The 2019 Financial Year was certainly a year of two halves. Global selloffs saw share markets fall anywhere from 10-20% in late 2018, bringing doom and gloom back into the market. However, almost as if a switch was flicked on 1 January, 2019 has seen markets rally to finish the Australian financial year at or close to record highs.

Few shining lights in LIC Land

As we reported on last month, LICs en masse remain in the doldrums, with most funds trading at a higher discount to their underly NAV than a year ago, affecting their overall performance from a share price perspective. Additionally, as global markets continue to march ahead, professional fund managers have struggled to generate outsized returns then they would achieve by being simply ‘in the market’.

The net result is just 34 of 84 (40%) LICs providing positive shareholder performance, and only 14 (17%) providing a return of greater than 10% including dividends. Many LIC investors will be disappointed with their investments over the last year where most benchmarks returned 10-15%.

There were however some shining lights in the LIC space. Tech startup investor Bailador Technology Investments Limited (BTI) delivered a 42% return over the 12 months to 30 June, cashing in on the burgeoning Australian tech sector. Additionally in a strong year for global infrastructure, Argo’s Global Listed Infrastructure Limited (ALI) and relative newcomer URB Investments Limited (URB) returned a total of 28% and 20% respectively.

Winners all round in ETFs

It has certainly been a good year for ETFs, with 87% of ETFs reporting a positive return and 37% returning 10% or more including dividends. Of the top 10 ETF performers, 8 are classified as Index Tracking or Passive, meaning it really has been a year where passive investment has shone.

Leading the charge for ETFs is little known metal ETF ETFS Physical Palladium (ETPMPD), a metal used in the manufacture of car engines, returning 68% in the last year and a monumental 600% in the last 10 years.

A number of other precious metals ETFs land in the top 10. A strong year for gold saw GDX, PMGOLD, and GOLD all return 18%+ and the ETFS Physical Precious Metals Basket (ETPMPM) returned 24%.

Infrastructure and Property ETFs also did well with Actively managed AMP Capital Global Global Infrastructure Securities Fund (GLIN) returning 21% and Vanguard and SPDR’s Australian property funds VAP & SLF returning 19% and 18% respectively.

Betashares proved that ethical investing does not necessarily need to mean compromising on returns, with their popular Australian and Global Sustainability Leaders ETFs, FAIR & ETHI returning 16%, comfortably outperforming ASX 200 and Broad Global ETFs which returned around the 11% mark.

Full performance figures can be found below.

