2019 was about as good as it got for equity investors, as benign market conditions and continued low interest rates saw share markets rally.

The year started with a recovery from the late 2018 share market correction. The rally literally started on the first day of trade in 2019 and barely stopped for a breather until August. Some small dips in August and October barely registered as global markets finished 2019 in the vicinity of 20-30% ahead of where they started the year.

Passive outperforms Active

It was a year where simply being invested proved the best strategy and active managers struggled to outperform, with many holding excess cash, waiting for the correction that never came.

This resulted in most LICs underperforming in 2019, a problem that was exacerbated when uncertainty about the May Federal election saw many LICs sold down due to the fear that Labor would axe Franking Credit Refunds, pushing many to discounts to Net Asset Value (NAV) not seen for many years. We covered LIC NAV discounts a number of times in 2019, our most recent post shows discounts continue to persist.

Of the 127 funds we follow which recorded performance of greater than 20% in 2019, 99 were ETFs, and just 28 LICs.

2019 was certainly not a normal year, one needs to go back to 2009 and the post GFC share market recovery to see performance of similar numbers. Active management will have its day again, the question is when, and which managers are best positioned to capitalise?

Gold shines again

It’s been a lean few years for gold bugs, but 2019 was a good one. Betashares MNRS and Vaneck’s GDX, both focused on gold mining companies, effectively a leveraged play on the price of gold returned 53% and 45% respectively. Investing in a physical gold ETF also saw around a 20% return.

Leverage ETFs show their merit in a bull market

The simple formula of cheap debt + rising markets provides an outcome that can only be a winner for investors. Betashares Geared US (GGUS) and Australian (GEAR) returned a phenomenal 70% and 50% to investors.

However, as the great Warren Buffet once said, ‘when you combine ignorance and leverage, you get some pretty interesting results’. Those who took a leveraged play on markets falling took a loss of 48% on Betashares Strong Bear ETF (BBUS), with the leveraged Australian’s Bear ETF (BBOZ) not far behind at -40%, a reminder of what leverage can do to you when you are on the wrong side of the market movement.

Tech keeps dominating

For a number of years now, Technology focused ETFs have been at the top of the performance leaderboard. Even in 2018, where general market performance was miserable and Tech suffered from a large selloff late in the year, it was difficult to find a technology focused fund which provided less than 10% return.

2019 was no exception. Bailador’s technology focused LIC (BTI) provided the best shareholder return for a LIC in 2019 at 47%, Betashares Nasdaq 100 ETF (NDQ) returned 39%, slightly in front of EFTS TECH ETF at 38% and Asian tech shone with Vaneck’s China new Economy ETF (CNEW) returning 39% and BetaShares Asian Tech ETF (ASIA) returning 36%.

The 2019 performance of all ETFs & LICs is listed below.

