VGI Partners Global Investments Limited — Cyborg Score 7/10
Solid
Listed Investment Company (LIC) / Alternative Asset Management
Strategic Profile
The Company has an absolute return objective of 10%-15%p.a., net of fees, over the long-term through investment in a concentrated portfolio of global equities, typically comprising 20-40 long investments and 20-40 short investments. The benchmark unaware nature of the investment strategy and the low correlation of returns potentially provide diversification to an investor's global equities allocation.
Cyborg Score Rationale
Independent Investment Research (IIR) has assigned VG1 a Recommended rating. The fund has demonstrated resilience with a narrowing discount to NTA over 12 months and established dividend policy of 6%+ per half-year. Recent management changes under Phil King position it well for performance improvement.
Top Insights
VG1 seeks to pay dividends on a six-monthly basis, with the payment amount being at least 6.0c per half-year period, with dividends intended to be franked to the fullest extent possible.
The Company has a track record of over 7 years after listing in September 2017, with Phil King assuming the role of Lead Portfolio Manager after the departure of the previous Portfolio Manager, Rob Luciano, in November 2023.
The Company amended the investment guidelines, effective 1 July 2024, to increase the level of diversification in the portfolio and increase the potential long and short exposure.
The VGI Partners dividend yield is 6.13%.
Named Competitors
Long/Short Equity Strategy — Alternative diversified equity exposure with market-neutral characteristics
Global Absolute Return Funds — Fixed income and alternative strategies targeting absolute returns
Regal Asian Investments Limited — Related LIC with focused geographic exposure (ASX: RG8)
Recent Developments
(January 2025) Independent Investment Research assigns Recommended rating; confirms improved performance expectations under new Lead Portfolio Manager Phil King
(July 2024) Investment guidelines amended to increase portfolio diversification and long/short exposure flexibility
(November 2023) New Lead Portfolio Manager Phil King appointed following Rob Luciano's departure
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