As far as I am aware, no.
There are a number of ETF's which have a small company benchmark
and a few LICs beside MIR.
MIR - Mirrabooka Investments
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As far as I am aware, no.
There are a number of ETF's which have a small company benchmark
and a few LICs beside MIR.
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was happily surprised looking at my MIR parcel (thanks @Dona Ferentes for pointing at this LIC )
ASX 200:
MIR on the same period:
I owe MIR, and this is not financial advice
ASX 200:
MIR on the same period:
I owe MIR, and this is not financial advice
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Still looking for an entry...
Hard to go past AFI and ARG at more than 10% below NAV at present, but maybe I'll be able to get some MIR in the next few weeks.
Hard to go past AFI and ARG at more than 10% below NAV at present, but maybe I'll be able to get some MIR in the next few weeks.
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I sometimes wonder in a falling market if the nav advantage might not be partly a timing issue..are NAV computed daily...probably not...or not for all components..but yes this seems a great gap.
I owe AFI and ARG in the super
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Spot on. The NAV is only published for the end of the month, so the discount to NAV would be a bit less at the moment. I generally can't be bothered working out mid month discounts.
ASX200 is down a little over 4% so far this month, so AFI and ARG NVAs are probably down something similar.
Midcaps index down 4.35% so roughly the same for MIR.
Last month, MIR was trundling along around the $3.16 - $3.20 range close to it's NTA. Bought a few thousand shares. This LIC doesn't do many trades in a year (according to the 2023 annual report brokerage was $550m both buy and sell) and adopts the patient approach of assessing the value of the companies and then wait. Some of the companies in the Top 20 have been held for five years or more.
It reports this coming Thursday.
It reports this coming Thursday.
Yes, a good stable Lic with a good dividend.
Dona Ferentes
A little bit OC⚡DC
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hope that's not 550m, like with lots of 0's following
often buys small and then tops up, they have stated
expecting at least 7c ff and some LIC capital gain component . A special dividend on top is unlikely but possible
Ha ha. No it's $550k. Blame it on Saturday morning brain fog and the "k" and "m" being near each other on the good old qwerty.
So_Cynical
The Contrarian Averager
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I held this for years some time ago and the stock did nothing, think i actually sold at a small loss after 3 or 4 years.
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Interesting, i took a small entry for long term, maybe i should reconsider at least review why i went in
To be honest, I don't have the willingness to dig too deep into the guts but from the feedback I have received from the financial firm I use on occasion, in the mid/small cap space MIR holds up favourably compared with VSO, ISO, SSO (ETFs which have around 200 companies at the smaller end) and certainly better than active LICs such as NSC or NAC, especially over the longer term.
I'm not a trader and add to my holdings when I have the funds. Other investors have a greater involvement in the share market gyrations and the impact on various companies including LICs.
I'm not a trader and add to my holdings when I have the funds. Other investors have a greater involvement in the share market gyrations and the impact on various companies including LICs.
AS you say @Bellcose MIR is a good mid/small cap stock & also a solid payer. For a long time it was trading above NTA so finally got a chance to buy in below this late last year at $2.80 & more recently at $3.17. Only regret is I didn't have more cash available, oh well, next time hopefully.
I'm happy to hold long-term. Since I purchased, I've participated in the Rights Issues of 2003 and 2008 plus the various SPPs which have been offered. I haven't done any calculations on the dividend income received over the years but they certainly pay the bills. However, that could also be said of my other holdings which, frankly, are not extensive.
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yep , and that is why i hold (several rival ) LICs , more likely to give out a relatively steady stream of income
Dona Ferentes
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close
> Net Profit attributable to members was $10.7 million, down 5.1% from $11.3 million in the previous corresponding period.
> Net profit per share was 5.56 cents, down from 5.92 cents per share in the previous corresponding period.
> Revenue from operating activities was $12.1 million, up 3.2% on the previous corresponding period.
> The final dividend of 6.5 cents per share fully franked, the same as last year, and a special dividend of 2.5 cents per share (also fully franked), will be paid on 16 August 2024 to shareholders on the register on 31 July 2024. Shares are expected to trade ex-dividend from 30 July 2024. There is no foreign conduit income included in the dividends.
> The entire 6.5 cents of the final dividend and the 2.5 cents special dividend are sourced from capital gains, on which the Company has paid or will pay tax.
....
> The interim dividend for the 2024 financial year was 4.0 cents per share fully franked (3.5 cents last year). It was paid to shareholders on 19 February 2024.
