Concentrated Leaders Fund Limited (the "Company" or "CLF") is a Listed Investment Company (LIC) with approximately $100 million of total investible assets. The Company is listed on the Australian Securities Exchange and trades under the ASX Code: CLF.
CLF is a geared listed investment company, with one class of share on issue. There are a total of 59,366,814 ordinary shares on issue. In addition, the Company has a debt facility with National Australia Bank, being a $30 million Equity Finance Loan. This facility was entered into with National Australia Bank in April 2018 and is fully drawn to $30 million. It is the Company’s present intention to continue as a geared investment structure and maintain its $30 million Equity Finance Loan with National Australia Bank fully drawn.
CLF was founded in September 1987 by Brian Sherman and Laurence Freedman, joint managing directors of EquitiLink Asset Management. The Company was originally called MaxiLink Limited and was managed by EquitiLink Australia Limited under an investment management agreement from 1987 until 2000. Under the terms of that investment management agreement EquitiLink Australia Limited was responsible for providing all portfolio management and administration services necessary to maintain the Company’s listing on the ASX and to ensure the proper management of the portfolio in accordance with its stated objectives.
In October 2000, EquitiLink announced the sale of its asset management business to Aberdeen Asset Management and as a result the management of the Company was transferred to Aberdeen Asset Management. The name of the Company was subsequently changed to Aberdeen Leaders Fund Limited and the Company traded under the ASX Code: ALR.
Aberdeen Asset Management managed the Company under an investment management agreement until the end of December 2017, when management of the Company was internalised and a portfolio management team was directly employed by the Company to manage the Company’s investment portfolio.
In January 2018, Dr David Sokulsky was appointed Chief Executive Offer and Chief Investment Officer of the Company and, along with his team of analysts, took over responsibility for managing the Company and its investment activities. The name of the Company was subsequently changed to Concentrated Leaders Fund Limited in April 2018, with the ASX ticker changed to CLF at the same time.
In July 2020, the investment management right for CLF were outsourced to Carrara Investment Management Pty Ltd ("Carrara"), a company run by Dr David Sokulsky and which employs the previous CLF investment team. The investment strategy and the implementation of that strategy has remained consistent despite the structural outsourcing.
Brian Sherman, who founded the company in 1987 is Chairman of the Board.
CLF uniquely combines a macro thematic and bottom-up fundamental approach to manage its investment portfolio with the aim of delivering investors a consistent quarterly dividend as well as a capital gain over the investment cycle.
The Company’s investment mandate is to invest in Australian shares primarily within the S&P/ASX 200 Accumulation Index, to generate capital gains as well as regular income for shareholders. CLF is benchmarked against the S&P/ASX 200 Accumulation Index.
CLF has maintained a firm policy of regular quarterly fully franked dividend distributions. The Company is committed to providing a meaningful dividend yield to shareholders consistent with its objective of delivering regular income and long term capital growth, subject to market conditions, the availability of distributable profits and the financial health of the Company.