Ticker Fund Name Fund Type Growth Income Yield Total Perfor mance 2018 Perfor mance 2017 perfor mance 2019 Franking GGUS Betashares Geared US Equity Fund - Currency Hedged (Hedge Fund) ETF 70.26% 0.20% 70.47% -20.96% 44.86% 0.00% MNRS Betashares Global Gold Miners ETF - Currency Hedged ETF 53.58% 0.00% 53.58% -7.67% -0.87% 0.00% ETPMPD ETFS Physical Palladium ETF 51.42% 0.00% 51.42% 32.72% 35.15% 0.00% GEAR BetaShares Geared Australian Equity Fund (Hedge Fund) ETF 40.74% 9.22% 49.96% -14.56% 20.38% 102.01% BTI Bailador Technology Investments limited LIC 47.37% 0.00% 47.37% -15.56% -15.49% 0.00% MA1 Monash Absolute Investment Company LIC 42.66% 2.80% 45.45% -16.18% -0.57% 100.00% GDX VanEck Vectors Gold Miners ETF ETF 44.37% 0.80% 45.17% -1.77% -0.53% 0.00% MFF MFF Capital Investments Limited LIC 41.73% 1.38% 43.11% 16.29% 16.15% 100.00% CNEW VanEck Vectors China New Economy ETF ETF 38.55% 1.41% 39.96% N/A N/A 0.00% NDQ Betashares NASDAQ 100 ETF 36.14% 3.18% 39.33% 9.15% 21.80% 0.00% GLIN AMP Capital Global Infrastructure Securities Fund (unhedged) (managed fund) ETF 33.46% 4.64% 38.11% -0.88% 7.69% 0.00% TECH ETFS Morningstar Global Technology ETF ETF 27.85% 9.90% 37.76% 12.65% N/A 0.36% UBU UBS IQ MSCI USA Ethical ETF ETF 34.41% 2.99% 37.40% -0.42% 12.03% 0.00% QUAL VanEck Vectors MSCI World Ex-Australia ETF ETF 34.80% 1.82% 36.62% 3.33% 15.77% 0.00% TEK Thorney Technologies LTD LIC 36.59% 0.00% 36.59% -44.59% N/A 0.00% DIV UBS IQ Morningstar Australia Dividend Yield ETF ETF 30.98% 5.46% 36.44% -10.89% 11.33% 70.44% MOAT Vaneck Vectors Morningstar Wide Moat ETF ETF 34.70% 1.51% 36.21% 8.51% 13.66% 0.00% ETHI BetaShares Global Sustainability Leaders ETF ETF 31.03% 5.11% 36.14% 7.09% N/A 0.00% ASIA BetaShares Asia Technology Tigers ETF ETF 36.05% 0.00% 36.05% N/A N/A 0.00% CURE ETFS S&P Biotech ETF ETF 32.55% 2.72% 35.27% N/A N/A 0.00% QLTY BetaShares Global Quality Leaders ETF ETF 32.79% 2.29% 35.09% N/A N/A 0.00% FEMX Fidelity Global Emerging Markets Fund (Managed Fund) ETF 33.81% 1.10% 34.91% N/A N/A 0.00% ITW iShares MSCI Taiwan ETF ETF 33.31% 0.85% 34.16% -0.28% 15.65% 0.00% WCMQ WCM Quality Global Growth Fund (Managed Fund) ETF 33.63% 0.00% 33.63% N/A N/A 0.00% DUI Diversified United Investment LIC 29.35% 4.03% 33.38% -0.99% 19.23% 100.00% CETF VanEck Vectors ChinaAMC A-Share ETF ETF 31.61% 1.68% 33.29% -21.76% 21.06% 0.00% RBTZ BetaShares Global Robotics and Artificial Intelligence ETF ETF 32.00% 0.68% 32.68% N/A N/A 0.00% ALI Argo Global Listed Infrastructure Limited LIC 28.80% 3.53% 32.34% -0.92% 15.22% 100.00% HM1 Hearts and Minds Investments Limited LIC 31.85% 0.00% 31.85% N/A N/A 0.00% IVV iShares Core S&P 500 ETF 29.13% 2.23% 31.35% 4.38% 12.34% 0.00% SPY SPDR S&P 500 ETF Trust ETF 30.13% 0.97% 31.10% 3.97% 10.67% 0.00% EAF Evans & Partners Asia Fund LIC 28.44% 2.39% 30.83% N/A N/A 0.00% VTS Vanguard US Total Market Shares Index ETF 29.36% 1.12% 30.48% 3.97% 11.77% 0.00% VESG Vanguard Ethically Conscious International Shares Index Fund ETF 28.10% 1.91% 30.01% N/A N/A 0.00% EGF Evans & Partners Global Flagship Fund LIC 23.94% 6.06% 30.00% -7.53% N/A 0.00% IHVV iShares S&P 500 AUD Hedged ETF 29.96% 0.00% 29.96% -6.48% 21.60% 0.00% MVR VanEck Vectors Australian Resources ETF ETF 26.39% 3.46% 29.86% -1.00% 28.48% 87.50% AUI Australian United Investment LIC 25.16% 4.53% 29.69% -4.60% 17.71% 