Ticker Fund Name Fund Type Growth (%) Income Yield (%) Total Performance (%) Franked dividends (%) ETPMPD ETFS Physical Palladium ETF 68.38 0 68.38 0 BTI Bailador Technology Investments limited LIC 41.89 0 41.89 0 ALI Argo Global Listed Infrastructure Limited LIC 25.56 2.78 28.33 100 MVA VanEck Vectors Australian Property ETF ETF 20.21 4.57 24.78 1.67 ETPMPM ETFS Physical Precious Metal Basket ETF 24.07 0 24.07 0 GDX VanEck Vectors Gold Miners ETF ETF 23.11 0.41 23.52 0 GLIN AMP Capital Global Infrastructure Securities Fund (unhedged) (managed fund) ETF 18.75 2.75 21.5 0 URB URB Investments Limited LIC 16.67 3.06 19.72 100 MGE Magellan Global Equities Fund ETF 19.43 0 19.43 0 PMGOLD Perth Mint Gold ETF 19.35 0 19.35 0 VAP Vanguard Australian Property Securities Index ETF ETF 15.42 3.44 18.87 3.86 GOLD ETFS Physical Gold ETF 18.71 0 18.71 0 SLF SPDR S&P/ASX 200 Listed Property Fund ETF 11.73 6.92 18.65 2.99 CORE ETFS Global Core Infrastructure ETF ETF 13.3 4.8 18.09 0.23 PL8 Plato Income Maximiser Limited LIC 9.76 8.29 18.05 100 EGF Evans & Partners Global Flagship Fund LIC 9.59 7.95 17.53 0 IXJ iShares Global Healthcare ETF ETF 16.38 1.07 17.44 0 RINC BetaShares Legg Mason Real Income Fund (managed fund) ETF 13.12 4.12 17.24 13.64 WVOL iShares Edge MSCI World Minimum Volatility ETF ETF 13.52 3.47 16.98 0 MNRS Betashares Global Gold Miners ETF - Currency Hedged ETF 16.8 0 16.8 0 MOAT Vaneck Vectors Morningstar Wide Moat ETF ETF 15.22 1.45 16.67 0 ETHI BetaShares Global Sustainability Leaders ETF ETF 14.77 1.84 16.6 0 CAM Clime Capital Limited LIC 12.14 4.34 16.47 100 FAIR BetaShares Australian Sustainability Leaders ETF ETF 13.93 2.35 16.28 49.77 QUAL VanEck Vectors MSCI World Ex-Australia ETF ETF 14.36 1.76 16.12 0 MICH Magellan Infrastructure Fund (Currency Hedged) (Managed Fund) ETF 14.49 1.25 15.74 0 IVV iShares Core S&P 500 ETF 13.64 1.34 14.98 0 IXI iShares Global Consumer Staples ETF ETF 13.61 1.29 14.9 0 RENT AMP Capital Global Property Securities Fund (unhedged) (managed fund) ETF 13.1 1.53 14.63 0 QMIX SPDR MSCI World Quality Mix Fund ETF 11.11 3.35 14.47 3.2 NDQ Betashares NASDAQ 100 ETF 13.91 0.55 14.45 0 OZR SPDR S&P/ASX 200 Resources Fund ETF 9.29 5.15 14.44 96.24 IOO IShares Global 100 ETF ETF 13.6 0.82 14.42 0 TECH ETFS Morningstar Global Technology ETF ETF 4.73 9.28 14.01 0.35 IFRA VanEck Vectors FTSE Global Infrastructure (Hedged) ETF ETF 10.24 3.7 13.94 0.5 SPY SPDR S&P 500 ETF Trust ETF 12.9 0.9 13.8 0 MHG Magellan Global Equities Fund Currency Hedged (Managed Fund) ETF 13.71 0 13.71 0 QRE Beta Shares S&P/ASX 200 Resources Sector ETF ETF 9.92 3.79 13.71 95.09 VLC Vanguard MSCI Australian Large Companies Index ETF 8.51 5.05 13.56 84.28 SFY SPDR S&P/ASX 50 Fund ETF 8.14 5.31 13.45 80.46 MGG Magellan Global Trust LIC 11.56 1.88 13.44 0 LSX Lion Selection Group Limited LIC 13.33 0 13.33 0 ILC iShares S&P/ASX 20 ETF ETF 7.81 5.29 13.1 91.67 HACK