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MFF - MFF Capital Investments

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another pick from Bell Potter in the LIC space


- haven't followed MFF for a while.... Glory days were a decade ago, when it climbed and climbed, 50c to $2 in 5 years. Doesn't seem to have pulled ahead after Covid slump (on SP performance, gotta look at distributions over the years as well, I guess). With a current market price of $2.97, the discount to a $3.28 NTA is a bit of a worry..................
 
Required to comment, as is one of my picks on the ASF Full Year 2024 Stock Picking thread.

MFF is:
Technically trending.
A surrogate for the broader ASX market.
It invests in a minimum of 20 stock exchange listed international and Australian companies.

I believe stock markets will build momentum in 2024, with broader intesst rates stable or easing.
 
Always worth reading Chris Mackay's monthly comments. I use MFF for my overseas exposure they're invested in a great bunch of shares with worldwide exposure.
 
Logique2 said:
Yes it's a nice proxy for domestic and international stock markets.
8.4% YTD is handy after one month.
But trending for 18 months, and should continue for now.
Click to expand...
When you have a chance @Logique2 do you have a list of the Companies that MFF invests in, for our viewing?
 
Source:
MFF Capital Investments Limited, Annual Report for the year ended 30 June 2023
-Portfolio Manager’s Report for the year ended 30 June 2023:

"..Looking forward, there are strong grounds for optimism. The businesses that comprise MFF’s portfolio companies are advantaged.
We believe that they have high probabilities of maintaining their competitive advantages and of achieving well above average levels of profitable growth over the medium term..

All holdings in the portfolio as at 30 June 2023 are shown in the table that follows (shown as percentages of investment assets).
..% ....%
MasterCard 12.2 ..JP Morgan Chase 1.6
Visa 11.8 ..Intercontinental Exchange 1.6
Amazon 10.9 ..Prosus 1.5
Home Depot 6.7 ..Lloyds Banking Group 1.4
Alphabet Class C 6.6 ..DBS Group 1.3
Microsoft 6.6 ..United Overseas Bank 1.1
American Express 6.1 ..Oversea - Chinese Banking 1.0
Alphabet Class A 5.5 ..US Bancorp 0.8
Meta Platforms 5.2 ..Lowe's 0.8
Bank of America 5.0 ..UnitedHealth Group 0.7
Flutter Entertainment 2.8 ..RB Global 0.5
CK Hutchison 2.2 ..Allianz 0.2
CVS Health 2.2 ..Schroders 0.1
HCA Healthcare 1.8 ..L'Oreal 0.1
Morgan Stanley 1.7
We continue to maintain some liquidity in AUD. Most MFF expenses, and taxes, dividends, and buybacks are paid in AUD, and we regard this as prudent matching..."
 
22 May ; $3.52
Two month pause, but longer term uptrend still in place.
Paid a dividend this month.
 
3.86 ; + 24.9% YTD. (plus a dividend).
Cruising along, even defied the US indexes to keep rising this the last week.
 
Last edited:
$3.82 ; +23.6% YTD (plus a dividend).
Maintaining solid momemtum, it's a bit of a proxy for the Dow Jones (DJIA).
 
$3.95. +27.8% today. A good proxy for the S&P500, and to lesser extent the Nasdaq.
A good story here, graphic below.
Another fully franked dividend coming in November 2024.

 
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