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Listed investment companies (LICs)

Listed investment companies (LICs) are closed-end funds that only issue a fixed number of shares on initial public offering (IPO). They allow you to invest in professionally managed baskets of Australian and international asset classes, including stocks, property and interest-bearing deposits. Investors can buy and sell shares in LICs on the ASX market.

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Why invest in LICs?

Operating much like managed funds or exchange-traded funds (ETFs), listed investment  companies (LICs) allow you to gain exposure to a diverse range of assets with a single investment.

Although LICs offer similar exposure to asset classes available through many unlisted managed funds, they are generally more transparent as they must comply with the stock exchange’s corporate governance and reporting requirements.

Most LICs usually distribute their income by way of fully franked dividends to minimise tax and produce regular income.

LICs are ideal for investors wanting to achieve market diversification or who many not have the expertise or inclination to invest directly in other ASX-listed companies. Learn more

Usually the management costs associated with established LICs is quite competitive. The management expense ratio of LICs is generally significantly lower than similar unlisted managed funds.  

Closed-end funds

As part of a closed-end collective investment scheme, LICs don't regularly issue new shares or cancel shares, so investors must buy and sell existing shares from each other on the ASX market in order to join and leave funds. This closed-end structure lets the fund manager concentrate on selecting investments without having to factor in money coming in and out of the fund, enabling them to take a long-term approach to investing.

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Awards that stand for value and service

CMC Markets officially offers the best value in Australia* when it comes to share trading. You get the lowest brokerage available, alongside powerful trading tools and great service.

CMC Markets
  • CANSTAR Online Share Trading Broker of the Year Australia 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021 and 2022
  • CANSTAR Online Share Trading Outstanding Value Australia, casual, active and trader investor 2011, 2012, 2013, 2014, 2015 , 2016, 2017, 2018, 2019, 2020 and 2021*
  • Best Feature-Packed Non-Bank Online Broker, Money magazine Best of the Best award, 2020, 2021
  • The highest satisfaction rating for brokerage, platform navigation and charting, Investment Trends 2017**
  • Cheapest Online Broker, Money magazine Best of the Best award 2011, 2012, 2013, 2014, 2015,2016 and 2017
  • Cheapest Online Broker, Smart Investor Blue Ribbon Award 2011, 2012 and 2013

CANSTAR Online Share Trading Broker of the Year Australia 2011-2022. *CANSTAR Online Share Trading Outstanding Value Australia, Casual Investor 2011-2021. CANSTAR Online Share Trading Outstanding Value Australia, Active Investor 2021** By own client satisfaction. Investment Trends 2017 First Half Online Broking Report, based on a survey of over 15,000 investors/traders.

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