100.00% ROBO ETFS ROBO Global Robotics and Automation ETF ETF 29.22% 0.41% 29.63% -12.79% N/A 0.00% EGD Evans & Partners Global Disruption Fund LIC 29.44% 0.00% 29.44% -3.16% N/A 0.00% OOO BetaShares Crude Oil Index ETF- Currency Hedged (Synthetic) ETF 24.54% 4.79% 29.33% -20.15% 2.22% 0.00% IOO IShares Global 100 ETF ETF 26.70% 2.42% 29.12% 3.07% 14.32% 0.00% HACK BetaShares Global Cybersecurity ETF ETF 17.72% 11.37% 29.09% 11.69% 9.07% 0.00% VGS Vanguard MSCI Index International Series ETF 25.69% 3.21% 28.90% 0.57% 13.31% 0.00% ESGI VanEck Vectors MSCI International Sustainable Equity ETF ETF 26.79% 1.97% 28.76% N/A N/A 0.00% VISM Vanguard MSCI International Small Companies Index ETF ETF 23.56% 5.14% 28.70% N/A N/A 0.00% PL8 Plato Income Maximiser Limited LIC 19.60% 9.05% 28.64% -4.27% N/A 100.00% MGE Magellan Global Equities Fund ETF 25.16% 3.46% 28.62% 8.12% 15.36% 0.00% IHOO iShares Global 100 AUD Hedged ETF 25.69% 2.92% 28.61% -5.45% 19.38% 0.00% QMIX SPDR MSCI World Quality Mix Fund ETF 25.91% 2.68% 28.59% 0.82% 13.83% 2.50% ETPMPM ETFS Physical Precious Metal Basket ETF 28.50% 0.00% 28.50% 10.37% 7.01% 0.00% AGM Australian Governance & Ethical Index Fund LIC 23.03% 5.45% 28.48% -7.25% N/A 0.00% UBW UBS IQ MSCI World ex Australia Ethical ETF ETF 25.83% 2.55% 28.37% 0.43% 13.25% 0.00% FPC Fat Prophets Global Contrarian Fund Ltd LIC 28.24% 0.00% 28.24% -27.35% N/A 0.00% WHF Whitefield LIC 22.80% 4.81% 27.61% -9.89% 17.50% 100.00% WXOZ SPDR S&P World Ex Australia Fund ETF 24.02% 3.53% 27.55% 0.34% 14.16% 0.00% IJH iShares Core S&P MidCap 400 ETF 25.82% 1.59% 27.41% -3.08% 7.23% 0.00% QUS Betashares FTSE RAFI US 1000 ETF ETF 22.43% 4.98% 27.40% -0.07% 6.70% 0.00% VGAD Vanguard MSCI Index International Series (Hedged) ETF 27.09% 0.00% 27.09% -7.83% 19.09% 0.00% MHG Magellan Global Equities Fund Currency Hedged (Managed Fund) ETF 23.45% 3.45% 26.90% -1.31% 23.41% 10.00% IWLD iShares Core MSCI World All Cap ETF ETF 23.55% 3.16% 26.71% -0.25% 12.29% 0.00% UBP UBS IQ MSCI Asia APREX 50 Ethical ETF ETF 24.72% 1.92% 26.65% -7.45% 36.59% 0.00% ESTX ETFS EURO STOXX 50® ETF ETF 23.40% 2.99% 26.40% -7.79% 18.39% 0.00% HEUR BetaShares WisdomTree Europe ETF - Currency Hedged ETF 26.01% 0.00% 26.01% -10.78% 14.49% 0.00% VBLD Vanguard Global Infrastructure Index ETF ETF 23.50% 2.46% 25.96% N/A N/A 0.88% EX20 BetaShares Australian Ex-20 Portfolio Diversifier ETF ETF 20.46% 5.43% 25.89% -4.93% 19.51% 35.14% OZR SPDR S&P/ASX 200 Resources Fund ETF 19.84% 5.82% 25.66% 2.87% 25.16% 96.35% IHWL iShares Core MSCI World All Cap (AUD Hedged) ETF ETF 24.82% 0.67% 25.50% -7.99% 18.96% 0.00% MICH Magellan Infrastructure Fund (Currency Hedged) (Managed Fund) ETF 22.30% 3.14% 25.45% -1.44% 17.97% 0.00% RENT AMP Capital Global Property Securities Fund (unhedged) (managed fund) ETF 23.77% 1.63% 25.40% 2.73% 4.06% 0.00% MGG Magellan Global Trust LIC 21.65% 3.66% 25.30% 1.83% N/A 0.00% EGI Ellerston Global Investments Limited LIC 22.16% 3.09% 25.26% -12.93% 22.80% 100.00% WXHG SPDR S&P World Ex Australia (Hedged) Fund ETF 20.14% 5.11% 25.25% -8.31% 19.70% 0.00% UBE UBS IQ MSCI Europe Ethical ETF ETF 21.61% 3.45% 25.06% -5.30% 16.63% 0.00% FAIR BetaShares Australian Sustainability Leaders ETF ETF 20.79% 3.99% 24.78% 1.91% N/A 40.13% IXJ iShares Global Healthcare ETF ETF 22.73% 1.92% 24.65% 11.13% 12.01% 0.00% MOGL Montgomery