Van Eyk Three Pillars (VTP), the listed quantitative investor in Australian equities, has shared its high returns with investors by paying a special dividend.
The 3 cents per share special dividend accompanies an ordinary dividend of 2.5 cents per share, which together with a 1.5 cent dividend last November has given investors a 7 per cent fully franked yield this year.
VTP executive director, Cameron Mcullagh, said where performance allowed, extraordinary dividends would always be paid to deliver investors a high yielding product.
VTP’s underlying portfolio has returned a net 27.8 per cent in the last 12 months and 30.83 per cent since its January 2004 inception.
Mcullagh thought VTP represented good value at its current price of $1.02, given its net tangible assets after tax were $1.17.
“The experience of other LICs (listed investment companies) has been for that discount to close once investors become comfortable with your track record,” Mcullagh said.
