Charitable fund launches on ASX
Hearts and Minds Investments, a new listed investment company (LIC) with a charitable goal to help fund medical research charities, has started trading on the Australian Securities Exchange after closing its $500 million initial public offering ahead of its original closing date.
Chairman, Chris Cuffe, said the fund had a good structure and a high-calibre leadership team, and support for the fund managers was solid.
The fund’s portfolio is aimed at investors seeking exposure to a high-conviction portfolio of global equities, and would be based on the selections and recommendations of its five leading fund managers.
The fund may invest in both Australian and international equities, cash and cash-equivalent securities, and would waive investment fees in favour of a bi-annual donation to charities, which would be equal to 1.5 per cent per annum of the average monthly net tangible assets for the previous half-year.
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