A recent AFR article reminded me once again about how ASX LIC performance fees are a very nice deal for the fund managers. The article quite rightly posed questions about how they are free to choose whatever benchmark they like. Then why they sometimes are rewarded substantially when the shareholders go backwards, and why there is no standardised format to present what their performance numbers actually are.
In fact it, is due to the issue of ASX LICs choosing all sorts of variations in performance reporting methods that I wanted to explore some LICs in particular. Have they earnt performance fees way out of line with the results they have achieved?
Continue reading “ASX LIC PERFORMANCE FEES L1 CAPITAL, THORNEY, WAM CAPITAL, VGI PARTNERS”
Is the new Wilson LIC, WAM Strategic Value (ASX:WAR) a buy?
Whilst WAM Capital has proven form using the underlying investment strategies planned for this new LIC, there are a few reasons why I would be cautious about jumping in. The performance fee is high, opportunities for this overall strategy have dried up somewhat compared to last year, and then there are the usual potential issues of buying LICs at IPO.
Continue reading “WHICH LICs WILL WAM GO TO WAR ON? WAM STRATEGIC VALUE REVIEW (ASX:WAR)”
Is WAM a good investment?
Previously I couldn’t see much difference between Century Australia (ASX:CYA) and WAM Capital (ASX:WAM) (apart from WAM costing 30% more!) although today’s announcement has clarified things to some extent.
Continue reading “WHICH WILSON LIC STANDS OUT?”