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Perpetual Equity Investment Company Limited (PIC)
Perpetual Equity Investment Company Limited (PIC) is an Australian Listed Investment Company (LIC) managed by Perpetual Investment Management. It provides investors with access to a concentrated and actively managed portfolio of 20-40 Australian and global listed securities. The company's objective is to deliver long-term capital growth and a regular stream of fully franked dividends to shareholders.
Market Cap
A$465M
Shares on Issue
N/A
Price Chart
AI Analysis
As an LIC, PIC's performance is directly tied to its Net Tangible Assets (NTA), which reflects the value of its underlying investment portfolio. The company's share price frequently trades at a discount to its pre-tax NTA, a common feature for many LICs. Recent performance has been influenced by broader market volatility and the specific holdings chosen by the Perpetual management team, with regular monthly NTA updates providing the most current insight into the portfolio's health and dividend declarations underpinning its total return.
PIC's growth outlook is dependent on the stock-picking ability of its manager, Perpetual, and their value-oriented investment philosophy. Future catalysts include a narrowing of the share price discount to NTA, strong performance from key holdings in their concentrated portfolio, and the continued appeal of its fully franked dividend in a fluctuating interest rate environment. The strategic direction remains focused on identifying undervalued companies with a long-term view, though this makes it susceptible to periods of underperformance if value investing is out of favour.
Bull Case
- • Access to a professionally managed, concentrated portfolio run by the experienced Perpetual investment team, known for its long-term, value-based approach.
- • Potential for capital appreciation if the persistent discount between the share price and the Net Tangible Asset (NTA) narrows.
- • Provides a consistent and fully franked dividend stream, making it attractive for income-focused investors, particularly within the Australian tax system.
Bear Case
- • The share price can trade at a significant and persistent discount to its underlying NTA, meaning an investment may not fully reflect the value of its assets.
- • Performance is highly dependent on the fund manager's skill. A concentrated portfolio carries higher stock-specific risk compared to a more diversified index fund.
- • Management fees and operating costs create a performance drag, meaning the portfolio must outperform the market just to cover its expenses.
Recent Announcements
Daily Net Tangible Asset Statement
Daily Net Tangible Asset Statement
Daily Net Tangible Asset Statement
FAQs
What does PIC do?
PIC is a Listed Investment Company (LIC) that invests in a concentrated portfolio of Australian and global stocks. It is actively managed by Perpetual Investment Management with the aim of generating long-term capital growth and paying regular, fully franked dividends.
Is PIC a good investment?
PIC can be a suitable investment for those seeking a professionally managed portfolio and a franked dividend income stream. However, investors should be aware of the risks, including the potential for the share price to trade at a discount to its asset value and the concentration risk of its portfolio.
What drives PIC's share price?
The primary driver is the performance of its underlying investment portfolio, which is reported in its monthly Net Tangible Asset (NTA) updates. Other key factors include the size of the dividend, the level of franking, and the market's sentiment towards the share price's discount or premium to the NTA.
Key Metrics
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