BetaShares Global Cybersecurity ETF ETF 8.51 4.57 13.08 0 VTS Vanguard US Total Market Shares Index ETF 11.71 1.32 13.03 0 MVR VanEck Vectors Australian Resources ETF ETF 10.56 2.3 12.86 83.06 CBC CBG Capital LIC 9.19 3.57 12.76 100 VHY Vanguard Australian Shares High Yield ETF ETF 5.05 7.7 12.75 60.77 GEAR BetaShares Geared Australian Equity Fund (Hedge Fund) ETF 7.83 4.88 12.71 74.5 CRED BetaShares Australian Investment Grade Corporate Bond ETF ETF 8.34 3.69 12.04 0 RGB Russell Australian Government Bond ETF ETF 8.52 3.35 11.87 0 MVOL iShares Edge MSCI Australia Minimum Volatility ETF ETF 5.26 6.4 11.67 59.77 WEMG SPDR S&P Emerging Markets Fund ETF 8.89 2.74 11.64 0 AGM Australian Governance & Ethical Index Fund LIC 4.32 7.3 11.62 0 UBW UBS IQ MSCI World ex Australia Ethical ETF ETF 9.1 2.42 11.52 0 QAU BetaShares Gold Bullion ETF - Currency Hedged ETF 11.48 0 11.48 0 UBA UBS IQ MSCI Australia Ethical ETF ETF 5.62 5.84 11.46 76.95 UBU UBS IQ MSCI USA Ethical ETF ETF 8.77 2.69 11.46 0 WHF Whitefield LIC 7.05 4.35 11.4 100 DJRE SPDR Dow Jones Global Real Estate Fund ETF 7.5 3.73 11.22 0.3 VGS Vanguard MSCI Index International Series ETF 8.22 3 11.22 0 RDV Russell High Dividend Australian Shares ETF ETF 4 7.22 11.22 78.77 GGUS Betashares Geared US Equity Fund - Currency Hedged (Hedge Fund) ETF 10.34 0.75 11.09 0 IOZ iShares S&P/ASX 200 ETF ETF 6.58 4.5 11.08 81.4 YANK BetaShares Strong U.S. Dollar Fund (hedge fund) ETF 8.08 2.94 11.02 0 A200 Betashares Australia 200 ETF ETF 8.18 2.81 10.99 75.77 STW SPDR S&P/ASX 200 Fund ETF 5.86 5.08 10.95 76.61 WXOZ SPDR S&P World Ex Australia Fund ETF 7.49 3.34 10.83 0 ZYUS ETFS S&P 500 High Yield Low Volatility ETF ETF 2.61 8.21 10.82 0 RARI Russell Australian ResponsibleÂ Investment ETF ETF 2.25 8.56 10.81 33.23 VAS Vanguard Australian Shares Index ETF 6.07 4.73 10.8 69.2 DRUG BetaShares Global Healthcare ETF - Currency Hedged ETF 6.99 3.64 10.63 0 MVW VanEck Vectors Australian Equal Weight ETF ETF 7.69 2.76 10.45 78.02 IGB IShares UBS Treasury ETF ETF 8.59 1.83 10.42 0 FSI Flagship Investments Limited LIC 5.42 4.82 10.24 100 DUI Diversified United Investment LIC 6.34 3.78 10.12 100 CLF Concentrated Leaders Fund Limited LIC 2.83 7.29 10.12 100 BOND SPDR S&P/ASX Australian Bond Fund ETF 7.84 2.25 10.08 0 HVST BetaShares Australian Dividend Harvester Fund (Managed Fund) ETF 1.62 8.36 9.98 84.65 GOVT SPDR S&P/ASX Australian Government Bond Fund ETF 7.66 2.23 9.89 0 VGB Vanguard Australian Government Bond Index ETF ETF 7.68 2.19 9.87 0 MFF MFF Capital Investments Limited LIC 8.61 1.12 9.74 100 IWLD iShares Core MSCI World All Cap ETF ETF 7.19 2.45 9.63 0 UMAX Betashares S&P500 Yield Maximiser Fund (Managed Fund) ETF 3.84 5.72 9.56 0 SYI SPDR MSCI Australia Select High Dividend Yield Fund ETF 2.33 7.18 9.51 78.98 IAF iShares UBS Composite Bond ETF ETF 7.02 2.36 9.37 0 VAF Vanguard Australian Fixed Interest Index ETF 6.5 2.8 9.31 0 QUS