The P.O.D.
01-04-2004, 09:29 AM
I thought I might start a thread up on HHL by itself. Listed investment companies seem to be all in fashion at the moment. Here's a starter for 10...
Not many investors can say they have made money out of stocks such as Village Roadshow and Reinsurance Australia.
But for Hunter Hall International's Peter Hall, stocks that might be regarded as troubled, obscure, illiquid, boring or unpopular are his staple and have helped him deliver some of the best returns of any retail funds in the Australian market.
Now Mr Hall, a former cadet journalist who owns half of Hunter Hall, is joining what might be a called the "LIC bandwagon" by launching his own sharemarket listed investment company.
The float of Hunter Hall Global Value, lead-managed by Ord Minnett, hopes to raise at least $50 million and up to $200 million, joining other LICs raising money such as the Macquarie Equities-lead managed Peters Macgregor Investments, which is seeking $100 million.
Mr Hall said there were a lot of LICs in the market and some recent floats had failed to attract as much as they had hoped.
"We are hoping to be a little bit different in that we have this international focus," Mr Hall said.
"We actually have a performance track record," he said, citing some new LICs' performance track records as "distinctly dodgy or non-existent".
Hunter Hall Global Value, like the group's main retail funds, will invest more than half its money in international stocks, particularly stocks in Europe where Mr Hall has had some success.
The group's flagship Value Growth Trust launched in May 1994 has delivered a compound average return of 19.5 per cent a year after fees since inception, including outperformance of 13.1 per cent a year against the MSCI.
Mr Hall regards another international investor, Kerr Neilson's Platinum Asset Management, as the best fund manager in the Australian market, yet Hunter Hall claims a slightly better track record over seven years.
"[The new LIC] will be a complement to Platinum Capital or maybe an alternative to Platinum Capital," he said.
Mr Hall also claims credit for the introduction of performance fees, an increasingly common part of the funds management landscape.
Mr Hall's funds management team has particular incentive to do well since 50 per cent of the outperformance fee (15 per cent of outperformance over the MSCI World Accumulation index in Australian dollars) will be paid directly to the investment team and the balance to the listed Hunter Hall International.
Not many investors can say they have made money out of stocks such as Village Roadshow and Reinsurance Australia.
But for Hunter Hall International's Peter Hall, stocks that might be regarded as troubled, obscure, illiquid, boring or unpopular are his staple and have helped him deliver some of the best returns of any retail funds in the Australian market.
Now Mr Hall, a former cadet journalist who owns half of Hunter Hall, is joining what might be a called the "LIC bandwagon" by launching his own sharemarket listed investment company.
The float of Hunter Hall Global Value, lead-managed by Ord Minnett, hopes to raise at least $50 million and up to $200 million, joining other LICs raising money such as the Macquarie Equities-lead managed Peters Macgregor Investments, which is seeking $100 million.
Mr Hall said there were a lot of LICs in the market and some recent floats had failed to attract as much as they had hoped.
"We are hoping to be a little bit different in that we have this international focus," Mr Hall said.
"We actually have a performance track record," he said, citing some new LICs' performance track records as "distinctly dodgy or non-existent".
Hunter Hall Global Value, like the group's main retail funds, will invest more than half its money in international stocks, particularly stocks in Europe where Mr Hall has had some success.
The group's flagship Value Growth Trust launched in May 1994 has delivered a compound average return of 19.5 per cent a year after fees since inception, including outperformance of 13.1 per cent a year against the MSCI.
Mr Hall regards another international investor, Kerr Neilson's Platinum Asset Management, as the best fund manager in the Australian market, yet Hunter Hall claims a slightly better track record over seven years.
"[The new LIC] will be a complement to Platinum Capital or maybe an alternative to Platinum Capital," he said.
Mr Hall also claims credit for the introduction of performance fees, an increasingly common part of the funds management landscape.
Mr Hall's funds management team has particular incentive to do well since 50 per cent of the outperformance fee (15 per cent of outperformance over the MSCI World Accumulation index in Australian dollars) will be paid directly to the investment team and the balance to the listed Hunter Hall International.