LICs, page-100

goodie, another one I'd recommend considering as a good conservative long term choice is Perpetual Equity investment company or PIC. Trading at a nice discount to NTA and is quite flexible in being index unaware ( eg currently no banks, and largest holding is Woolworths) and can hold up to 25% in international undervalued stocks and up to 25% cash. Currently has about 25% cash so they must think we are due for a pullback, and so would have plenty ammunition to jump in if a pullback does happen. I definitely prefer LICs that allow themselves to hold decent cash levels if the market justifies it, rather than blindly holding on 99% invested at all times like the traditional funds. The WAM funds also actively manage their cash levels.