Global Equities Fund (Managed Fund) ETF 21.79% 2.70% 24.50% -0.40% N/A 0.00% QRE Beta Shares S&P/ASX 200 Resources Sector ETF ETF 16.67% 7.73% 24.40% 3.08% 24.70% 96.04% VEQ Vanguard FTSE Europe Shares ETF ETF 20.67% 3.71% 24.39% -6.18% 17.24% 0.00% IHD iShares S&P/ASX Dividend Opportunities Fund ETF ETF 16.68% 7.48% 24.16% -10.04% 8.30% 90.37% SFY SPDR S&P/ASX 50 Fund ETF 18.29% 5.73% 24.02% -1.73% 8.84% 75.33% AFI Australian Foundation Investment Company (AFIC) LIC 18.50% 5.33% 23.83% 0.00% 12.50% 100.00% IFRA VanEck Vectors FTSE Global Infrastructure (Hedged) ETF ETF 19.57% 4.23% 23.80% -2.33% 14.13% 0.19% WVOL iShares Edge MSCI World Minimum Volatility ETF ETF 20.75% 3.03% 23.77% 5.26% 14.74% 5.34% VDHG Vanguard Diversified High Growth Index ETF ETF 18.64% 5.03% 23.67% -2.08% N/A 27.89% VAS Vanguard Australian Shares Index ETF 18.47% 5.08% 23.55% -2.90% 11.46% 80.50% IEU IShares Europe ETF ETF 19.91% 3.57% 23.48% -6.42% 15.75% 0.00% AUMF iShares Edge MSCI Australia Multifactor ETF ETF 18.17% 5.26% 23.43% -3.49% 19.24% 78.15% WDMF iShares Edge MSCI World Multifactor ETF ETF 21.15% 2.03% 23.17% -3.66% 21.41% 5.38% MVW VanEck Vectors Australian Equal Weight ETF ETF 18.87% 4.22% 23.09% -3.84% 15.11% 68.50% RINC BetaShares Legg Mason Real Income Fund (managed fund) ETF 17.84% 5.18% 23.02% N/A N/A 12.94% STW SPDR S&P/ASX 200 Fund ETF 17.48% 5.50% 22.99% -2.76% 11.29% 71.43% IOZ iShares S&P/ASX 200 ETF ETF 17.42% 5.42% 22.84% -2.82% 11.22% 80.13% IXI iShares Global Consumer Staples ETF ETF 20.11% 2.63% 22.74% -1.59% 8.12% 0.00% IJR iShares Core S&P SmallCap 600 ETF 21.22% 1.45% 22.67% 0.49% 4.75% 0.00% INCM BetaShares Global Income Leaders ETF ETF 18.78% 3.80% 22.58% N/A N/A 0.00% A200 Betashares Australia 200 ETF ETF 18.28% 4.27% 22.56% N/A N/A 78.38% DJW Djerriwarrh Investments LIC 16.19% 6.35% 22.54% -6.94% 0.53% 100.00% EINC BetaShares Legg Mason Equity Income Fund (managed fund) ETF 17.45% 5.00% 22.45% N/A N/A 96.98% UBA UBS IQ MSCI Australia Ethical ETF ETF 16.19% 6.20% 22.38% -0.94% 10.57% 72.92% AGX1 Antipodes Global Shares (Quoted Managed Fund) ETF 21.21% 1.15% 22.36% N/A N/A 0.29% VLC Vanguard MSCI Australian Large Companies Index ETF 16.76% 5.56% 22.33% -1.61% 6.83% 87.25% VVLU Vanguard Global Value Equity Active ETF (Managed Fund) ETF 19.31% 2.93% 22.24% N/A N/A 0.95% UMAX Betashares S&P500 Yield Maximiser Fund (Managed Fund) ETF 15.89% 6.30% 22.19% 3.51% 6.97% 0.00% SSO SPDR S&P/ASX Small Ordinaries Fund ETF 18.79% 3.09% 21.88% -9.76% 19.83% 52.94% DRUG BetaShares Global Healthcare ETF - Currency Hedged ETF 21.53% 0.34% 21.87% 2.36% 19.10% 0.00% LSF L1 Long Short Fund Limited LIC 21.85% 0.00% 21.85% N/A N/A 0.00% MVOL iShares Edge MSCI Australia Minimum Volatility ETF ETF 16.20% 5.61% 21.81% -1.86% 12.98% 50.76% VSO Vanguard MSCI Australian Small Companies Index ETF 17.76% 3.98% 21.74% -7.25% 17.00% 62.46% MVA VanEck Vectors Australian Property ETF ETF 16.93% 4.65% 21.58% 6.43% 8.67% 4.84% WRLD Betashares Managed Risk Global Share Fund ETF 20.03% 1.29% 21.33% 0.20% 11.90% 0.00% CLF Concentrated Leaders Fund Limited LIC 13.30% 7.94% 21.24% -3.74% N/A 100.00% WGB WAM Global Limited LIC 20.10% 1.03% 21.13% N/A N/A 100.00% ACQ Acorn Capital Investment Fund Limited LIC 14.55% 6.57% 21.13% -2.42% 11.74% 100.00% UBJ UBS IQ MSCI Japan Ethical ETF ETF 19.44% 1.67% 21.12% -2.25% 13.35% 0.00% RARI