See: > PL8 - Plato Income Maximiser - Cheat Sheet
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Summary: Plato Income Maximiser (PL8) actively invests in Australian shares to generate a high, reliable dividend yield which is fully-franked. Plato self-describes as "a boutique fund manager specialising in maximising income for pension-phase and SMSF investors." PL8 is the only equity ASX Closed End Fund (CEF) to pay monthly dividends and trades at a ~15-20% premium to NTA. PL8 is an example of the Cash Franking Credits rort that is the primary reason most LICs still exist. In NTA terms, PL8 has underperformed VAS/STW from inception in 2017 to August 2023, and also in the last 3 and 5 years. In TSR terms, PL8 has slightly outperformed VAS since inception, thanks only to the ~20% premium. PL8's premium is irrational for several reasons. In this post, I focus on just one irrationality: Plato has an equivalent open end fund to PL8 which can be bought and sold at NAV. If PL8 investors were rational they could access the identical strategy at a ~20% discount, thus generating ~20% higher yield and franking. Below, I compare performance, yield, franking, dividend frequency and Total Expense Ratios (TER) of the two funds. Of course, the truly rational investors will focus on long-term performance (after all costs) and choose the cheapest, passive ASX200/300 index funds (A200, VAS, IOZ) with TERs as low as 0.04%!
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PL8's crazy premium has finally hit a wall. Reversal incoming
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Last
$1.18 |
Change
-0.015(1.26%) |
Mkt cap ! $883.3M |
Open | High | Low | Value | Volume |
$1.20 | $1.20 | $1.18 | $521.9K | 439.2K |
Buyers (Bids)
No. | Vol. | Price($) |
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16 | 240539 | $1.18 |
Sellers (Offers)
Price($) | Vol. | No. |
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$1.20 | 74489 | 5 |
View Market Depth
No. | Vol. | Price($) |
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16 | 240539 | 1.180 |
4 | 15726 | 1.175 |
6 | 60976 | 1.170 |
3 | 15860 | 1.160 |
1 | 17316 | 1.155 |
Price($) | Vol. | No. |
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1.195 | 74489 | 5 |
1.200 | 159784 | 6 |
1.205 | 52493 | 2 |
1.210 | 102780 | 7 |
1.215 | 175365 | 4 |
Last trade - 16.10pm 26/04/2024 (20 minute delay) ? |
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Last
$1.18 |
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Change
-0.015 ( 1.05 %) |
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Open | High | Low | Volume | ||
$1.20 | $1.20 | $1.18 | 254957 | ||
Last updated 15.58pm 26/04/2024 ? |
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