FY24 LIC & LIT Review

LiveWire10-04

With the FY24 results season all wrapped up in the attached report we take a look at the key news flow for the September as well as provide a review of results for LICs and LITs for the FY24 period. ...

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The local market  was up 12.5% with large cap stocks leading the way. Small cap stocks were up 9.3% while micro cap stocks  lagged its large and small cap counterparts returning 5.3%. The positive markets saw returns across the LIC and LIT market as a whole improve, with an average NTA/NAV return of 8.0%, up from 7.6% in FY23.The number of LICs and LITs declined in the FY24 period, through consolidation and the restructure of some vehicles as investors became impatient with underperforming vehicles. As at 30 June 2024, there were 87 LICs and LITs on the ASX, down from 90 as at 30 June 2023. While the number of LICs and LITs was down, the total market cap actually increased over the period.Regal Partners Limited  made a play for Platinum Asset Manage","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","CAM.AU":"CLIME CAPITAL LTD","BK4588":"碎股","LIT":"Global X Lithium & Battery Tech ETF","SEC.AU":"SPHERIA EMERGING CO LTD","PGF.AU":"PM CAPITAL GLOBAL OPPORTUNIT","BK7062":"资产管理与托管银行","LSGE.AU":"LOOMIS SAYLES GLOBAL EQT QMF","RPL.AU":"Regal Partners Limited","PTM.AU":"PLATINUM ASSET MANAGEMENT"},"translate_title":"2024财年LIC和LIT评论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CAM.AU":1,"LIT":1,"LSGE.AU":1,"PGF.AU":1,"PTM.AU":1,"RPL.AU":1,"SEC.AU":1},"content_text":"With the FY24 results season all wrapped up in the attached report we take a look at the key news flow for the September as well as provide a review of results for LICs and LITs for the FY24 period. For each of the categories we take a look at the NTA/NAV and share/unit price performance as well as the dividend/distributions declared. Note the NTA data used to calculate returns is after tax on realised tax on realised gains but before tax on unrealised gains. \nEquity markets had another strong year in FY24, driven by the global market with the MSCI World Index, Net, AUD rising 19.8%, following on from the 22.4% increase in the FY23 period. The local market (ASX All Ordinaries Accumulation Index) was up 12.5% with large cap stocks leading the way. Small cap stocks were up 9.3% while micro cap stocks (represented by the ASX Emerging Companies Accumulation Index) lagged its large and small cap counterparts returning 5.3%. The positive markets saw returns across the LIC and LIT market as a whole improve, with an average NTA/NAV return of 8.0%, up from 7.6% in FY23.\nFrom a dividend/distribution perspective, investors fared well, with more than 50% of LICs and LITs increasing the ordinary dividend/distribution for the FY24 period and 72% of vehicles either maintaining or increasing their ordinary dividend/distribution on the prior year. Further to this, by and large LICs had a healthy level of dividend coverage providing the ability for many LICs to maintain the dividend in the event of a period of market weakness.  \nThe number of LICs and LITs declined in the FY24 period, through consolidation and the restructure of some vehicles as investors became impatient with underperforming vehicles. As at 30 June 2024, there were 87 LICs and LITs on the ASX, down from 90 as at 30 June 2023. While the number of LICs and LITs was down, the total market cap actually increased over the period.  \nThe key news items for September include:\n1) Clime Capital Limited Announces SPP\nClime Capital Limited (ASX: CAM) announced a Share Purchase Plan (SPP) on 16 September 2024. Under the SPP, eligible shareholders will be able to acquire up to 37,000 new shares at a price of $0.81 per share. The issue price represented a 0.61% discount to the share price and NTA at the close of trading on the day prior to the announcement (13 September 2024).\nThe SPP is scheduled to close on 7 October 2024 with new shares issued under the SPP eligible for the September quarter dividend, which is scheduled to be paid on 25 October. If fully subscribed, 43.68 million new shares will be issued. \nThe purpose of the SPP is to grow the Company’s assets to gain additional access to market opportunities. The Company’s increased size is expected to reduce the fixed expense ratio of the Company. The proceeds raised from the SPP will be invested in accordance with the Company’s investment strategy. \n2) Regal Makes a Play for Platinum\nRegal Partners Limited (ASX: RPL) made a play for Platinum Asset Management Limited (ASX: PTM) during the month, with a non-binding, indicative proposal to acquire all of the shares in Platinum via a scheme of arrangement. Under the proposal, Platinum shareholders would receive 0.274 Regal shares for each Platinum share held and a fully franked special dividend of A$0.20 per Platinum share, with the proposed special dividend to be paid by Platinum from its own cash reserves. \nBased on the share price of Regal prior to the announcement, the proposal had an implied value of $1.10 per Platinum share, which was a premium to the Platinum share price prior to the announcement.