Listed Managed Investment Reports

LMI Monthly - Sector Review of all LICs/ LITs including those not covered by IIR. Includes latest News and discussion on upcoming IPOs
Sunday, October 14, 2018
All data here is sourced by our Research team and no reliance is made upon any other data providers. The data includes information provided by LIC / LIT managers who participate in our research scheme together with our own collection data in the sector.
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Qualitas Real Estate Income Fund (expected ASX code: QRI) - Provide Direct and Indirect Exposure to a Portfolio of Secured Commercial Real Estate Loans
Sunday, October 14, 2018
One of, if not the, most important aspect of a Trust such as this is the Manager, with the performance of the Trust wholly dependent on the Manager’s credit risk assessment, deal structuring and loan management capabilities. We note that the Manager has largely been operating in a benign credit environment and a deterioration in the credit environment may result in the Trust experiencing some loan impairments.
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WAM Microcap Limited (ASX code: WMI) - Proven Research Process - Experienced Team
Thursday, October 4, 2018
The investment process has proven successful over the long-term, particularly in the small cap space. The WMI portfolio has performed well since listing in June 2017 allowing the LIC to pay dividends totalling six cents per share fully franked for FY2017. We have initiated on WMI with a Recommended Plus rating.
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Sandon Capital Investments Limited (ASX: SNC) - Deep-Value Australian Equities Manager - Activist Investment Strategy -
Thursday, October 4, 2018
SNC isa genuinely differentiated product and one that provides genuine diversification benefits. Successful activist investing require skills and capabilities most professional investors do not possess in our view.
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Tribeca Global Natural Resources Limited (ASX: TGF) - Concentrated, High Conviction, Actively Managed Portfolio
Thursday, October 4, 2018
While the Manager has a global mandate, the Manager’s focus will remain developed, rather than emerging market jurisdictions. With a view to managing risk, net and gross exposure will not exceed 150% and 200%, respectively. Net exposure has typically ranged between -20% to 60%. The performance objective is 15% p.a. after fees and expenses with low correlations to major asset classes and expected volatility of 13-20% p.a. over 3-5 years.
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