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
PL8's crazy premium has finally hit a wall. Reversal incoming
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$1.24 |
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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17 | 878003 | $1.24 |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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17 | 878003 | 1.240 |
12 | 221673 | 1.235 |
24 | 375730 | 1.230 |
9 | 196470 | 1.225 |
14 | 153625 | 1.220 |
Price($) | Vol. | No. |
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1.250 | 449606 | 19 |
1.255 | 100846 | 4 |
1.260 | 159622 | 5 |
1.265 | 8160 | 1 |
1.270 | 8317 | 1 |
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