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Perpetual Investment Company

Fund Manager: Perpetual
Inception Date: Dec 01, 2014

Higher performance fees and a stronger equity market have lifted Perpetual's first-half results, the last for chief executive Geoff Lloyd, who hinted that another listed investment company is on the way. Mr Lloyd leaves the company in June after his departure was flagged in November 2017, and the board is still looking for his successor. "It's been a terrific ride," he said. First-half net profit rose 3 per cent to $68.1 million and the interim dividend rose 4 per cent to $1.35 a share, fully franked. The payout is flat versus last year's final dividend and will be paid on March 26. Invited to speculate over the future of long-term retail funds management, Mr Lloyd warned: "If you don't stay relevant, you're not going to survive". [More]

Perpetual LIC posts $31.8 million profit

Investor Daily - Aug 21, 2017

Perpetual Equity Investment Company has posted a strong net profit after tax for 2016-17, up 318 per cent on last year’s $7.6 million profit. The Perpetual Equity Investment Company (PIC), launched by the fund manager in October 2014, has continued its strong growth with $31.8 million profit for 2016-17. The LIC also announced it will pay shareholders a final dividend of 2.5 cents per share fully franked, bring the total dividend for the year to 4.7 cents – up 68 per cent on the previous year. PIC portfolio manager Vince Pezzullo said the portfolio produced returns of 17.4 per cent for shareholders, after management fees and operating expenses, outperforming the fund's benchmark (the S&P/ASX300 Accumulation Index) by 3.6 per cent. [More]

Perpetual LIC first half profit up 76%

Investor Daily - Feb 21, 2017

The Perpetual Equity Investment Company has reported a net profit after tax of $22.7 million for the six months to 31 December 2016. Perpetual announced an increased profit and dividend for the Perpetual Equity Investment Company (PIC) in the first half of the 2016-17 financial year. The LIC’s net profit after tax ($22.7 million) was up 76 per cent on the prior corresponding period. When it came to portfolio performance, PIC returned investors 11.2 per cent for the six-month period, outperforming its benchmark by 0.8 per cent. PIC portfolio manager Vince Pezzullo said the company has taken advantage of buying opportunities created by market volatility. [More]

Fund managers are divided on whether listed investment company disclosure requirements are sufficient, as some LICs wait a full two weeks after the end of the month to update investors even though daily pricing is within reach of most managers. Under ASX listing rules, LICs have 14 calendar days after the end of each month to disclose their net tangible asset (NTA) backing, which is the industry's standardised measure for what a LIC portfolio is worth. Many LICs are taking full advantage of the ASX's reporting window and waiting until the final day to comply. It's a practice that LIC analyst Peter Rae from Independent Investment Research describes as "antiquated" given that many managers voluntarily report weekly pricing to the ASX and sometimes daily pricing online. [More]

Record low interest rates have pushed investors to pay irrationally high prices for high-yield stocks, such as the big four banks, utilities and real estate trusts, said Perpetual's Vince Pezzullo.  ‚Äč"Low rates are driving people to be yield hunters and that is very dangerous," Mr Pezzullo said.  "The prices of some yield stocks - like real estate trusts - have been bid up to premiums around 30 per cent to 40 per cent times net tangible assets. In these terms valuations are more expensive than those seen before the global financial crisis."  Perpetual Equity Investment Company (PIC) is currently holding 20 per cent of its portfolio in cash, ready to deploy into the local sharemarket if prices drop.   [More]

Perpetual Investment Company has ridden out the sharemarket slump to post a $17.3 million profit for its first full term half-year result. PIC, which was launched in August 2014, held 35 per cent of its $250m investment portfolio in cash and international equities, focusing the remainder on a focused portfolio of local equities including BlueScope Steel and Woolworths. The listed investment company returned 6.7 per cent for the year, 7.1 per cent ahead of its benchmark, the S&P /ASX 300 accumulation index. It will pay a 0.8c a share dividend PIC’s portfolio manager Vince Pezzullo said the result had been helped by the flexibility in its mandate, which allows it to move up to 25 per cent of the net asset value into cash to manage periods of high volatility. [More]

Perpetual posts strong profit

Money Management - Feb 19, 2016

Perpetual Equity Investment Company (PIC) has posted an operating profit after tax of $12.9 million for the six months to 31 December 2015. PIC's report said its portfolio delivered investors regular income and strong growth in the face of low interest rates and increased market volatility. Portfolio performance for the said period was at 6.7 per cent, outperforming the benchmark by 7.1 per cent, the report said. [More]

Management confidence key to investing: Perpetual

Sydney Morning Herald - Feb 19, 2016

Perpetual Equity Investment Company (PIC) has had a good year. It gained  6.7 per cent during the six months to December and outperformed the  S&P/ASX300 Accumulation Index by 7.1 per cent. Over the year, the LIC had beaten its benchmark by around 11.7 per cent.  The man making the calls is Perpetual portfolio manager Vince Pezzullo and one of the key reasons he invests in a company is that he trusts the people running the business.  "We have to have faith in management," said Mr Pezzullo, who manages the $239 million listed investment company. "Trust the management and they've got a track record and they're sensible... we're happy to buy those [companies when they are] at fair value," he said.  Mr Pezzullo, who also looks after wealth giant Perpetual's Industrial Share and Direct Equity Alpha strategies, is strict with the LIC's strategy when it comes to combing for companies.  [More]

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