Wednesday, 5 May 2021

The dirty secret about LMI Total Expense Ratios

Summary: The vast majority of LMIs only publish their Management and Performance fees but never their Total Expense Ratios (TER). The dirty secret is that for many LMIs the TER is 2-3% without performance fees and 3-8% when performance fees apply. And for LMIs with net assets below $100m the TER gets...
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Friday, 2 August 2019

Is Duxton Water (D2O) a worthwhile long-term investment?

LMI: Duxton Water (D2O) Investing Recommendation: Long-term buy. Secular trends toward lower growth, high debt and central bank-supressed interest rates mean that opportunities for worthwhile, lower-risk returns are much more limited. Duxton Water offers one of the few ASX-listed pure, real asset diversification...
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Thursday, 11 April 2019

The naked truth about Diversified United Investment (DUI)

LMI: Diversified United Investment Limited(DUI) Investing Recommendation: From Mar 2009 to Mar 2019, DUI's NTA outperformed VAS by 2.05% annualised. Given its exceptionally low Total Expense Ratio...
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Tuesday, 9 April 2019

Wednesday, 3 April 2019

Thursday, 28 March 2019

Errors, omissions and obscurity in LMI NTA reporting

Summary: LMIs are required to report NTA or NAV each month. However, there is no regulation, oversight or consistency in this reporting. Some LMIs exploit this lack of oversight to paint the most positive...
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Sunday, 24 March 2019

The naked truth about Thorney Opportunities Limited (TOP)

LMI: Thorney Opportunities Limited (TOP) Investing Recommendation: From Jan 2015 to Feb 2019, TOPs NTA outperformed VAS by 2.72% annualised. Meanwhile its TSR has been much lower as at inception...
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