This difference in performance between the sectors was again reflected in the performance of LICs, with the Australian large cap share focused LICs portfolio (pre-tax NTA plus dividends) returning an average of 10.0% for the 12 months while the mid/small cap focused LIC portfolio returns averaged 18.3%.

Our research team undertakes a analysis on the LIC sector including LICs that are not covered under the IIR research scheme.

The Fund is benchmark unaware, with the Investment Manager, Walsh & Company Asset Management Pty Limited taking distinct country, sector and thematic tilts as expressed by the selection and portfolio weighting of the underlying fund managers.

Small caps continued to outperform large caps, with the S&P/ASX Small Ordinaries Accumulation Index rising 5.8% over the quarter and 14.4% for the 12 months to June 2016. This disparity in performance was reflected in the performance of LICs, with the Australian large cap share focused LIC portfolios

It is one of the older breed of LICs with internal management and a low expense ratio of just 0.13%.