LIC & LIT Listed Investment Companies - Fundamental Analysis

Ignore this post sorry.

 

Anne I have looked into Spark Line and unfortunately I can't do it. I use LibreOffice because it helps keep my MER down to 0.075% . It is free.
This is the first time I have encountered something which is in Excel that I can't do in LibreOffice.

 

According to this article you could in LibreOffice use: Insert/object/Chart

Conditional Formatting in LibreOffice Spreadsheets » Linux Magazine

I think the data you created is already very good. Sparkline is nice to have .
Thank you @jhmtaylor

 

Mirrabooka (MIR)

If you bought this one at close to NTA you will no doubt be feeling quite happy with your decision.

 

That is Linux. I use Windows. I will investigate more thoroughly and do it if I can.

 

Thanks for this one also as it is a long time holding of ours.

Yes, very happy. Although purchased it at a nice discount a long time ago. But again MIR's (Ex-50) recent sizable outperformance is a result of the recent mid / small cap bull market. It would be unreasonable to expect these returns as the norm.

Years ago I chose MIR over WAM / WAX in part based on internal management and a relatively low MER and no performance fee.

I expect WAX will also show great outperformance due to the freak mid / small cap bull market in recent times. Looking forward to @jhmtaylor's analysis of WAX as it's fees will be huge (relative to its size) no doubt in the last couple of years. It will be very interesting to see the fee impact on the bottom line!

 

For those who are interested this is how I use the above information. In this case I will compare WAM to WHF. I divide the 1 , 3 and 5 year totals by the share price premium
WAMs premium today is 1.23 and WHF is .94 (a discount)
Thus WAM 1 year return of 11.48% becomes 9.33%, WAM 3 year return of 31.81% becomes 25.86% and the 5 year return of 51.11% becomes 41.55%

THE WHF 1 year return of -4.98% becomes -5.30%, WHF 3 year return of 25.09% becomes 26.7% and the WHF 5 year return of 52.37% becomes 55.71%

Clearly with WAM if you purchased the stock without a premium your investment return has been attractive, but if you were to pay the premium the stock sells for today there is nothing special about the returns and you carry the risk of losing the premium which will occur, eventually.

In regard to WHF, the medium term return is also attractive, but the discount to NTA has enhanced it further. It carries the added advantage of stocks that have attractive returns and which are selling at a discount to NTA eventually close the gap further enhancing value.

There is nothing scientific about what I do because I am using historic data and it can't predict the future. However it can indicate capability and possible future performance. If I was to buy one of these stocks today it would be WHF.

 

Awesome info and great contribution from you.

Wondering if you have ARG on your list to do?

 

I am away on holidays but it is on the hit list.I will be back in 3 weeks..

 

Can you find out if they have any good LICs in Africa while you're there ?

Please don't get eaten whilst over there, we need our resident LIC analyst. And I thought surviving the wineries and craft brew in Stanthorpe was dangerous!

 

With the AUD at a 3 year high to the GBP I thought City of London Investment Trust would be be a good one yo look at.

 

@jhmtaylor,

Welcome back mate. Hope you had a great break and glad you weren't eaten by anything over in Africa.

 

There will be a lot of ****** people around with this one. They have raised $100'sM in new equity in recent years. Mind you it may be a worthwhile punt now on a recovery, the damage has been done. Definitely not a buy and hold proposition.

Also the accounts are not forthcoming with information important to investors Eg NTA per share is not shown, I had to calculate it. Shares on issue were not clearly stated in some years. One year I had to calculate the number of shares by dividing the total dividend by the div per share to find how many shares were on issue.

 

Thanks mate.

Yes even looking at basic NTA accumulation performance stats from the likes of Bell Potter for this one suggests it has been a poor long term performer. Imagine how bad it would look without their one big win with RHG. And $10.5 Mil in expenses last financial year. Did they really earn it? Of course your analysis goes further but the conclusion is the same. Looks like more of a case of "return of capital" rather than a "return on capital".

PS: Is the picture of that lion the one that tried to eat you but you defeated with your bare hands?

 

We were 6 metres away and fortunately he had eaten. A funny story, one morning we were out on Safari and we got out of the vehicles for smoko. After about 10 minutes someone yelled "lion" and the guides started packing up. Our tour manager yelled at the guides"Forget the f....n cups get everyone into the vehicles" After helping an old lady into one of the vehicles the lion chased the tour manager. This guy was 5'8"and obese. He ran 15 metres and dived 2 metres up into the safari vehicle without touching the side rolled over and sat up right whilst the lion was 3 metres behind. This guy was a star.
If you ever have the opportunity, South Africa, Botswana are great countries to visit and our dollar goes a long way there

 

@jhmtaylor I've got just the perfect LIC for you given the above story:

Lion Selection Group - Specialist Listed Investment Company (LIC)

I think the African lion is less risky than this one.

 

This manager has always struck me as extremely slippery.

 

He earned nearly $8M in fees last year so I think could call him "slippery rich".
Whilst he was paid the $8M, he certainly did not earn it. As I said he will have some very p....d off investors. If they had done their homework and ignored his puffery in the annual report, they would have realised 17.58% TSR over 5 years is pathetic

 

Good word for him haha. Always struck me as a little too slick....

 

Spotted prowling Martin place like a rat with a gold tooth!