries them in the year ahead, and what they will especially watch for.