Betashares FTSE RAFI US 1000 ETF ETF 5.75 3.44 9.19 0 AUI Australian United Investment LIC 4.97 4.16 9.13 100 WDIV SPDR S&P Global Dividend Fund ETF 3.86 5.22 9.08 0.73 AUMF iShares Edge MSCI Australia Multifactor ETF ETF 2.32 6.75 9.07 48.24 PLUS VanEck Vectors Australian Corporate Bond Plus ETF ETF 5.6 3.43 9.03 0 IHEB iShares J.P. Morgan USD Emerging Markets Bond (AUD Hedged) ETF ETF 6.04 2.82 8.86 0 VDHG Vanguard Diversified High Growth Index ETF ETF 5.94 2.91 8.86 39.27 AYF Australian Enhanced Income Fund LIC 2.93 5.91 8.84 41.18 VDGR Vanguard Diversified Growth Index ETF ETF 6.43 2.37 8.8 37.49 IHOO iShares Global 100 AUD Hedged ETF 1.45 7.33 8.78 0 BKI BKI Investment Company Limited LIC 2.95 5.79 8.74 100 ZUSD ETFS Physical US Dollar ETF ETF 6.62 2.11 8.72 0 VMIN Vanguard Global Minimum Volatility Active ETF (Managed Fund) ETF 8.67 0 8.67 0 VGE Vanguard FTSE Emerging Markets Shares ETF 6.6 2.05 8.65 0 VDBA Vanguard Diversified Balanced Index ETF ETF 7.2 1.42 8.62 40.09 WRLD Betashares Managed Risk Global Share Fund ETF 6.52 1.81 8.33 0 ILB iShares UBS Government Inflation ETF ETF 7.29 0.99 8.28 0 QOZ BetaShares FTSE RAFI Australia 200 ETF ETF 1.64 6.63 8.27 68.68 ESGI VanEck Vectors MSCI International Sustainable Equity ETF ETF 7.72 0.48 8.2 0 CETF VanEck Vectors ChinaAMC A-Share ETF ETF 2.22 5.94 8.17 0 DJW Djerriwarrh Investments LIC 2.07 5.92 7.99 100 UBE UBS IQ MSCI Europe Ethical ETF ETF 4.8 3.18 7.98 0 IHVV iShares S&P 500 AUD Hedged ETF 5.08 2.85 7.93 0 VCF Vanguard International Credit Securities Index (Hedged) ETF ETF 4.56 3.34 7.9 0 RCB Russell Australian Select Corporate Bond ETF ETF 3.4 4.42 7.82 0 GCI Gryphon Capital Income Trust LIC 3 4.82 7.82 0 VDCO Vanguard Diversified Conservative Index ETF ETF 6.56 1.14 7.7 33.55 YMAX BetaShares Australian Top 20 Equity Yield Maximiser Fund ETF -1.11 8.81 7.69 51.75 AUST Betashares Managed Risk Australian Share Fund ETF 4.65 3 7.65 0 ESTX ETFS EURO STOXX 50Â® ETF ETF 4.63 2.97 7.6 0 DIV UBS IQ Morningstar Australia Dividend Yield ETF ETF 2.53 5.03 7.57 69.04 VACF Vanguard Australian Corporate Fixed Interest Index ETF ETF 4.8 2.64 7.44 0 IHD iShares S&P/ASX Dividend Opportunities Fund ETF ETF 1.99 5.4 7.39 91 VBND Vanguard Global Aggregate Bond Index (Hedged) ETF ETF 5.49 1.79 7.28 0 IHCB iShares Global Corporate Bond ETF (Hedged) ETF 5.5 1.75 7.25 0 USD BetaShares U.S. Dollar ETF ETF 6.43 0.79 7.22 0 RSM Russell Australian Semi-Government Bond ETFÂ ETF 4.2 2.83 7.03 0 ETF UBS IQ Morningstar Australia Quality ETF ETF 2.75 4.14 6.89 61.79 MLT Milton Corporation LIC 2.17 4.71 6.88 100 OZF SPDR S&P/ASX 200 Financials ex A-REITS Fund ETF 2.09 4.79 6.87 94.45 MVB VanEck Vectors Australian Banks ETF ETF 1.79 4.95 6.75 89.28 MOGL Montgomery Global Equities Fund (Managed Fund) ETF 2.27 4.41 6.68 0 AFI Australian Foundation Investment Company (AFIC) LIC 1.46 5.19 6.66 100 QFN Beta Shares S&P/ASX 200 Financials Sector