Russell Australian Responsible Investment ETF ETF 11.75% 9.30% 21.05% -3.90% 8.95% 33.46% LSX Lion Selection Group Limited LIC 21.05% 0.00% 21.05% 5.56% -14.29% 0.00% AMH AMCIL LIC 12.87% 8.19% 21.05% 0.84% -1.60% 0.00% SMLL BetaShares Australian Small Companies Select Fund (managed fund) ETF 18.24% 2.76% 21.00% -8.37% N/A 94.71% WLE WAM Leaders Limited LIC 15.57% 5.33% 20.90% -4.31% 3.48% 100.00% EMKT VanEck Vectors MSCI Multifactor Emerging Markets Equity ETF ETF 19.21% 1.68% 20.89% N/A N/A 0.00% ETF UBS IQ Morningstar Australia Quality ETF ETF 16.23% 4.46% 20.69% -7.22% 13.35% 53.75% PMGOLD Perth Mint Gold ETF 20.68% 0.00% 20.68% 8.87% 2.92% 0.00% CAM Clime Capital Limited LIC 14.71% 5.88% 20.59% -1.93% 8.41% 100.00% FSI Flagship Investments Limited LIC 15.45% 5.00% 20.45% 5.34% 5.71% 100.00% ETPMPT ETFS Physical Platinum ETF 20.27% 0.00% 20.27% -4.45% -6.98% 0.00% VHY Vanguard Australian Shares High Yield ETF ETF 14.02% 6.09% 20.11% -7.06% 9.42% 86.27% WEMG SPDR S&P Emerging Markets Fund ETF 17.22% 2.77% 19.99% -2.69% 26.72% 0.00% VEU Vanguard All-World EX US Shares Index ETF 18.30% 1.67% 19.97% -5.56% 17.20% 0.00% IVE iShares MSCI EAFE ETF ETF 16.64% 3.27% 19.91% -4.52% 15.91% 0.00% MVE VanEck Vectors S&P/ASX MidCap ETF ETF 16.12% 3.78% 19.90% -6.86% 21.48% 70.50% ISO iShares S&P/ASX Small Ordinaries ETF ETF 11.70% 8.10% 19.80% -8.50% 19.08% 33.34% RDV Russell High Dividend Australian Shares ETF ETF 12.37% 7.35% 19.72% -8.87% 9.53% 74.68% ILC iShares S&P/ASX 20 ETF ETF 13.61% 6.11% 19.72% -0.04% 6.49% 89.82% SYI SPDR MSCI Australia Select High Dividend Yield Fund ETF 12.42% 7.29% 19.71% -5.91% 6.45% 74.72% MLT Milton Corporation LIC 14.62% 5.08% 19.70% -3.85% 11.63% 100.00% GOLD ETFS Physical Gold ETF 19.69% 0.00% 19.69% 8.35% 3.34% 0.00% WMI WAM Microcap Limited LIC 14.17% 5.31% 19.49% -8.90% N/A 100.00% VGE Vanguard FTSE Emerging Markets Shares ETF 16.63% 2.63% 19.26% -5.53% 20.79% 0.00% ARG Argo Investments LIC 14.91% 4.35% 19.26% -2.89% 13.14% 100.00% VDGR Vanguard Diversified Growth Index ETF ETF 15.71% 3.52% 19.23% -0.72% N/A 29.81% SLF SPDR S&P/ASX 200 Listed Property Fund ETF 12.06% 7.09% 19.14% 2.77% 4.73% 2.98% PGF PM Capital Global Opportunities Fund Limited LIC 15.60% 3.49% 19.08% -8.46% 28.98% 100.00% BNKS BetaShares Global Banks ETF - Currency Hedged ETF 17.39% 1.45% 18.84% -16.95% 18.80% 0.00% IAA iShares Asia 50 ETF ETF 16.44% 2.33% 18.77% -4.64% 34.14% 0.00% ETPMAG ETFS Physical Silver ETF 18.75% 0.00% 18.75% 0.10% -4.08% 0.00% VAP Vanguard Australian Property Securities Index ETF ETF 12.44% 6.23% 18.67% 3.42% 5.98% 3.27% ACDC ETFS Battery Tech & Lithium ETF ETF 15.84% 2.81% 18.66% N/A N/A 0.00% VMIN Vanguard Global Minimum Volatility Active ETF (Managed Fund) ETF 18.59% 0.00% 18.59% N/A N/A 0.00% WDIV SPDR S&P Global Dividend Fund ETF 12.98% 5.59% 18.57% 1.86% 6.98% 0.98% DJRE SPDR Dow Jones Global Real Estate Fund ETF 15.03% 3.51% 18.53% 4.66% -0.80% 0.43% PAXX Platinum Asia Fund (Quoted Managed Hedge Fund) ETF 12.66% 5.72% 18.37% -7.77% N/A 0.00% SWTZ Switzer Dividend Growth Fund (Managed Fund) ETF 10.30% 8.05% 18.35% -7.03% N/A 100.00% ZYUS ETFS S&P 500 High Yield Low Volatility ETF ETF 10.59% 7.66% 18.26% 3.02% 2.38% 0.00% CORE ETFS Global Core Infrastructure ETF ETF 13.69% 4.36% 18.04% 6.15% N/A 0.75% IJP iShares MSCI Japan ETF ETF 16.35% 1.66% 18.01% -5.10% 