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When we took a look at LIC Net Asset Value (NAV) discounts after LICs reported their February NAV, it was clear the state of the markets was taking its toll. LIC discounts to their underlying NAV had fallen to levels not seen for a number of years. That was February. Panic had started at the…
When we took a look at LIC Net Asset Value (NAV) discounts after LICs reported their February NAV, it was clear the state of the markets was taking its toll. LIC discounts to their underlying NAV had fallen to levels not seen for a number of years.
That was February. Panic had started at the supermarkets but not so much in share markets. March was where panic really set in with markets falling about 30% between 1 and 23 March before recovering somewhat late in the month (and continuing to recover into April).
The below chart shows plots the Average LIC pre tax NAV discount for all LICs we cover. Discounts added about 5%, to end the month at a 14% discount to NAV, an average discount that one needs to go back to the darkest days of the GFC to find.
Discounts across the boardWhilst some sort of calmness has returned in April, with a mini rally currently underway, the 31 March NAVs show most funds at a deeper discount to their 12 month average. The table below outlines the latest NAV discounts of all LICs we follow and their 12 month average discount to Pre Tax NAV.
We’ll keen an eye on things and see if April’s mini rally closes many of these discounts.
| Ticker | Fund Name | 31/03/2020 Pre Tax NAV Premium/ Discount | 12 month average Pre Tax Nav Premium/ Discount | Difference |
|---|---|---|---|---|
| BTI | Bailador Technology Investments limited | -47.15% | -21.98% | -25.17% |
| BAF | Blue Sky Alternatives Access Fund Limited | -40.63% | -29.50% | -11.13% |
| GC1 | Glennon Small Companies Limited | -33.33% | -15.14% | -18.19% |
| FPP | Fat Prophets Global Property Fund | -30.90% | -19.28% | -11.62% |
| TEK | Thorney Technologies LTD | -30.74% | -20.43% | -10.30% |
| LSF | L1 Long Short Fund Limited | -29.08% | -13.89% | -15.19% |
| KAT | Katana Capital | -28.93% | -18.85% | -10.08% |
| NSC | NAOS Small Cap Opportunities Company Limited | -28.45% | -18.87% | -9.58% |
| RF1 | Regal Investment Fund | -27.05% | -7.45% | -19.60% |
| GFL | Global Masters Fund | -26.86% | -22.90% | -3.96% |
| NGE | NGE Capital Limited | -26.47% | -21.07% | -5.41% |
| MEC | Morphic Ethical Equities Fund Limited | -26.29% | -20.59% | -5.70% |
| SNC | Sandon Capital Investments Limited | -26.06% | -12.79% | -13.26% |
| CVF | Contrarian Value Fund Limited | -26.00% | -15.36% | -10.64% |
| WGB | WAM Global Limited | -25.32% | -13.48% | -11.84% |
| CDM | Cadence Capital | -25.19% | -15.99% | -9.20% |
| PIA | Pengana International Equities Limited | -24.65% | -15.22% | -9.44% |
| ALF | Australian Leaders Fund Limited | -24.35% | -18.87% | -5.48% |
| OZG | Ozgrowth Limited | -22.82% | -21.95% | -0.87% |
| FGG | Future Generation Global Investment Company Limited | -22.60% | -8.81% | -13.79% |
| TOP | Thorney Opportunities Limited | -22.29% | -20.99% | -1.30% |
| KKC | KKR Credit Income Fund | -22.11% | -8.52% | -13.59% |
| NAC | NAOS Ex-50 Opportunities Company Limited | -21.88% | -17.68% | -4.20% |
| WQG | WCM Global Growth Limited | -21.52% | -16.03% | -5.49% |
| ALI | Argo Global Listed Infrastructure Limited | -20.85% | -11.10% | -9.75% |
| LSX | Lion Selection Group Limited | -19.57% | -14.26% | -5.31% |
| VG8 | VGI Partners Asian Investments Limited | -19.26% | -9.75% | -9.51% |
| FSI | Flagship Investments Limited | -18.93% | -15.97% | -2.96% |
