This is the largest research review of the LIC sector in the Australian market.

WAM Leaders Limited (expected ASX code: WLE) is a newly created listed investment company (LIC) seeking to list on the ASX. The company seeks to raise a minimum of $16.5m and a maximum of $209m through the issue of fully paid ordinary shares at $1.10.

This is broadest research review of LICs in Australia. The best performing portfolio (pre-tax NTA plus dividends) over the December quarter was BST, with a 14.9% increase in portfolio value. The portfolio was also the best performing portfolio for the year 2015.

Given the large number of new LICs that have listed in recent times, we have decided to conduct a ratings review of the LICs under our coverage. While the growth in the number of LICs offers investors greater choice and exposure to a broader range of investment themes, many of the new LICs are small, have limited liquidity and are yet to establish consistent track records.

H2Ocean Limited (proposed ASX code: H2O) is a venture company seeking to list on the ASX. The company is seeking to raise a minimum of $27.5m and a maximum of $55m through the issue of shares at $1.10.