Listed Investment Companies (LICs)

A Listed Investment Company (LIC) is similar to a Managed Fund. The main difference is that investors can buy and sell shares in a LIC on the Australian Securities Exchange (ASX) just like ordinary shares.

Unlike ETFs that track a benchmark, LIC managers are responsible for setting the funds objectives and selecting the investments. Often managers will set investment guidelines (i.e. only invest in companies in the S&P/ASX 200) and will aim to outperform the index by using active investment strategies.

LICs are “closed” investments, so unlike managed funds they don’t issue or cancel new shares as investors come and go. There’s a set number of securities issued and ASX investors transact LIC shares through their stockbroker just like ordinary shares.

Fees are varied but usually higher than ETFs (~1.0% -1.5% of net assets) and it’s common to have a performance fee (~20% of any returns above the specified benchmark).

As at May 2018, there’s over 80 LICs on the ASX.

IMPORTANT doesn’t provide share price data.

The best website is Market Index.
They have current ASX share prices, company charts and announcements, dividend data, directors’ transactions and broker consensus.


What type of LICs are there?

Most can be classified under four broad categories:

  1. Australian shares
  2. International shares
  3. Private equity funds that invest in unlisted investments
  4. Specialist funds that invest in special assets or sectors (e.g wineries).


Why select a LIC over an ETF?

The main reason someone would choose a LIC over an ETF is to chase Alpha (the return above a benchmark). This is achieved through the investment strategy of the fund and sometimes through the use of gearing.


ASX LICs (1 June 2020)

