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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$1.22 |
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3 | 80806 | $1.22 |
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No. | Vol. | Price($) |
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3 | 80806 | 1.215 |
6 | 120718 | 1.210 |
12 | 133360 | 1.205 |
18 | 372681 | 1.200 |
10 | 159428 | 1.195 |
Price($) | Vol. | No. |
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1.220 | 111571 | 7 |
1.225 | 188266 | 3 |
1.230 | 212824 | 7 |
1.235 | 164298 | 6 |
1.240 | 143044 | 8 |
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