Ophir Asset Management expects the LIT will achieve a market cap of approximately $440m on listing to become the second largest small/mid-cap, listed investment vehicle available on the ASX.
The fund has delivered 20.2 per cent returns per annum after fees since its inception in 2015.
Ophir Asset Management recently received the required unitholder approvals to convert the previously unlisted unit trust into listed investment trust structure.
No additional capital was raised as part of the listing process.
“We are delighted that our existing unitholders have supported the conversion of the High Conviction Fund to a listed investment trust and are looking forward to again welcoming new investors into the Fund,” Ophir co-founder and senior portfolio Manager Andrew Mitchell said.
“We have always focused on ensuring we have the best possible investment structure in place to deliver strong long-term performance. We have done this previously by restricting the amount of capital we manage in each of our investment funds and by personally co-investing alongside our unitholders.
“We strongly believe closed-ended investment funds can provide a material performance advantage over the full length of a market cycle and we’re encouraged that our existing unitholders have agreed with this view.”
Ophir Asset Management manages two investment strategies in the small and mid-cap equities space: the Ophir Opportunities Fund and the Ophir High Conviction Fund. Due to capacity constraints, both funds had previously been closed to any additional investment.
Ophir investment director Rob Saunders said the two Ophir funds have previously only been made available to wholesale investors and both have been closed to additional investment for some time.
“The listed structure will allow new and existing investors to again purchase units in the fund, while providing the investment team with all the performance advantages that a stable capital base can provide,” he said.
“In addition, the ASX listing will provide an ability for retail investors to directly access the fund, the first time either Ophir Fund has been directly available to the retail market.”
Mr Saunders said the High Conviction Fund will provide a daily NAV to the market to ensure transparency of pricing and will also launch with a standing on-market buyback facility in place.
It provides investors with a concentrated portfolio of 15–30 high-quality companies listed outside the S&P/ASX 50.
The Ophir High Conviction Fund will list on the ASX on Wednesday 19 December at 11.00am under ASX code “OPH”.