> Total dividends for the year are 13.0 cents per share, fully franked. Last year total dividends were 14.5 cents per share, which included a 4.5 cent special dividend
Dona Ferentes
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Portfolio activity therefore saw us reducing our positions in several larger core portfolio holdings to manage the risk of elevated valuations. This saw us realise significant capital gains of $30.8 million after tax, enabling us to declare another special dividend, as well as further bolstering the franking account to support future dividends. The most significant reductions in holdings due to elevated valuations were in Reece, Netwealth Group, JB Hi-Fi, CAR Group and REA Group.
The sale of call options also remained a stronger than typical feature in Mirrabooka’s portfolio activity. This also reflected our perception of valuation risk across several significant portfolio holdings throughout the year. This allowed us to successfully capture option premium from counterparties prepared to position for further strength in the share prices of these companies.
The most material complete disposals of holdings occurred in Santos and Computershare, both companies that graduated to the S&P/ASX 50 Leaders Index during our period of ownership.
Buying activity generally focused on finding new positions for the portfolio, where we saw sufficient quality to meet our investment framework but better medium to long-term value than many existing portfolio holdings.
The most material new portfolio additions were in lithium miner IGO Limited, neighbourhood shopping centre trust Region Group, transport company Lindsay Australia and radiopharmaceuticals business, Telix Pharmaceuticals. Of these, IGO Limited has materially underperformed since our purchase – in a rapidly declining lithium pricing environment we bought too early but remain comfortable with IGOs position as a part-owner in the lowest cost lithium mine in the world. Conversely, Telix Pharmaceuticals has performed very strongly as its strong position in the large US prostate imaging market and its pipeline of potential therapeutic products have been further enhanced. We most materially added to our existing position in IDP Education over the year.
Region Group
Lindsay Australia
Telix Pharmaceuticals
Janison Education Group
Siteminder
Imdex
Dexus Convenience Retail
Life 360
Aroa Biosurgery
Carindale Property Trust
Genetic Signatures
Sigma Healthcare
The sale of call options also remained a stronger than typical feature in Mirrabooka’s portfolio activity. This also reflected our perception of valuation risk across several significant portfolio holdings throughout the year. This allowed us to successfully capture option premium from counterparties prepared to position for further strength in the share prices of these companies.
The most material complete disposals of holdings occurred in Santos and Computershare, both companies that graduated to the S&P/ASX 50 Leaders Index during our period of ownership.
Buying activity generally focused on finding new positions for the portfolio, where we saw sufficient quality to meet our investment framework but better medium to long-term value than many existing portfolio holdings.
The most material new portfolio additions were in lithium miner IGO Limited, neighbourhood shopping centre trust Region Group, transport company Lindsay Australia and radiopharmaceuticals business, Telix Pharmaceuticals. Of these, IGO Limited has materially underperformed since our purchase – in a rapidly declining lithium pricing environment we bought too early but remain comfortable with IGOs position as a part-owner in the lowest cost lithium mine in the world. Conversely, Telix Pharmaceuticals has performed very strongly as its strong position in the large US prostate imaging market and its pipeline of potential therapeutic products have been further enhanced. We most materially added to our existing position in IDP Education over the year.
New Companies
Added to the Investment Portfolio
IGOAdded to the Investment Portfolio
Region Group
Lindsay Australia
Telix Pharmaceuticals
Janison Education Group
Siteminder
Imdex
Dexus Convenience Retail
Life 360
Aroa Biosurgery
Carindale Property Trust
Genetic Signatures
Sigma Healthcare
Dona Ferentes
A little bit OC⚡DC
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following the Annuals, Mirrabooka issued a Letter to Shareholders yesterday; gently reminding folks how they started and when (April 1999). There have been 25 Reports and they offered up an overview of performance and returns.
.
some might nitpick on the technicalities, but the message is clear:
...
....and why not have a vision for the next wee while:
The Future
As we look forward to the next 25 years, we remain committed to uncovering compelling emerging listed Australian companies, while maintaining long term investment in high- quality growing businesses. We remain particularly focussed on continuing to build relationships with outstanding executives and business founders, the likes of which have driven our most successful investments to date.
.
some might nitpick on the technicalities, but the message is clear:
...
....and why not have a vision for the next wee while:
The Future
As we look forward to the next 25 years, we remain committed to uncovering compelling emerging listed Australian companies, while maintaining long term investment in high- quality growing businesses. We remain particularly focussed on continuing to build relationships with outstanding executives and business founders, the likes of which have driven our most successful investments to date.
It would appear MIR's vision isn't a 12 month one given the time it has held these. It's peels the top off a few when considered necessary and adds when the vision of others is elsewhere. Since it's first special dividend in 2014 it has paid a total of $0.49c of them.