ETF ETF 2.37 4.26 6.63 93.23 FPP Fat Prophets Global Property Fund LIC 0.98 5.6 6.58 0 HBRD BetaShares Active Australian Hybrids Fund (managed fund) ETF 2.5 3.9 6.41 68.39 VIF Vanguard International Fixed Interest (Hedged) ETF ETF 3.72 2.66 6.39 0 EX20 BetaShares Australian Ex-20 Portfolio Diversifier ETF ETF 1.69 4.56 6.26 28.07 IEU IShares Europe ETF ETF 5.68 0.56 6.25 0 IEM iShares MSCI Emerging Markets ETF ETF 4.99 1.18 6.16 0 ARG Argo Investments LIC 1.88 4.02 5.9 100 VGAD Vanguard MSCI Index International Series (Hedged) ETF 4.7 1.05 5.75 0 IZZ iShares China Large-Cap ETF ETF 4.86 0.88 5.74 0 EINC BetaShares Legg Mason Equity Income Fund (managed fund) ETF 2.9 2.81 5.71 83.45 ZYAU ETFS S&P/ASX 300 High Yield Plus ETF ETF 0.27 5.21 5.47 69.12 VEQ Vanguard FTSE Europe Shares ETF ETF 2.74 2.67 5.41 0 IVE iShares MSCI EAFE ETF ETF 4.44 0.81 5.25 0 IJH iShares Core S&P MidCap 400 ETF 4.36 0.86 5.22 0 EIGA eInvest Income Generator Fund (Managed Fund) ETF -6.3 11.47 5.17 0 EAF Evans & Partners Asia Fund LIC 0.83 4.3 5.12 0 VAE Vanguard FTSE Asia ex Japan Shares Index ETF ETF 2.5 2.62 5.12 0 WXHG SPDR S&P World Ex Australia (Hedged) Fund ETF 0.23 4.65 4.87 0 VEU Vanguard All-World EX US Shares Index ETF 3.43 1.28 4.71 0 ITW iShares MSCI Taiwan ETF ETF 4.65 0 4.65 0 IAA iShares Asia 50 ETF ETF 3.04 1.46 4.49 0 GROW Schroder Real Return Fund (Managed Fund) ETF 1.08 3.34 4.42 0 IHHY iShares Global High Yield Bond (Hedged) ETF ETF 1.46 2.95 4.41 0 VG1 VGI Partners Global Investments Limited LIC 4.41 0 4.41 0 MXT MCP Master Income Trust LIC -1.45 5.64 4.19 0 VSO Vanguard MSCI Australian Small Companies Index ETF 1.73 2.42 4.14 72.69 IHWL iShares Core MSCI World All Cap (AUD Hedged) ETF ETF 1.44 2.68 4.12 0 WDMF iShares Edge MSCI World Multifactor ETF ETF 1.09 2.87 3.96 0 SWTZ Switzer Dividend Growth Fund (Managed Fund) ETF -1.15 4.95 3.8 100 EEU BetaShares Euro ETF ETF 3.62 0 3.62 0 QPON BetaShares Australian Bank Senior Floating Rate Bond ETF ETF 0.78 2.61 3.4 0 HEUR BetaShares WisdomTree Europe ETF - Currency Hedged ETF -0.39 3.71 3.32 0 UBP UBS IQ MSCI Asia APREX 50 Ethical ETF ETF 1.45 1.76 3.2 0 FLOT Vaneck Vectors Australian Floating Rate ETF ETF 0.4 2.45 2.85 0 MVE VanEck Vectors S&P/ASX MidCap ETF ETF 0 2.68 2.68 69.05 AYK Australian Masters Yield Fund No 4 Limited LIC -5.12 7.8 2.68 38.65 ROBO ETFS ROBO Global Robotics and Automation ETF ETF 2.22 0.34 2.56 0 SMLL BetaShares Australian Small Companies Select Fund (managed fund) ETF -2.29 4.76 2.48 44.07 IBC Ironbark Capital Limited LIC -3.06 5.41 2.35 100 ISEC iShares Enhanced Cash ETF ETF 0.16 2.06 2.22 0 MVS VanEck Vectors Small Cap Dividend Payers ETF ETF -0.81 2.96 2.15 87.5 AAA Betashares Australian High Interest Cash ETF ETF -0.02 2.02 2 0 MONY UBS IQ Cash ETF ETF 0.1 1.86 1.96 0 BILL iShares Core Cash ETF ETF 0.08 1.87 1.95 0 POU BetaShares British Pound ETF ETF 1.25 0.39 1.65 0 BST Barrack St Investments