ASX LIC Performance Comparison – Not A Happy FY19

(ASX: WGB)                                 -10.9%

(ASX:FGG)                                  -1.9%

(ASX:PMC)                                     -16.7%

(ASX:PAI)                                          -9.2%

(ASX:MIR)                                          2.0%

Not many on the list managed to beat the ASX200 for the year. For example the equivalent return there was approximately 13.4%. In fact, if I have the numbers right, I don’t think any of them beat that index. The figures above were grossed up to include the benefits of franking, likewise when I referred to the benchmark figure just then.

The average return amongst the bunch above was just under 2%. I find the returns all so underwhelming that I am questioning myself if I have made some typos. So please let me know if you think some of these are incorrect. I came across the list (i.e. which are most widely held) from a table provided by CommSec as per below. They took a look at data from SMSFs last year.


Now I haven’t had time to dissect the smaller sized LICs, yet I believe the results would look even worse!

ASX LICs discount / premium to NTA

The figures above are based off shareholder return so in many instances were dragged down by movements in the relationship between share price and NTA.

Without going back and checking, at a glance ones where the premium might have taken a hit include, WAM, WAX, FGG, PMC, PAI, MIR. Newer Wilson LICs such as WLE and WGB moved to discounts.

Part of this exercise of glancing at some of the LIC performance was to make me feel better about my own struggling portfolio!

It seems as though I run a blog about a couple of the most unfashionable areas in investing right now, LICs and value investing with more of a micro-cap focus! Don’t be surprised if when you visit this page next time it is about stocks like Beyond Meat (NASDAQ:BYND) and crypto currencies. People might be interested then.

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