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 October 2018)

Excel (CSV): Download

Code Company Market Cap Weight(%)
8IH8I Holdings Limited Chess Depositary Interests 1:147,260,4000.11
8EC8IP Emerg Co Limited34,865,4000.08
AEGAbsolute Equity Perf123,036,0000.29
ACQAcorn Cap INV Fund66,152,8000.16
AIQAlternative Invest Ordinary Units FP11,178,4000.03
AMHAmcil Limited247,179,0000.59
AYZAmyf Five Limited54,596,2000.13
AYKAmyf Four Limited19,917,9000.05
APLAntipodes Global INV475,926,0001.14
ALIArgo Global Limited273,124,0000.65
ARGArgo Investments5,652,910,00013.53
ABWAurora Absolute Ordinary Units FP3,006,8400.01
AIBAurora GLB Trust Ordinary Units FP1,607,0900
AUPAurora Property Ordinary Units FP5,140,7900.01
AYFAustralian Enhanced Units FP19,509,2000.05
AFIAustralian Foundat7,438,260,00017.8
ALFAustralian Leaders286,150,0000.68
AUIAustralian United in1,055,450,0002.53
AGMAustraliangovernance Ordinary Units FP44,291,6000.11
BTIBailador Tech INV108,223,0000.26
BSTBarrack ST Invest18,867,6000.05
BHDBenjamin Horngld Limited17,150,2000.04
BELBentley Capital Limited7,612,7900.02
BSNBisan Limited519,4220
BKIBKI Investment Limited1,113,120,0002.66
BAFBlue Sky Alt Access185,742,0000.44
CDMCadence Capital385,948,0000.92
CINCarlton Investments889,020,0002.13
CBCCBG Capital Limited25,221,4000.06
CYACentury Australia91,912,1000.22
CAMClime Capital86,777,8000.21
CMICMI Limited46,580,5000.11
CLFConcentrated Leaders76,925,0000.18
CIEContango Inc Gen Limited95,628,1000.23
CVFContrarian Valfd Limited80,123,0000.19
CD1Cordish Dixon Pef I Ordinary Units FP66,323,3000.16
CD2Cordish Dixon Pef Ii Ordinary Units FP118,659,0000.28
CD3Cordish Dixon Pefiii Ordinary Units FP110,924,0000.27
DUIDiversified United871,256,0002.09
D2ODuxton Water Limited123,233,0000.29
EFFE&P Aus Flagship Ordinary Units FP32,843,0000.08
EGDE&P GBL Disruption Ordinary Units FP268,504,0000.64
EAIEllerston Asian115,523,0000.28
EGIEllerston Global INV118,934,0000.28
EGFEvans & Partners Ordinary Units FP192,869,0000.46
EAFEvanspartnersasiafnd Ordinary Units FP153,649,0000.37
FPCFat Prophets GBL Limited41,353,3000.1
FSIFlagship Investments46,032,4000.11
FORForager Aust SHS FND Ordinary Units FP163,547,0000.39
FGXFuture Gen Limited469,054,0001.12
FGGFuture GLB Invest Co410,116,0000.98
GC1Glennon SML Co Limited47,589,5000.11
GFLGlobal Masters Fund21,875,2000.05
GVFGlobal Value FND Limited159,779,0000.38
GCIGryphon Capital Ordinary Units FP172,670,0000.41
HMLHenry Morgan Limited60,998,5000.15
HHYHHY Fund Ordinary Units FP5,698,4900.01
IPEIPE Limited10,444,4000.02
IBCIronbark Capital Limited69,315,6000.17
KATKatana Capital33,387,1000.08
LSFL1 Long Short Fund1,096,980,0002.63
LSXLion Selection Group45,040,5000.11
LRTLowell Res Fund Ordinary Units FP15,524,7000.04
MGGMagellan Glob Trust Ordinary Units FP1,835,730,0004.39
MXTMCP Master Income Ordinary Units FP752,666,0001.8
MVTMercantile Invest50,526,0000.12
MFFMFF Capital INV Limited1,547,250,0003.7
MAXMillinium Alt Fund Ordinary Units FP7,916,3400.02
MLTMilton Corporation3,078,650,0007.37
MIRMirrabooka Invest423,021,0001.01
MA1Monash Absolute41,839,9000.1
MECMorphic Eef Limited46,890,7000.11
NCCNaos Emerg Opp76,978,9000.18
NACNaos Ex-5053,062,3000.13
NSCNaos SMLCAP Com Limited134,352,0000.32
NGENGE Capital Limited24,256,6000.06
OEQOrion Equities2,850,3000.01
OZGOzgrowth Limited62,375,3000.15
PIAPengana Int EQU Limited286,097,0000.68
PICPerpetual Equity Limited295,154,0000.71
PAIPlatinum Asia Limited431,794,0001.03
PMCPlatinum Capital Limited535,569,0001.28
PL8Plato Inc MAX Limited304,035,0000.73
PAFPM Capital Asian Ops65,324,1000.16
PGFPM Capital Fund454,428,0001.09
QVEQV Equities Limited319,622,0000.76
RYDRyder Capital Limited51,271,8000.12
SNCSandon Capital Limited46,982,4000.11
SECSpheria Emerging Co121,729,0000.29
SVSSunvest Corporation2,918,1700.01
TGGTempleton Global311,808,0000.75
TOPThorney Opp Limited147,624,0000.35
TEKThorney Tech Limited61,768,5000.15
URBURB Investments Limited72,435,0000.17
VG1Vgi Partners Global694,057,0001.66
WAAWam Active Limited49,943,6000.12
WAMWAM Capital Limited1,657,540,0003.97
WGBWam Global Limited461,305,0001.1
WAXWam Research Limited319,349,0000.76
WDEWealth Def EQU Limited117,872,0000.28
WGFWmark Global Fund71,023,4000.17
WHFWhitefield Limited412,099,0000.99
WICWestoz INV Limited153,232,0000.37
WLEWam Leaders Limited847,360,0002.03
WMIWam Microcap Limited207,424,0000.5
WMKWatermark Fund Limited72,693,5000.17
WQGWCM Global Growth100,689,0000.24
ZERZETA Resources Limited83,318,0000.2


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