\nAfter considering the proposal, the Platinum Board has rejected the proposal in its current form, however remains open to considering other proposals from Regal or other parties but will only progress with any such proposals if they are on terms that deliver and recognise appropriate value for Platinum shareholders. \nPlatinum’s share price has been in a steady state of decline over the last 10 years with the share price decline accelerating since June 2021 as the continued relative underperformance of the strategies saw a continuous outflow in FUM. This dynamic has been a contributor to the persistent discounts at which the LICs managed by Platinum have traded (PMC and PAI). The two companies have recently announced their intention to convert the shares of the two LICs into units of the relevant ETMFs currently trading on the ASX to allow shareholders to redeem their investment at NAV.\n3) Pengana Global Private Credit Trust Raises Capital\nPengana Global Private Credit Trust (ASX: PCX) raised $11.9 million from a placement to wholesale investors during the month. The placement comes just a few months after the trust listed. \nThe trust issued 5.9 million new units at $2.0227 per unit under the placement which was around the NAV of the trust as at 31 August 2024.\nThe CEO of Pengana Credit, Nehemiah Richardson stated “the Placement was targeted at a very small group of investors who were unable to participate in the IPO.” Following the placement, PCX has 84.2 million units on issue.\n4) Ben Skilbeck Stands Down from PGF Board\nDuring the month, PM Capital Global Opportunities Fund Limited (ASX: PGF) announced that Ben Skilbeck will not be standing for re-election and will retire as a director effective at the conclusion of the 2024 Annual General Meeting for the Company. \nBen has been a director of PGF since 2015 and was the CEO of the Investment Manager until June 2024. The resignation comes after the appointment of Michael Ryan as an independent, non-executive director in August 2024. Michael is a highly accomplished director and executive with extensive experience in domestic and international capital markets. Before moving into board and board advisory roles. \n5) Reminder of SEC Conditional Proposal\nDuring the month, Spheria Emerging Companies Limited (ASX: SEC) reminded the market of the Conditional Proposal that was announced in January. If the average of the daily discount is greater than 5% over the December quarter, the Company intends to pursue a conversion of SEC shares for units in the Spheria Australian Smaller Companies Fund. The Conditional Proposal was part of the initiatives to address the discount at which the company had traded.\nThe Company will provide a running calculation of the average discount with its monthly NTA calculations to keep investors informed. \nA combination of an improved dividend and the Conditional Proposal has seen the discount to NTA narrow materially since the announcement in January. The prospect of the conversion to an unlisted unit trust is expected to provide support for the share price, however in the event the discount widens and the share price trades at an average discount of greater than 5% there will be an arbitrage opportunity for investors.  \n6) Loomis Sayles Global Equity Fund Changes the Team & Reduces Fees\nOn 12 September Loomis Sayles Global Equity Fund (ASX: LSGE) announced it was making changes to the team managing the portfolio and a reduction in the fees. \nEffective 14 October 2024, the Fund will be managed by the Loomis Sayles Growth Equities Strategies team, led by Founder, CIO and Portfolio Manager, Aziz Hamzaogullari. While the Fund will continue to have a long only global equities mandate and the investment objective will remain unchanged, as a result of the changes to the investment team responsible for managing the portfolio there will also be a change in the investment philosophy and style.\nThere is likely to be a large amount of turnover in the portfolio as a result of the change in the investment team. The portfolio will be more concentrated with the portfolio comprising 35-45 securities moving forward. This compares to a portfolio of 35-65 securities previously. \nThe Fund will invest in securities that it believes have high-quality characteristics and durable growth with attractive valuations. The Fund will source opportunities through its global value chain analysis, which helps the investment team understand how an industry creates value and identify companies that capture that value. The Fund will continue to focus on large cap companies, however can invest in companies with a market cap of US$500 million+.\nThe management fee will be reduced from 0.99%p.a. to 0.75%p.a. of the net assets of the Fund (inclusive of GST).  \n\n \n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472675942"}