Analysing portfolio weighting towards cash of LIC/LITs in the past 3 months provides an insight into how different Manager’s views towards the market have rapidly changed.
Wider discounts for longer
LIC/LITs have witnessed a widening of discounts since asset prices sharply declined towards the end of February. With the exemption of established LICs with strong profit reserves and franking credit balances, many of the LIC/LITs have been sold off at a greater rate to the market which has opened up the average discount past the levels experienced in the lead up to the 2019 Federal Election.
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