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Australian Leaders Fund Limited

Fund Manager: Watermark Funds Management
Inception Date: Feb 01, 2004

We almost fell of our chairs on Monday when we saw Listed Investment Company (LIC) Australian Leaders Fund (ALF) fall almost 10% in a single day of trade. ALF is an Absolute Return manager (meaning they can buy stocks as well as short or sell stocks), whose price generally sees much lower fluctuation than the broader market due to its long/short nature. ALF manages around $360m of funds and has fairly decent liquidity, so we knew something was up to see such a large fall in a day and dug a littl ... [More]

Already one of the most popular LIC managers with their ~$400m Australian Leaders Fund (ALF) and ~$100m Market Neutral Fund (WMK), Watermark Funds Management will soon launch a new LIC IPO for their market neutral Watermark Global Leaders Fund (WGF). Watermark are aiming to raise a minimum of $40m and a maximum of $150m (including oversubscriptions) as part of the IPO. The fund will invest in the same manner as WMK, with 50% exposure to both long and short equities, meaning no net exposure to ... [More]

Justin Braitling's Watermark Funds Management is seeking to be the next Aussie fund manager to tap the $600 billion self-managed superannuation sector with a global shares fund.  Street Talk can reveal Braitling and his team have kicked off plans for a $150 million to $200 million global equities listed investment company to be called Watermark Global Leaders Fund.  It's understood Braitling plans to market the new fund through four broking groups post reporting season, raise capital in November and list before the end of the year.  It would be the third listed investment company from the Watermark stable, joining its flagship $400 million Australian Leaders Fund and the Watermark Market Neutral Fund.  [More]

It’s official, the Australian Share Market has gone nowhere in the last 10 years. Referred to by some as Australia’s Lost Decade, the ASX 200 index closed at 5,310 on May 1 2006, and almost the same level of 5,252 on April 29 2016. What’s been missed in this comparison however is the impact of dividends on returns. Performance of shares including Exchange Traded Funds (ETFs) and Listed Investment Companies (LICs) is generally reported on their share price movements over time ... [More]

5 listed funds to outperform a falling market

Motley Fool Australia - Feb 16, 2016

With the S&P/ASX 200 now down around 20%, and markets getting cheaper by the day, right now is the best time in a long time to buy stocks. However, it also might be a good time to consider investments that can provide some diversification if stock prices continue to fall. Here are five funds to consider: [More]

2016 has certainly started with a bang. As we write this the ASX is down around 8% for the year, some advisers are telling their clients to sell everything and the most fear and panic we’ve seen for a number of years are gripping global markets. This two part series is going to look at some of the strategies and funds that can be used to protect your portfolio in these volatile times. Part 1 below focuses on Listed Investment Companies (LICs), with part 2 focusing on Exchange Traded Funds ... [More]

One of the biggest LIC IPOs of the year, Absolute Equity Performance Fund Ltd (AEG) today had its first day of trading on the ASX. Raising $100m capital, the IPO was reportedly 3-4 times oversubscribed. Whilst the fund is new, the name behind it certainly isn't.  The new fund is the latest offering by Australian funds management bohemoth Bennelong (with over $6b of funds under management), and is based on the Bennelong Long / Short Equity Fund which has reported an impressive 19.4% a ... [More]

One of the unique differences of Listed Investment Companies (LICs) compared to Exchange Traded Funds (ETFs) is their ability to trade at a significant premium or discount to their Net Asset Values (NAVs), also known as Net Tangible Assets (NTAs). What are NAVs and what do they mean? As explained in our guide to ETFs & LICs, an example helps explain the concept of NAVs and how they can vary with LICs. Let’s take a LIC called XYZ company.  Today it is trading for $0.80 per sh ... [More]

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