VGI Partners Global Investments Limited
Overview
| LIC Name | VGI Partners Global Investments Limited |
| ASX Ticker | VG1 |
| Listing Year | 2017 (6 years operating) |
| Size (Market Cap) | $558M |
| Investment Focus | Global Equities |
| Portfolio Bias | Large & Mid Cap |
| Benchmark | Benchmark Unaware |
| Management Structure | Externally Managed |
| Investment Manager | Regal Partners Limited (formerly VGI Partners Limited) |
| Management Fee Structure | 1.50% plus GST |
| Performance Fee Structure | 15% plus GST |
| Cost Indicator (FY23) | 1.68% (excluding Performance Fees) |
| Objective | VG1 provides investors with access to an actively managed concentrated portfolio, predominantly comprised of long investments and short positions in global listed securities. The investment objective is to deliver superior risk adjusted returns over the long term (5+ years), with a focus on capital preservation. The company will typically invest in 10-25 long investments, of which 10-15 will be considered core. The top five long investments will usually represent between 40-50% of the portfolio. |
| Objective | |
| VG1 provides investors with access to an actively managed concentrated portfolio, predominantly comprised of long investments and short positions in global listed securities. The investment objective is to deliver superior risk adjusted returns over the long term (5+ years), with a focus on capital preservation. The company will typically invest in 10-25 long investments, of which 10-15 will be considered core. The top five long investments will usually represent between 40-50% of the portfolio. |
|
| Recent Annual Reports | 2023, 2022, 2021, 2020, 2019, 2018 |
Key Personnel
Board Members
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David F Jones AM
Chairman
Joined VG1: 2017
Shares Owned: 335K
Share Value: $546K
*Share data from 2023 Annual Report
David has more than 30 years' experience in investment markets, the majority as a general partner in private equity firms, and prior to that in general management and management consulting. David has been a board member of numerous private and ...
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Lawrence Myers
Independent Director
Joined VG1: 2017
Shares Owned: 680K
Share Value: $1.1M
*Share data from 2023 Annual Report
Lawrence is the Founder and Managing Director of MBP Advisory Pty Limited, a prominent, high-end Sydney firm of Chartered Accountants which he established in 1998. Mr Myers is also the CEO of FIFO Investments Pty Limited, the family office for ...
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Noel J J Whittaker AM
Independent Director
Joined VG1: 2017
Shares Owned: 257K
Share Value: $419K
*Share data from 2023 Annual Report
Noel is a pioneer in the field of consumer financial education. He writes weekly columns in many major newspapers including the Brisbane Sunday Mail, the Sydney Morning Herald and The Age. For 30 years, he was the Director of Whittaker Macnaught, ...
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Adelaide H McDonald
Independent Director
Joined VG1: 2019
Shares Owned: 33K
Share Value: $55K
*Share data from 2023 Annual Report
Adelaide has over 15 years' experience in corporate advisory and equity research. She is currently a Non-Executive Director of XTEK Limited (ASX:XTE) as well as an Executive Director of MDH Pty Ltd, one of Australia's largest integrated beef ...
Investment Management
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Marco Anselmi
Portfolio Manager of Regal Partners (Investment Manager)
Joined VG1: 2017
Mr Anselmi has nearly 10 years' experience as a portfolio manager and analyst focused on global equities coverage at VGI Partners, where he started his career in funds management. Mr Anselmi holds a Bachelor of Finance and Economics (Honours) ...
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Simon Birrell
Portfolio Manager of Regal Partners (Investment Manager)
Joined VG1: 2022
Mr Birrell has over 14 years' experience as an investment manager and analyst focused on global equities and private equity. He has worked at firms including Antipodes, Manikay Partners, and Crescent Capital Partners. While at Crescent Capital ...
