Red flags abound in the ASX LIC wastelands
Summary : While Independent Investment Research, Bell Potter, Livewire, Morningstar, the AFR, Affluence Funds Management and others continue to cover…
Consultancy services on ASX Closed End Funds (LICs, LITs) for investors seeking exits and alternatives. The mission is to eliminate almost all CEFs!
LICs & LITs Analysed
Years specialising only in ASX LICs and LITs
Rank among ASX Closed End fund investors
Conflicts of interest
Selected projects with websites are available below. To view all projects visit the Projects page.
A public blog with detailed insights and shareholder activism
I use my expert discount analysis skills to provide details and solutions regarding HM1.
The #1 analyst of ASX CEF TERs and how this affects performance and discounts.
Summary : While Independent Investment Research, Bell Potter, Livewire, Morningstar, the AFR, Affluence Funds Management and others continue to cover…
Summary : This site is about the hazards of ASX Closed End Funds (CEFs). I intentionally limited this to LICs and LITs, but there is another type of …
Summary : Closed End fund (CEF) advocates, LIC/LIT fund managers, the financial media, and even some research firms virtually always overstate ASX CE…
Summary : Of the 89 CEFs left on the ASX, three are mature private equity funds investing in mid-market U.S. companies: CD1 (2012), CD2 (2013) and CD…
Summary : As I expose on this blog, virtually all ASX Closed End Funds (CEFs) should be eliminated ; they have no defensible basis to continue existi…
Summary : Hearts and Minds Investments (HM1) is a LIC with the "highest conviction equities from leading Australian fund managers, with all fe…
Summary : Martin Luther famously nailed to the door of the Wittenberg Castle church his 95 theses making the case against the Catholic church sellin…
Summary : WAM Leaders (WLE) is the largest Wilson Asset Management LIC ($1.7b market cap). It very actively (300% turnover) invests in large cap ASX…
Summary : Australia's compulsory retirement saving system (aka superannuation, super) requires that 11% of employee earnings each year are invest…
Summary : If you search for ASX LICs or LITs, you'll find few websites with any significant coverage these days, as the CEF sector dies off . The…
Summary : In June 2021, Wilson Asset Management raised $225m for its 8th LIC: WAM Strategic Value (WAR). Its strategy being to capitalise on discoun…
Summary : Vgi Partners Global Investments (VG1) launched its $550m LIC in Sep 2017. In part this was off the back of some high profile short-selling …
Summary : Since the July 2020 ban on selling commissions , over 34 ASX Closed End Funds (CEFs) have been delisted . Several more are on-route. Only 5…
Summary : More than half of the market cap of the entire ASX Closed End Fund sector is in about 15 LICs (AFI, ARG, WAM, WLE, BKI, AUI, DUI, PL8, DJ…
Summary : PM Capital Global Opportunities Fund ( PGF ) is Paul Moore's global equities LIC that listed in Dec 2013. PGF has slightly exceeded VT…
Summary : Argo Global Listed Infrastructure (ALI) is a $376m LIC managed by Argo Investments, best known for its $6.5b ARG LIC. Since 2015, its gener…
Summary : With invested assets over $8.5 billion, the Australian Foundation Investment Company (AFI) is the 800 pound Closed End Fund gorilla on the…
Summary : Australian Closed End Funds (CEFs) are virtually all destined to underperform cheap index funds in the long run. Hence, it is no surprise t…
Summary : Plato Income Maximiser (PL8) actively invests in Australian shares to generate a high, reliable dividend yield which is fully-franked. Pla…
Summary : Pengana Private Equity Trust (PE1) is a diversified portfolio of mostly U.S. (~13% Europe, 7% Asia) private equity investments managed by…
Summary : The incorrect but common understanding of Closed End Fund (CEF) costs is that there is a base Management Fee of 1-1.5% of "Net Asse…
Summary : Tribeca Global Natural Resources (TGF) has an "active long short investment strategy that seeks to profit from from the inherent vola…
Summary : Hearts and Minds Investments (HM1) is a LIC with the "highest conviction equities from leading Australian fund managers, with all fee…
Summary : Regal Funds Management and Phil King have risen swiftly in recent years as a leading alternatives and hedge fund manager. The RF1 LIT is …
Summary : ASX CEFs have existed for decades with their myriad ripoffs, pitfalls and leakages. No government agency effectively monitors and reforms t…
Summary : Wilson Asset Management's LIC funds long-run outperformance figures are a fantasy . In this post, I reveal the true performance of WAM …
Summary : The active management industry can talk endlessly about finding an outperforming manager because this already assumes that this is actually…
Summary : Geoff Wilson popularized "buying a dollar for 80 cents" regarding ASX CEF discounts, and this misleading and simplistic phrase ra…
Summary : LSF is a genuine long short fund, with very high gross exposure, considerable portfolio turnover, and it often diverges significantly from …
Summary : It's not well understood, but the majority of ASX CEFs only came into existence due to selling fees (typically 1-2%) paid to financial …
Summary : Geoff Wilson consistently claims it is straightforward for ASX LICs to trade near or even above NTA: they just need to perform well, commun…
Summary : Contrary to the claims of ASX Closed End Fund (CEF) boosters, the industry is destined to shrink over time. Until now, the protaganists for…
Summary : The ASX is plagued with massively underperforming CEFs at huge discounts but little shareholder activism to wind them up and extract the NA…
Summary : At 30th June 2023 , you could buy $1 worth of Salter Brothers Emerging Companies LIC (SB2) assets for just 73c. Geoff Wilson says buying a …
I track 84 LICs and LITs on this site: ACQ, AFI, ALI, AMH, ARG, AUI, BKI, BTI, CAM, CD1, CD2, CD3, CDM, CDO, CIN, DJW, DUI, ECP, FGG, FGX, FOR, FPC, FPP, FSI, GC1, GCI, GFL, GVF, HCF, HM1, IBC, KAT, KKC, LRT, LSF, LSX, MEC, MFF, MGF, MIR, MOT, MXT, NAC, NBI, NCC, NGE, NSC, OPH, PAI, PCI, PE1, PGF, PGG, PIA, PIC, PL8, PMC, QRI, QVE, RF1, RG8, RYD, SB2, SEC, SNC, TCF, TEK, TGF, TOP, TVL, VG1, WAA, WAM, WAR, WAX, WGB, WHF, WLE, WMA, WMI, WQG, ZER