Usually, it’s the chance to buy $1 worth of assets for 80¢ that makes listed investment companies so attractive.
“We made a point of it, but it just hasn’t really responded,” he tells Chanticleer, noting that AFIC takes no benefit from the premium, and must pay up when it buys stock for its employee incentive plan. AFIC’s portfolio at June 30 is heavy on so-called quality companies that have strong profitability, impregnable balance sheets and long track records. This is the bluest of the blue chip – the four major banks, BHP and Rio Tinto, CSL, Transurban, Macquarie Group, Wesfarmers, Woolworths, Coles and Amcor round out the top 10 holdings, and account for a tick over 50 per cent of the LIC’s total portfolio.
That’s certainly the view of Daryl Wilson, CEO and portfolio manager at Affluence Funds Management, which runs a dedicated LIC fund that hunts undervalued ASX LICs.
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