Shareholders & Portfolio Size
Number of Shareholders
Portfolio Size
Portfolio Holdings
Top 10 Holdings at end of FY 2023
Performance
Historical Performance
| Updated: February 2024 | 1yr | 3yrs | 5yrs | 10yrs |
|---|---|---|---|---|
| With Dividends Reinvested - Net | 17.9% | -2.8% | -3.7% | - |
| With Dividends Reinvested - Gross | 21% | -0.9% | -2.5% | - |
Chart of Historical Performance
Dividends
Dividend History
| Payment Date | Dividend Type | Dividend Amount | Franking Level |
|---|---|---|---|
| 25 Sep, 2023 | Final | $0.05 | 100% |
| 29 Mar, 2023 | Interim | $0.045 | 100% |
| 28 Sep, 2022 | Final | $0.045 | 73% |
| 19 Apr, 2022 | Interim | $0.045 | 100% |
| 29 Sep, 2021 | Final | $0.055 | 100% |
| 17 Mar, 2021 | Interim | $0.015 | 100% |
| 23 Sep, 2020 | Final | $0.015 | 100% |
| 03 Apr, 2020 | Interim | $0.01 | 100% |
Chart of Dividend History
Corresponding Dividend Yields
Dividend Comparison
Costs
Cost Indicator (%)
Actual Costs
Share Price vs NTA
Some Common Questions about VG1
VGI Partners Global Investments Limited (ticker: VG1) is an Australian Listed Investment Company (LIC) listed on the Australian Stock Exchange with the ticker code VG1. VG1 focuses on global equities and provides investors with access to an actively managed concentrated portfolio. This portfolio includes both long investments and short positions in global listed securities. Since its listing on September 28, 2017, VG1 has been serving investors with a focus on delivering superior risk-adjusted returns over the long term, with an emphasis on capital preservation.
VG1 is externally managed by Regal Partners Limited (formerly VGI Partners Limited) and has a market capitalisation of approximately $550 million.
VGI Partners Global Investments Limited (VG1) has been operating for six years since its listing in 2017, and has a market capitalisation of approximately $550 million, reflecting its position in the LIC landscape.
Investors considering VG1 can benefit from an investment strategy which includes a concentrated portfolio of long investments and short positions in global listed securities, with a focus on risk-adjusted returns and capital preservation.
VGI Partners Global Investments Limited (VG1) primarily invests in equities, which are considered growth/risk assets. Therefore, it should be regarded as a growth/risk asset itself when evaluating your overall asset allocation. It's important to note that while VG1 operates within the LIC structure, which allows it to retain profits and provide income stability to investors, the income it offers is not guaranteed. Market fluctuations or shocks could lead the company directors to make decisions regarding future dividend payments.
With this understanding, here are some key metrics to consider when assessing VG1 as an investment choice:
- Long Term Performance: Evaluate whether VG1 has consistently delivered after-fee performance at or above its comparison benchmark, without compromising its focus on capital preservation, over an extended period, typically spanning five or more years.
- Dividend Reliability: Examine VG1's track record in maintaining or increasing its dividend payments over the long term, ensuring it aligns with your income objectives.
- Portfolio Composition: Gain insight into VG1's underlying portfolio holdings, including its concentration in 10-25 long investments, with 10-15 considered core. Understand how these investments contribute to its strategy and risk profile.
- Fees: Assess the cost of investing in VG1, including the Management Expense Ratio (MER), which stands at 1.96% as of th emost recent financial year. Additionally, note that VG1 charges a performance fee of 15% plus GST.
These metrics provide valuable information to investors when evaluating VG1 as part of their investment strategy. It's essential to carefully assess these factors in alignment with your financial goals and risk tolerance.
A Listed Investment Company (LIC) is one type of investment fund structure (i.e. shareholder funds pooled together and invested together, either actively by a manager, or passively). Other types of investment funds include Exchange Traded Funds (ETFs) (which can be both actively managed or passive), Listed Investment Trusts, or Managed Funds.
The different structures have their own positives and negatives, which are dependent on the goals of the investor and their own individual investment structure.
Some of the benefits of the LIC structure (the structure of VG1) include:
- It's a closed-end investment vehicle: Meaning the manager has a fixed pool of capital to invest with a long-term mindset, and doesn't have the risk of fast redemptions by investors in a time of market panic.
- They can smoothen out income to the investors: Which can be beneficial for both tax efficiency and emotional mindset, due to being able to retain profits over time (as compared to the trust structure, which must distribute income and crystallized capital gains to the investor in that financial year).
- The income will most likely be in the form of fully franked dividends: Which is an attractive form for Australian retirees due to the franking system in Australia. Since LICs are companies themselves and pay tax in Australia on profits, they receive franking credits paid on the tax they pay, in addition to the franking credits they receive from their investment portfolio. Well-managed LICs ensure their franking credit reserves are sufficient to pay future fully franked dividends (see 'franking reserves' chart above).