The big premium that listed investment company grandee AFIC is trading at suggests investors see its blue-chip-heavy portfolio as a safe haven for troubled times.
Usually, it’s the chance to buy $1 worth of assets for 80¢ that makes listed investment companies so attractive.
Which is why it’s hard to understand why anyone would be want to spend $1.22 to buy $1 of assets (or $1.43 on an after-tax basis) in Australia’s oldest and biggest LIC, Australian Foundation Investment Company.
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James Thomson is senior Chanticleer columnist based in Melbourne. He was the Companies editor and editor of BRW Magazine. Connect with James on Twitter. Email James at j.thomson@afr.com