Limited LIC -2.03 3.55 1.52 100 EGD Evans & Partners Global Disruption Fund LIC 1.42 0 1.42 0 BAF Blue Sky Alternatives Access Fund Limited LIC -5 6.25 1.25 65 QAG BetaShares Agricultural ETF - Currency Hedged (Synthetic) ETF 1.17 0 1.17 0 FOOD BetaShares Global Agriculture Companies ETF - Currency Hedged ETF -2.59 3.65 1.05 0 ISO iShares S&P/ASX Small Ordinaries ETF ETF -1.34 2.19 0.85 67.15 SSO SPDR S&P/ASX Small Ordinaries Fund ETF -1.63 2.38 0.75 59.61 MA1 Monash Absolute Investment Company LIC -0.61 1.22 0.61 100 WLE WAM Leaders Limited LIC -3.91 4.48 0.57 100 PIXX Platinum International Fund (Quoted Managed Hedge Fund) ETF -8.32 8.62 0.3 0 BHD Benjamin Hornigold Limited LIC 0 0 0 0 HML Henry Morgan Limited LIC 0 0 0 0 KAT Katana Capital LIC -1.96 1.96 0 100 TEK Thorney Technologies LTD LIC 0 0 0 0 IJP iShares MSCI Japan ETF ETF -0.62 0.6 -0.02 0 PAXX Platinum Asia Fund (Quoted Managed Hedge Fund) ETF -5.35 5.13 -0.21 0 ETPMPT ETFS Physical Platinum ETF -0.31 0 -0.31 0 ETPMAG ETFS Physical Silver ETF -0.62 0 -0.62 0 CIN Carlton Investments LIC -4.47 3.78 -0.7 100 EMKT VanEck Vectors MSCI Multifactor Emerging Markets Equity ETF ETF -1.24 0.47 -0.78 0 INIF InvestSMART Australian Equity Income Fund (Managed Fund) ETF -4.37 3.46 -0.91 35.2 MIR Mirrabooka Investments LIC -9.67 8.18 -1.49 100 UBJ UBS IQ MSCI Japan Ethical ETF ETF -3.44 1.55 -1.89 0 TOP Thorney Opportunities Limited LIC -2.9 0.96 -1.94 100 FGG Future Generation Global Investment Company Limited LIC -2.94 0.74 -2.21 0 VVLU Vanguard Global Value Equity Active ETF (Managed Fund) ETF -8.08 5.67 -2.41 0.2 IJR iShares Core S&P SmallCap 600 ETF -3.36 0.88 -2.48 0 GVF Global Value Fund Limited LIC -8.92 5.92 -3 70 FGX Future Generation Investment Fund Limited LIC -6.77 3.67 -3.11 100 BNKS BetaShares Global Banks ETF - Currency Hedged ETF -7.54 4.42 -3.11 0 SNC Sandon Capital Investments Limited LIC -10.81 7.57 -3.24 100 PIA Pengana International Equities Limited LIC -9.48 6.03 -3.45 100 AYZ Australian Masters Yield Fund Number 5 LIC -24.39 20.77 -3.61 13.34 AMH AMCIL LIC -8.85 4.43 -4.43 0 DMKT AMP Capital Dynamic Markets Fund (Hedge Fund) ETF -5.7 1.03 -4.67 0 WAA WAM Active LIC -9.95 5.25 -4.71 100 ACQ Acorn Capital Investment Fund Limited LIC -11.3 6.09 -5.22 100 PIC Perpetual Investment Company LIC -11.11 5.47 -5.64 100 IKO iShares MSCI South Korea Capped ETF ETF -5.77 0 -5.77 0 QVE QV Equities Limited LIC -10.43 4.61 -5.83 100 WAX WAM Research Limited LIC -12.25 6.36 -5.89 100 WIC Westoz Investment Company Limited LIC -11.59 5.15 -6.44 50 NAC NAOS Ex-50 Opportunities Company Limited LIC -13.61 6.86 -6.75 100 SEC Spheria Emerging Companies Limited LIC -9.51 2.06 -7.46 100 ALF Australian Leaders Fund Limited LIC -11.65 3.88 -7.77 100 QCB BetaShares Commodities Basket ETF - Currency Hedged (Synthetic) ETF -15.74 7.96 -7.78 0 KII K2 Global Equities Fund (Hedge Fund) ETF -8.52 0 -8.52 0 WAM WAM Capital LIC -15.13 