| EAI | Ellerston Asian Investments | -17.96% | -15.14% | -2.82% |
| APL | Antipodes Global Investment Company Ltd | -17.13% | -13.91% | -3.22% |
| TGG | Templeton Global Growth | -17.12% | -14.05% | -3.07% |
| GCI | Gryphon Capital Income Trust | -17.09% | 0.28% | -17.36% |
| SEC | Spheria Emerging Companies Limited | -16.78% | -14.41% | -2.37% |
| FOR | Forager Australian Shares Fund | -16.00% | -12.33% | -3.67% |
| CIN | Carlton Investments | -15.68% | -15.25% | -0.42% |
| MXT | MCP Master Income Trust | -15.50% | 0.61% | -16.11% |
| FPC | Fat Prophets Global Contrarian Fund Ltd | -15.49% | -18.39% | 2.90% |
| PGF | PM Capital Global Opportunities Fund Limited | -15.28% | -16.66% | 1.38% |
| PIC | Perpetual Investment Company | -15.16% | -7.01% | -8.16% |
| ACQ | Acorn Capital Investment Fund Limited | -14.65% | -15.29% | 0.64% |
| AEG | Absolute Equity Performance Fund Ltd | -14.64% | -9.68% | -4.96% |
| IBC | Ironbark Capital Limited | -14.56% | -9.37% | -5.18% |
| PCI | Perpetual Credit Income Trust | -14.53% | 0.67% | -15.20% |
| PAF | PM Capital Asian Opportunities Fund Limited | -14.43% | -16.12% | 1.69% |
| QVE | QV Equities Limited | -14.38% | -10.34% | -4.04% |
| PAI | Platinum Asia Investments Limited | -14.28% | -6.90% | -7.37% |
| FGX | Future Generation Investment Fund Limited | -13.29% | -9.48% | -3.81% |
| WIC | Westoz Investment Company Limited | -13.15% | -12.52% | -0.64% |
| CIE | Contango Income Generator Limited | -12.66% | -13.08% | 0.42% |
| PMC | Platinum Capital Limited | -11.16% | -1.37% | -9.80% |
| MFF | MFF Capital Investments Limited | -11.14% | -6.46% | -4.68% |
| AIB | Aurora Global Income Trust | -11.00% | -16.39% | 5.39% |
| MGG | Magellan Global Trust | -10.23% | -1.77% | -8.46% |
| VG1 | VGI Partners Global Investments Limited | -9.68% | -5.53% | -4.14% |
| MA1 | Monash Absolute Investment Company | -9.57% | -16.01% | 6.45% |
| AYF | Australian Enhanced Income Fund | -9.24% | -0.90% | -8.34% |
| EGI | Ellerston Global Investments Limited | -8.36% | -13.43% | 5.07% |
| MHH | Magellan High Conviction Trust | -7.79% | -2.21% | -5.58% |
| CLF | Concentrated Leaders Fund Limited | -7.77% | -6.49% | -1.28% |
| EAF | Evans & Partners Asia Fund | -5.60% | -2.28% | -3.32% |
| WAA | WAM Active | -5.20% | -0.80% | -4.40% |
| BKI | BKI Investment Company Limited | -4.69% | -2.97% | -1.71% |
| EGD | Evans & Partners Global Disruption Fund | -4.58% | -2.41% | -2.17% |
| PGG | Partners Group Global Income Fund | -3.97% | 1.08% | -5.05% |
| MLT | Milton Corporation | -3.75% | -3.52% | -0.24% |
| DUI | Diversified United Investment | -3.27% | -4.40% | 1.12% |
| AGM | Australian Governance & Ethical Index Fund | -3.27% | -1.27% | -2.00% |
| NCC | NAOS Emerging Opportunities Company Limited | -2.56% | -7.62% | 5.06% |
| EGF | Evans & Partners Global Flagship Fund | -2.48% | -1.90% | -0.58% |
| WLE | WAM Leaders Limited | -2.45% | -7.39% | 4.94% |
| AMH | AMCIL | -2.41% | -7.88% | 5.47% |
| WHF | Whitefield | -1.18% | -5.85% | 4.68% |
| AUI | Australian United Investment | -0.94% | -4.63% | 3.70% |
| MIR | Mirrabooka Investments | 0.53% | 2.26% | -1.73% |
| WMI | WAM Microcap Limited | 0.63% | -2.21% | 2.83% |
| PL8 | Plato Income Maximiser Limited | 2.16% | 3.36% | -1.19% |
| GVF | Global Value Fund Limited | 2.43% | -4.35% | 6.78% |
| DJW | Djerriwarrh Investments | 3.95% | 4.95% | -1.00% |
| ARG | Argo Investments | 6.36% | -1.12% | 7.48% |
| AFI | Australian Foundation Investment Company (AFIC) | 9.07% | 0.28% | 8.80% |
| WAM | WAM Capital | 23.43% | 15.12% | 8.31% |
| WAX | WAM Research Limited | 36.57% | 19.06% | 17.51% |
