Listed Investment Trust.
Contrarianguy explained it.
There are important differences between a LIC and LIT, that most people seem to ignore.
Bottom line is a LIT is a trust, not a company structure like a LIC. Accordingly, it is a pass through entity and is required to distribute net income.
It can't withhold paying a dividend, or pay tax on income, and therefore attract franking credits. If you are after this, you should invest in a LIC.
However, you won't find a better small cap closed end fund in the ASX. Ophir are pure class.
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