14.97% 0.00% QOZ BetaShares FTSE RAFI Australia 200 ETF ETF 10.82% 7.16% 17.98% -3.61% 10.90% 79.56% PIXX Platinum International Fund (Quoted Managed Hedge Fund) ETF 8.37% 9.38% 17.75% -6.50% N/A 0.00% BKI BKI Investment Company Limited LIC 11.22% 6.49% 17.71% -8.46% 11.26% 100.00% MVS VanEck Vectors Small Cap Dividend Payers ETF ETF 13.25% 4.23% 17.48% -4.98% 15.04% 71.50% QAU BetaShares Gold Bullion ETF - Currency Hedged ETF 17.39% 0.00% 17.39% -2.97% 10.34% 0.00% AUST Betashares Managed Risk Australian Share Fund ETF 13.88% 3.44% 17.32% -3.74% 9.19% 47.79% VAE Vanguard FTSE Asia ex Japan Shares Index ETF ETF 14.76% 2.53% 17.29% -5.06% 28.88% 0.00% NSC NAOS Small Cap Opportunities Company Limited LIC 11.85% 5.41% 17.26% -21.82% -10.63% 100.00% NGE NGE Capital Limited LIC 17.24% 0.00% 17.24% 26.09% N/A 0.00% FOOD BetaShares Global Agriculture Companies ETF - Currency Hedged ETF 16.63% 0.53% 17.17% -14.46% 17.80% 0.00% EIGA eInvest Income Generator Fund (Managed Fund) ETF 4.34% 12.44% 16.77% N/A N/A 0.00% HJPN BetaShares WisdomTree Japan ETF - Currency Hedged ETF 16.28% 0.43% 16.71% -20.11% 22.50% 0.00% VDBA Vanguard Diversified Balanced Index ETF ETF 14.03% 2.25% 16.28% -0.07% N/A 34.98% WQG WCM Global Growth Limited LIC 14.08% 1.94% 16.02% 0.00% N/A 0.00% ZYAU ETFS S&P/ASX 300 High Yield Plus ETF ETF 10.99% 4.95% 15.94% -5.12% 10.74% 62.57% WIC Westoz Investment Company Limited LIC 9.80% 5.88% 15.69% -8.86% 27.69% 100.00% IHEB iShares J.P. Morgan USD Emerging Markets Bond (AUD Hedged) ETF ETF 10.90% 4.67% 15.57% -6.34% 9.61% 0.00% IEM iShares MSCI Emerging Markets ETF ETF 13.10% 2.04% 15.15% -5.65% 25.63% 0.00% MIR Mirrabooka Investments LIC 7.14% 7.94% 15.08% -0.38% -6.06% 100.00% CIE Contango Income Generator Limited LIC 8.86% 5.84% 14.70% -11.80% 10.63% 83.40% NAC NAOS Ex-50 Opportunities Company Limited LIC 8.43% 5.90% 14.33% -10.66% -3.91% 100.00% GVF Global Value Fund Limited LIC 8.21% 5.85% 14.06% -6.15% 10.09% 84.38% INIF InvestSMART Australian Equity Income Fund (Managed Fund) ETF 9.73% 4.22% 13.96% N/A N/A 35.45% HVST BetaShares Australian Dividend Harvester Fund (Managed Fund) ETF 2.63% 11.25% 13.88% -5.88% -8.82% 93.56% KAT Katana Capital LIC 11.33% 2.33% 13.67% -4.36% 13.79% 100.00% MEC Morphic Ethical Equities Fund Limited LIC 11.36% 2.27% 13.64% -18.35% N/A 100.00% PIA Pengana International Equities Limited LIC 6.60% 6.60% 13.21% -4.24% 2.04% 83.57% IHHY iShares Global High Yield Bond (Hedged) ETF ETF 8.30% 4.88% 13.18% -2.07% 6.51% 0.00% OZF SPDR S&P/ASX 200 Financials ex A-REITS Fund ETF 7.84% 4.93% 12.77% -9.27% 4.46% 91.21% VDCO Vanguard Diversified Conservative Index ETF ETF 10.93% 1.48% 12.41% 0.68% N/A 30.34% IZZ iShares China Large-Cap ETF ETF 10.32% 2.00% 12.33% -3.64% 24.69% 0.00% WAA WAM Active LIC 6.34% 5.76% 12.10% -5.09% 5.75% 100.00% QFN Beta Shares S&P/ASX 200 Financials Sector ETF ETF 8.31% 3.77% 12.08% -9.24% 4.38% 100.50% YMAX BetaShares Australian Top 20 Equity Yield Maximiser Fund ETF 4.57% 7.38% 11.95% -3.27% 5.99% 45.64% CVF Contrarian Value Fund Limited LIC 4.00% 7.92% 11.92% -3.98% 26.74% 100.00% TOP Thorney Opportunities Limited LIC 10.74% 1.09% 11.83% -16.30% 3.44% 100.00% IHCB iShares Global Corporate Bond ETF (Hedged) ETF 8.82% 2.96% 11.78% -1.48% 5.54% 0.00% WAM WAM Capital LIC 4.17% 7.18% 11.34% -3.54% 5.81% 100.00% OPH Ophir High Conviction Fund LIC 