Listed managed investments (LMIs) came of age in 2004, with the Australian Stock Exchange (ASX) reporting 24 new listings and 44 per cent growth in LMI trading during the year.
The LMI family includes listed property trusts, listed investment companies such as ’svan Eyk Three Pillars, infrastructure funds, index-based exchange traded funds, pooled development funds and absolute return funds such as Pengana Managers’ listed hedge fund pool.
Total LMI market capitalisation grew from $74 billion to $109 billion over the 12 months, and the monthly average number of trades in the 121 LMIs rocketed from 77,890 to 108,000.
The best returning LMIs were Orchid Capital with 114 per cent, Macquarie Communications Infrastructure Group with 89 per cent, and First Wine Fund and Macquarie Leisure Trust, which tied on 88 per cent.
The five largest LMI listings for 2004 were infrastructure fund ConnectEast Group ($616 million), Tishman Speyer Office Fund ($560 million), Hastings Diversified Utilities Trust ($400 million), fellow infrastructure play DUETs ($258 million), and listed investment company Century Australia ($176 million).
