Listed Investment Companies Worth a Look
Wednesday 19 October 2011 10:15 AM
I ATTENDED the Australian Foundation Investment Company AGM recently and it got me thinking about how lucky we are in Australia to have these sorts of investment vehicles available to us.
AFIC is a listed investment company (LIC). Simply put, it is a company that invests in other companies. It owns a portfolio with a value of about $4.2 billion.
LICs can be broadly split into those that have an external manager, and are charged an investment management fee, and those that are internally managed, with no fees being paid to investment managers.
Ian Glass writes for the Herald Sun 12/10/2011
AFIC belongs to the internally managed group of LICs, along with a number of similar vehicles, such as Argo Investments, Milton Corporation and Djerriwarrh Investments.
It is refreshing to find a part of the financial sector that really does work on behalf of the investor.