LIC & LIT Listed Investment Companies (LICs) Q1 2018

Discussion in 'Shares & Funds' started by The Falcon, 1st Jan, 2018.

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  1. Nodrog

    Nodrog Well-Known Member

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    I know that but it’s still dispicible. He’s just jealous that that the LIC thread is one of the most popular:). Those property types are a vindictive lot. Shame, shame, shame on them:p.
     
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  2. Heinz57

    Heinz57 Well-Known Member

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    No, the Brisbane Looks Good thread has been similarly dissected! Equal treatment for property investors
     
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  3. SatayKing

    SatayKing Well-Known Member

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  4. IrishDigger

    IrishDigger Well-Known Member

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    Anyone holding EVE?

    Eve Investments

    It states that it is an LIC but I never see it get a mention in any of the LIC Reports.

    Just wondering.

    Cheers

    IrishDigger
     
  5. Nodrog

    Nodrog Well-Known Member

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    Same to you:):

    64FC3638-813C-4BC6-9623-FC660E62727F.jpeg
     
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  6. turk

    turk Well-Known Member

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    NO, it's AGRO

    [​IMG]
     
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  7. Nodrog

    Nodrog Well-Known Member

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    Dunno. EVE only has market cap of $30 Mil so on the small side which makes for an expensive fund generally. Perhaps Bailador with market cap of $116 Mil and Milner family support could be a better option?:

    DF3F084B-668E-4337-AB48-95A012598F55.jpeg

    10AA9B1D-352A-4775-ACBA-FE96E1BC154D.jpeg
     
  8. Nodrog

    Nodrog Well-Known Member

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    Nodrog says GRA.
     
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  9. SatayKing

    SatayKing Well-Known Member

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    Cruel, very cruel. Go get 'im and peck 'im chookies.
     
  10. Nodrog

    Nodrog Well-Known Member

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    Bloody chooks. They’re forever screaming their guts out for more food. Not just any food but essentially a gourmet salad including boiled eggs, flaxseeds and cider vinegar for dressing. It’s Getting to the stage where I’m going to have to setup a Share Portfolio just for the chickens to cover their food and medical expenses. And one of them’s got a viral infection again. So $78 to buy more antibiotics from the vet yesterday. Damn pharmaceutical scheme doesn’t cover chickens. Discrimination I say. Bloody hell life can be tough at times:).
     
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  11. dunno

    dunno Well-Known Member

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    You're not trying to put me in a box are you Nodrog.

    [​IMG]

    Hell No, I won't go.
     
  12. Nodrog

    Nodrog Well-Known Member

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    :confused:. Not sure I understand. It was a genuine question. My memory is not the best nowadays but outside of your direct share holdings I got the feeling you favoured the Index approach for fund Mgrs?

    And I considered you far more knowledgeable and analytical than me when it comes to Shares. Hence I’m very curious which LICs were good enough to be worthy additions to your portfolio. Of course I fully understand if you don’t wish to share:).
     
  13. dunno

    dunno Well-Known Member

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    International exposure for me is passive via ETF’s. I dunno enough to warrant any other strategy.

    Australian Passive – I’ve pretty much settle on building a portfolio of direct shares to be held passively. Try to add some active value in the selection and timing of purchases, but looking for quality, enduring companies that will justify their position in the portfolio on free cash flow.
    Buy right – Hold Tight.

    But I’m also dabbling in LIC’s. Interested in only those that are low cost and Invest the way I intend too – ie low turnover of decent companies. Only buy them at a discount. Have only purchased parcels in CIN and DUI to date

    I (at this stage) don’t think I will every want to give up managing my own direct portfolio. But then a lot of people seem to get to a stage where they don’t want direct shares anymore, so part of the dabbling in LIC’s is to know them better if I ever change my mind as I age. (I always retain my right to change [or lose] my mind)

    There are a few LIC’s that seem viable low-cost alternatives to ETF’s for our market if one can have faith in the managers to stay slothful and respect the value of the shares they issue.
     
    Last edited: 12th Jan, 2018
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  14. Nodrog

    Nodrog Well-Known Member

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    Very interesting. Peter Thornhill spent his life working for Fund Mgrs including Perpetual so he knew exactly what went on. When he left the industry he was free to speak his mind.

    Your comment below pretty much sums up his investing philosophy:
    Curious about your selection of CIN. Sort of investing along side Alan Rydge with this one. The lowest cost LIC available and nearly always at a discount due to substantial Holding in EVT. No surprise though given the Rydges connection. The large holding in EVT doesn’t put you off this one given CIN is in no small way a bet on EVT? If you like EVT however it’s certainly a way to get it at a discount.

    Another interesting Holding in CIN’s Portfolio is GOW. GOW is also a LIC which has been around a very long time (originally started business in 1868:eek:) but not many know about it. Pretty much still run like a family business and tightly held. It’s quite an intriguing LIC with an unusual mix of stocks, commercial property and private equity etc:

    Investment Portfolio - Gowings

    DUI just like it’s stable mate AUI also fall into the slothful category. But some very wise old heads running these. The main difference as you would know is DUI’s International Allocation (at times). I’m surprised AUI / DUI haven’t merged overtime given they are a lot more similar now then when DUI was listed later on down the track after AUI.

    Much appreciate your post. Thanks.

    Oh and as for giving up on direct shares in recent years “losing my mind” is probably the main reason:D.
     
    Last edited: 12th Jan, 2018
  15. SatayKing

    SatayKing Well-Known Member

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    19 Feb: PIC, ALI
     
  16. Nodrog

    Nodrog Well-Known Member

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    SK, a man of few words:cool:.

    Ya gonna make the Trust Mgr read ALI report from start to finish and have him / her sit exam afterward:).
     
  17. SatayKing

    SatayKing Well-Known Member

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    FYI NMP
     
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  18. dunno

    dunno Well-Known Member

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    Watching the market psychology with interest at the moment.

    Last time we witnessed widespread pricing exuberance it was centred around the dot com companies and arose out of a buoyant technology driven US economy. This time it’s crypto currencies and the technology exposed US economy is once again very buoyant.

    So, what potentially happens when cryptocurrencies

    [​IMG]


    Well this is what happened three years either side of the Dot Com top.

    upload_2018-1-15_11-32-1.png

    Those that are directly exposed (represented by the red Nasdaq last time) had the biggest run up and the biggest fall.

    The technology economy (represented by the white S&P 500) which had benefited the most from elevated sentiment and price multiples feels the slow down fairly quickly after the dotcom top and reprices over the next couple of years.

    Our mainly resource driven economy (represented by the yellow XAO) which basically missed all the excitement eventually catches a bit of mild contagion from the broader US downturn and gives up about 20%.

    History doesn’t repeat itself but it often rhymes. Human psychology sees to that in markets.

    "Double, double toil and trouble; Fire burn and cauldron bubble".

    Sorry not a lot to do with Lic’s directly, but just wanted to post a historical observation of how our boring investments might be effected, without engaging/enraging cryptocurrency “investors” by posting on a cryptocurrency thread.
     
    Last edited: 15th Jan, 2018
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  19. qak

    qak Well-Known Member

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    I'm just looking at a Lonsec research report where it has rated AFI/DJW/MIR/AMH - for all four of them it expresses some caution as Ross Barker is retiring as CEO .. are these LICs all related/under the same management?
     
  20. PropStar

    PropStar Active Member

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    Speaking of MIR, looking at the financial statements, their payout ratios have been >200% for 5 years. Last year their EPS was 4.8c, but they paid a dividend of 14c. And it's been like that for years. Surely that can't continue. Or am I missing something?
     
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