Excel (CSV): Download

Code Company Market Cap Weight(%)
8IH8I Holdings Ltd35,814,2000.08
8EC8IP Emerging Companies Ltd3,199,4100.01
AEGAbsolute Equity Performance Fund Ltd107,297,0000.23
ACQAcorn Capital Investment Fund Ltd47,751,6000.1
ACRACRUX Ltd26,966,2000.06
AIQAlternative Investment Trust27,678,9000.06
AMHAmcil Ltd249,279,0000.54
APLAntipodes Global Investment Company Ltd502,829,0001.09
ALIArgo Global Listed Infrastructure Ltd313,713,0000.68
ARGArgo Investments Ltd5,372,570,00011.65
ABWAurora Absolute Return Fund1,544,8500
AIBAurora Global Income Trust633,9780
AUPAurora Property Buy-Write Income Trust6,058,2300.01
AYFAustralian Enhanced Income Fund17,848,2000.04
AFIAustralian Foundation Investment Company Ltd7,371,120,00015.98
AGMAustralian Governance & Ethical INDEX Fund29,117,1000.06
ALFAustralian Leaders Fund Ltd176,537,0000.38
AUIAustralian United Investment Company Ltd1,018,130,0002.21
AIYAuthorised Investment Fund Ltd12,660,5000.03
BTIBailador Technology Investments Ltd99,516,0000.22
BHDBenjamin Hornigold Ltd17,150,2000.04
BELBentley Capital Ltd2,359,9600.01
BKIBKI Investment Company Ltd1,055,460,0002.29
BAFBlue Sky Alternatives Access Fund Ltd138,978,0000.3
BTCBTC Health Ltd24,613,2000.05
CDMCadence Capital Ltd192,707,0000.42
CINCarlton Investments Ltd645,982,0001.4
CAMClime Capital Ltd87,470,4000.19
CLFConcentrated Leaders Fund Ltd65,341,7000.14
CIEContango Income Generator Ltd62,940,4000.14
CVFContrarian Value Fund Ltd56,814,2000.12
CD1Cordish Dixon Private Equity Fund I33,941,9000.07
CD2Cordish Dixon Private Equity Fund Ii63,744,5000.14
CD3Cordish Dixon Private Equity Fund Iii79,591,4000.17
DUIDiversified United Investment Ltd900,546,0001.95
DJWDjerriwarrh Investments Ltd574,088,0001.24
D2ODuxton Water Ltd164,141,0000.36
ECPECP Emerging Growth Ltd18,867,6000.04
EAIEllerston Asian Investments Ltd126,385,0000.27
EGIEllerston Global Investments Ltd112,145,0000.24
EAFEvans & Partners Asia Fund146,949,0000.32
EFFEvans & Partners Australian Flagship Fund27,752,3000.06
EGDEvans & Partners Global Disruption Fund315,771,0000.68
EGFEvans & Partners Global Flagship Fund192,946,0000.42
ECLExcelsior Capital Ltd34,213,5000.07
FPCFat Prophets Global Contrarian Fund Ltd37,710,2000.08
FPPFat Prophets Global Property Fund17,767,1000.04
FSIFlagship Investments Ltd44,884,8000.1
FORForager Australian Shares Fund103,029,0000.22
FGGFuture Generation Global Investment Company Ltd476,833,0001.03
FGXFuture Generation Investment Company Ltd385,442,0000.84
GC1Glennon Small Companies Ltd28,102,1000.06
GFLGlobal Masters Fund Ltd19,730,6000.04
GVFGlobal Value Fund Ltd137,481,0000.3
GCIGryphon Capital Income Trust391,641,0000.85
HM1Hearts and Minds Investments Ltd681,750,0001.48
HHYHHY Fund3,646,7300.01
IBCIronbark Capital Ltd53,577,4000.12
KATKatana Capital Ltd25,913,4000.06
KKCKKR Credit Income Fund723,350,0001.57
LSFL1 Long Short Fund Ltd881,873,0001.91
LSXLion Selection Group Ltd63,059,3000.14
LRTLowell Resources Fund19,832,2000.04
MGGMagellan Global Trust2,251,400,0004.88
MHHMagellan High Conviction Trust898,493,0001.95
MOTMCP Income Opportunities Trust315,001,0000.68
MXTMCP Master Income Trust1,213,430,0002.63
MMRMec Resources Ltd2,737,8000.01
MFFMFF Capital Investments Ltd1,560,940,0003.38
MAXMillinium's Alternatives Fund5,997,2300.01
MLTMilton Corporation Ltd2,772,580,0006.01
MIRMirrabooka Investments Ltd366,847,0000.8
MMJMMJ Group Holdings Ltd27,594,5000.06
MA1Monash Absolute Investment Company Ltd46,871,4000.1
MECMorphic Ethical Equities Fund Ltd48,603,1000.11
NCCNaos Emerging Opportunities Company Ltd49,118,6000.11
NACNaos Ex-50 Opportunities Company Ltd36,933,3000.08
NSCNaos Small Cap Opportunities Company Ltd82,828,0000.18
NBINB Global Corporate Income Trust762,034,0001.65
NEWNEW Energy Solar393,976,0000.85
NGENGE Capital Ltd18,208,3000.04
OPHOphir High Conviction Fund499,999,0001.08
OEQOrion Equities Ltd872,9050
OZGOzgrowth Ltd56,506,1000.12
PGGPartners Group Global Income Fund457,979,0000.99
PIAPengana International Equities Ltd269,375,0000.58
PE1Pengana Private Equity Trust271,059,0000.59
PCIPerpetual Credit Income Trust382,319,0000.83
PICPerpetual Equity Investment Company Ltd320,004,0000.69
PAIPlatinum Asia Investments Ltd354,657,0000.77
PMCPlatinum Capital Ltd354,392,0000.77
PL8Plato Income Maximiser Ltd424,149,0000.92
PAFPM Capital Asian Opportunities Fund Ltd40,616,0000.09
PGFPM Capital Global Opportunities Fund Ltd318,758,0000.69
QRIQualitas Real Estate Income Fund313,441,0000.68
QVEQV Equities Ltd215,680,0000.47
RF1Regal Investment Fund252,473,0000.55
RYDRyder Capital Ltd73,445,9000.16
SNCSandon Capital Investments Ltd70,062,6000.15
SECSpheria Emerging Companies Ltd86,160,3000.19
SORStrategic Elements Ltd15,750,9000.03
SVSSunvest Corporation Ltd2,796,5800.01
TEKThorney Technologies Ltd64,321,3000.14
TGFTribeca Global Natural Resources Ltd79,279,2000.17
TGGTempleton Global Growth Fund Ltd233,712,0000.51
TOPThorney Opportunities Ltd100,166,0000.22
VG1Vgi Partners Global Investments Ltd858,603,0001.86
VG8Vgi Partners Asian Investments Ltd467,502,0001.01
WAAWam Active Ltd44,056,2000.1
WAMWAM Capital Ltd1,407,400,0003.05
WAXWam Research Ltd278,686,0000.6
WGBWam Global Ltd437,235,0000.95
WHFWhitefield Ltd422,321,0000.92
WICWestoz Investment Company Ltd119,256,0000.26
WLEWam Leaders Ltd865,405,0001.88
WMIWam Microcap Ltd182,285,0000.4
WQGWCM Global Growth Ltd222,735,0000.48
ZERZETA Resources Ltd40,270,0000.09


Archived Lists


How do you value a LIC?

LICs by nature seek to outperform a benchmark. As they have a set number of issued shares, the LIC price can trade at either a premium or discount to the pre-tax Net Tangible Assets (NTA) of the fund.

Over time, LICs tend to revert to their mean premium or discount, so it’s important to be aware of where in the investment cycle a LIC is trading.

According to Bell Potter, the investment cycle of a large-cap LIC (market cap > $500m) is different to a small-cap LIC (market cap < $500m).

Large Cap LICs
Tend to trade at a substantial premium to their pre-tax NTA during poor market conditions, and lower premiums during improving market conditions.

NTA for Large Cap LICs

It could be argued that investors prefer the safety of large-cap LICs during bearish conditions but consider them “low return” investments during bullish conditions.

Small Cap LICs
Tend to trade at a small discount when investors are confident and large discounts when investors are negative.

NTA for Small Cap LICs


Monthly LIC Reports - from Morningstar

Reference data - from Bell Potter