The Australian Securities Exchange (ASX) in partnership with the local Listed Investment Company community creates ASX LIC Index for Listed Investment Companies (LICs). New index will comprise 44 LICs listed on ASX which invest directly in Australian and international equities.
The launching date of ASX LIC Index is 2 January 2009. Calculated by Standard & Poor’s the index’s code will be XIC. ASX LICs provide investors with an easy, low-cost way to gain access to a range of ASX-listed entities through one transaction.
“The creation of the ASX LIC Index adds value to advisers and investors seeking to use LICs as a part of their portfolios,” says Ian Irvine, head of Listed Managed Investments, ASX. “The index will provide additional transparency and has the potential to enhance the liquidity of the LIC sector.”
“As LICs investing in companies included in the S&P/ASX 200 are themselves not included in that index, the creation of an LIC index will allow investors and advisers to measure relative performance of individual LICs against an industry standard benchmark,” says Ross Barker, managing director, Australian Foundation Investment Company (AFIC).
L.D.