NAC will have a concentrated long/short portfolio of domestic and international equities. The absolute return and low correlation objectives of the portfolio may make an investment in the company suitable for investors seeking to diversify an investment portfolio.

Detailed review of Listed Investment Companies - our view of Manager's performance and fees is included in the publication.

The Manager has a mandate to invest in ex-50 ASX-listed stocks and unlisted companies that are expected to list within a 6-month period. The portfolio will be a long-only actively managed portfolio with the objective of generating moderate-to-high returns over the long-term.

At March-end 2014, there were 51 listed investment companies (LICs) on the ASX, with a collective market capitalisation of $23.9B, and 96 exchange-traded products (ETPs) with a total market cap of $10.7B. Over the 12 months to 31 March 2014, the market cap of LICs grew 26.5%

At December-end 2013, there were 51 listed investment companies (LICs) on the ASX, with a collective market capitalisation of $23.8B, and 94 exchange-traded products (ETPs) with a total market cap of $10B.