6.51 -8.61 100 GFL Global Masters Fund LIC -8.65 0 -8.65 0 CVF Contrarian Value Fund Limited LIC -14.41 5.51 -8.9 100 TGG Templeton Global Growth LIC -14.79 5.63 -9.15 100 BEAR BetaShares Australian Equities Bear (Hedge Fund) ETF -9.34 0 -9.34 0 FUEL BetaShares Global Energy Companies ETF - Currency Hedged ETF -12.35 2.62 -9.72 0 EGI Ellerston Global Investments Limited LIC -13.08 2.8 -10.28 100 WMI WAM Microcap Limited LIC -14.74 4.39 -10.35 100 HJPN BetaShares WisdomTree Japan ETF - Currency Hedged ETF -12.9 2.44 -10.46 0 WGB WAM Global Limited LIC -10.86 0 -10.86 0 PAI Platinum Asia Investments Limited LIC -18.25 6.35 -11.9 100 EAI Ellerston Asian Investments LIC -13.95 1.86 -12.09 100 FPC Fat Prophets Global Contrarian Fund Ltd LIC -12.37 0 -12.37 0 CIE Contango Income Generator Limited LIC -19.15 6.34 -12.81 67.45 PAF PM Capital Asian Opportunities Fund Limited LIC -16.37 3.54 -12.83 100 GC1 Glennon Small Companies Limited LIC -17 4 -13 100 NGE NGE Capital Limited LIC -13.43 0 -13.43 0 AUDS BetaShares Strong Australian Dollar Fund (hedge fund) ETF -13.81 0 -13.81 0 OZG Ozgrowth Limited LIC -16.67 2.78 -13.89 100 MEC Morphic Ethical Equities Fund Limited LIC -16.43 1.93 -14.49 100 PGF PM Capital Global Opportunities Fund Limited LIC -17.67 2.71 -14.96 100 KSM K2 Australian Small Cap Fund ETF -19.14 3.91 -15.23 0 APL Antipodes Global Investment Company Ltd LIC -21.19 5.93 -15.25 50 NSC NAOS Small Cap Opportunities Company Limited LIC -26.14 8.5 -17.65 100 8EC 8IP Emerging Companies Limited LIC -17.74 0 -17.74 0 OOO BetaShares Crude Oil Index ETF- Currency Hedged (Synthetic) ETF -20.22 1.29 -18.93 0 PMC Platinum Capital Limited LIC -24.88 5.74 -19.14 100 AEG Absolute Equity Performance Fund Ltd LIC -24.89 3.86 -21.03 100 BBOZ BetaShares Australian Equities Strong Bear (Hedge Fund) ETF -23.23 0 -23.23 0 BBUS Betashares US Eq Strong Bear Hedged Fund ETF -23.26 0 -23.26 0 NCC NAOS Emerging Opportunities Company Limited LIC -29.48 5.78 -23.71 100 LSF L1 Long Short Fund Limited LIC -25.27 0 -25.27 0 CDM Cadence Capital LIC -40 5.6 -34.4 100 FOR Forager Australian Shares Fund LIC -40.36 1.13 -39.23 0 ABW Aurora Absolute Return Fund LIC -50 1.68 -48.32 0 AIB Aurora Global Income Trust LIC -69.15 1.36 -67.8 0

* Income yield has been calculated based on income divided by closing price on 28 June 2019. Total performance has been calculated by simply adding the performance and the yield (ignoring the timing of dividend payments). Whilst the franked component of income payments has been calculated, the income payment has not been grossed up by the franking credits. All performance is based on closing share prices rather than underlying Net Tangible Assets. Only funds with at least 12 months history are included. As usual, past performance should not be used as an indication of possible future returns, and we recommend this data not be used to support investment decisions.