What’s the best managed investment?

Co-founder of the Switzer Super Report
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Investors in Australia’s biggest Listed Investment Companies (LICs) have witnessed mixed fortunes over the last twelve months. While on paper an annual return in the range of 13.4% to 14.2% looks pretty commendable, this masks the fact that they have underperformed the benchmark S&P/ASX 200 accumulation index by 1.9% to 2.7% over this period. And if share price performance is considered (growth in share price plus dividends), they have fared even worse as the premium to NTA (net tangible asset value) has evaporated. The largest, AFIC, has returned only 8.2% on this measure over the 12 months to 31 October.

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