11.16% 0.00% 11.16% N/A N/A 0.00% CRED BetaShares Australian Investment Grade Corporate Bond ETF ETF 7.54% 3.29% 10.83% N/A N/A 0.00% MVB VanEck Vectors Australian Banks ETF ETF 2.50% 8.28% 10.77% -6.00% 4.31% 68.05% BAF Blue Sky Alternatives Access Fund Limited LIC 4.76% 5.95% 10.71% -25.83% 9.65% 65.00% IBC Ironbark Capital Limited LIC 4.00% 6.50% 10.50% -0.10% 14.47% 100.00% NBI NB Global Corporate Income Trust LIC 4.52% 5.69% 10.21% N/A N/A 0.00% APL Antipodes Global Investment Company Ltd LIC 5.53% 4.52% 10.05% -16.73% 14.09% 50.00% FUEL BetaShares Global Energy Companies ETF - Currency Hedged ETF 8.56% 1.35% 9.91% -10.39% 2.63% 0.00% CIN Carlton Investments LIC 5.43% 4.37% 9.80% -5.05% 9.05% 100.00% VCF Vanguard International Credit Securities Index (Hedged) ETF ETF 7.43% 2.17% 9.60% -0.22% 4.70% 0.00% OZG Ozgrowth Limited LIC 6.25% 3.13% 9.38% -10.81% 15.15% 100.00% TGG Templeton Global Growth LIC 3.89% 5.45% 9.34% -3.53% 19.18% 100.00% ILB iShares UBS Government Inflation ETF ETF 7.53% 1.50% 9.03% 3.17% 2.86% 0.00% EFF Evans & Partners Australian Flagship Fund LIC 6.75% 2.21% 8.96% N/A N/A 0.00% PLUS VanEck Vectors Australian Corporate Bond Plus ETF ETF 5.19% 3.59% 8.78% 3.83% N/A 0.00% AYF Australian Enhanced Income Fund LIC 3.28% 5.47% 8.75% 0.82% 8.40% 46.68% WAX WAM Research Limited LIC 2.05% 6.64% 8.70% 1.63% 4.18% 100.00% XARO ActiveX Ardea Real Outcome Bond Fund (Managed Fund) ETF 5.87% 2.60% 8.47% N/A N/A 0.00% DMKT AMP Capital Dynamic Markets Fund (Hedge Fund) ETF 8.44% 0.00% 8.44% -8.82% 5.42% 0.00% GOVT SPDR S&P/ASX Australian Government Bond Fund ETF 6.65% 1.64% 8.29% 4.29% 3.37% 0.00% PIC Perpetual Investment Company LIC 1.91% 6.22% 8.13% -5.70% 23.43% 100.00% GROW Schroder Real Return Fund (Managed Fund) ETF 4.49% 3.49% 7.98% -0.66% 5.06% 0.00% VBND Vanguard Global Aggregate Bond Index (Hedged) ETF ETF 5.69% 2.20% 7.89% 0.63% N/A 0.00% VGB Vanguard Australian Government Bond Index ETF ETF 5.39% 2.27% 7.66% 4.54% 3.02% 0.00% RGB Russell Australian Government Bond ETF ETF 4.97% 2.58% 7.54% 4.55% 3.03% 0.00% KSM K2 Australian Small Cap Fund ETF 2.76% 4.61% 7.37% -13.65% 16.93% 0.00% IGB IShares UBS Treasury ETF ETF 5.73% 1.62% 7.35% 5.15% 2.94% 0.00% BOND SPDR S&P/ASX Australian Bond Fund ETF 5.89% 1.46% 7.35% 4.62% 3.47% 0.00% BNDS BetaShares Legg Mason Australian Bond Fund (managed fund) ETF 5.02% 2.27% 7.29% N/A N/A 0.00% IAF iShares UBS Composite Bond ETF ETF 4.93% 2.32% 7.24% 4.12% 3.34% 0.00% SNC Sandon Capital Investments Limited LIC -1.20% 8.38% 7.19% -7.18% 6.09% 100.00% VEFI Vanguard Ethically Conscious Global Aggregate Bond Index Fund ETF 5.31% 1.84% 7.15% N/A N/A 0.00% VAF Vanguard Australian Fixed Interest Index ETF 4.31% 2.77% 7.08% 4.52% 3.26% 0.00% VACF Vanguard Australian Corporate Fixed Interest Index ETF ETF 4.11% 2.83% 6.94% 3.38% 5.09% 0.00% SEC Spheria Emerging Companies Limited LIC 3.47% 3.47% 6.94% -10.61% N/A 100.00% IKO iShares MSCI South Korea Capped ETF ETF 5.67% 1.15% 6.83% -11.42% 32.20% 0.00% ALF Australian Leaders Fund Limited LIC 2.06% 4.64% 6.70% -9.17% -19.03% 72.22% EAI Ellerston Asian Investments LIC 5.53% 1.01% 6.53% -9.46% 27.59% 100.00% VIF Vanguard International Fixed Interest (Hedged) ETF ETF 3.92% 2.38% 6.30% 2.42% 2.10% 0.00% GCI Gryphon Capital Income Trust LIC 1.49% 4.48% 5.97% N/A N/A 0.00% RCB Russell Australian Select Corporate Bond ETF ETF 2.34% 3.46% 5.80% 2.83% 3.64% 0.00% RSM Russell Australian Semi-Government Bond ETF ETF 2.85% 2.50% 5.35% 3.01% 2.46% 0.00% HBRD BetaShares Active Australian Hybrids Fund (managed fund) ETF 2.10% 3.18% 5.28% 1.94% N/A 43.96% PAI Platinum Asia Investments Limited LIC 1.40% 3.74% 5.14% -7.51% 36.36% 100.00% GFL Global Masters Fund LIC 4.35% 0.00% 4.35% -3.27% 37.18% 0.00% POU BetaShares British Pound ETF ETF 3.62% 0.51% 4.12% 4.47% 1.19% 0.00% PMC Platinum Capital Limited LIC -1.99% 5.70% 3.70% -8.17% 32.92% 100.00% QCB BetaShares Commodities Basket ETF - Currency Hedged (Synthetic) ETF 3.65% 0.00% 3.65% -10.33% 3.29% 0.00% QPON BetaShares Australian Bank Senior Floating Rate Bond ETF ETF 1.42% 2.10% 3.51% 1.79% N/A 0.00% QVE QV Equities Limited LIC -0.96% 4.21% 3.25% -16.26% 7.57% 100.00% AEG Absolute Equity Performance Fund Ltd LIC -2.26% 5.43% 3.17% 9.52% 7.50% 100.00% FGX Future Generation Investment Fund Limited LIC -0.85% 4.00% 3.15% 4.27% 4.12% 100.00% YANK BetaShares Strong U.S. Dollar Fund (hedge fund) ETF -13.78% 16.82% 3.05% 22.75% N/A 0.00% ZUSD ETFS Physical US Dollar ETF ETF 0.73% 2.02% 2.75% 11.29% -6.73% 0.00% USD BetaShares U.S. Dollar ETF ETF 0.36% 2.37% 2.74% 11.59% -7.19% 0.00% MXT MCP Master Income Trust LIC -1.90% 4.40% 2.50% 6.02% N/A 0.00% FLOT Vaneck Vectors Australian Floating Rate ETF ETF 0.08% 2.30% 2.38% 2.17% N/A 0.00% FPP Fat Prophets Global Property Fund LIC -2.11% 3.83% 1.73% -12.00% N/A 0.00% AAA Betashares Australian High Interest Cash ETF ETF -0.06% 1.64% 1.58% 2.01% 2.03% 0.00% ISEC iShares Enhanced Cash ETF ETF 0.07% 1.42% 1.49% 2.03% N/A 0.00% BILL iShares Core Cash ETF ETF 0.01% 1.42% 1.43% 1.89% N/A 0.00% MONY UBS IQ Cash ETF ETF 0.00% 1.38% 1.38% 1.77% N/A 0.00% VG1 VGI Partners Global Investments Limited LIC 0.90% 0.00% 0.90% 0.00% N/A 0.00% NCC NAOS Emerging Opportunities Company Limited LIC -5.91% 6.59% 0.68% -19.69% 13.33% 100.00% EEU BetaShares Euro ETF ETF 0.06% 0.00% 0.06% 4.03% 4.93% 0.00% QRI Qualitas Real Estate Income Fund LIC -5.26% 4.01% -1.25% N/A N/A 0.00% FGG Future Generation Global Investment Company Limited LIC -4.14% 1.13% -3.01% 6.35% 19.25% 100.00% PAF PM Capital Asian Opportunities Fund Limited LIC -6.57% 3.54% -3.03% -16.19% 35.45% 100.00% AUDS BetaShares Strong Australian Dollar Fund (hedge fund) ETF -5.64% 0.00% -5.64% -22.18% N/A 0.00% QAG BetaShares Agricultural ETF - Currency Hedged (Synthetic) ETF -6.22% 0.00% -6.22% -6.59% -12.50% 0.00% GC1 Glennon Small Companies Limited LIC -9.68% 3.23% -6.45% 1.04% 2.04% 100.00% FOR Forager Australian Shares Fund LIC -11.28% 1.63% -9.65% -24.66% 26.42% 0.00% CDM Cadence Capital LIC -15.82% 5.65% -10.17% -28.52% 16.26% 100.00% TGF Tribeca Global Natural Resources Limited LIC -15.04% 0.00% -15.04% N/A N/A 0.00% BEAR BetaShares Australian Equities Bear (Hedge Fund) ETF -18.30% 0.00% -18.30% 4.21% -8.38% 0.00% BBOZ BetaShares Australian Equities Strong Bear (Hedge Fund) ETF -40.20% 0.00% -40.20% 8.71% -20.34% 0.00% AIB Aurora Global Income Trust LIC -41.18% 0.94% -40.24% -62.80% -29.68% 0.00% BBUS Betashares US Eq Strong Bear Hedged Fund ETF -47.76% 0.00% -47.76% 7.01% -36.61% 0.00%

* Income yield has been calculated based on income divided by closing price on 31 December 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. 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.