Our newest LICs: one upgrade, one downgrade

BTI has delivered tidy gains while PIC holds onto a buy call and Cadence Capital moves closer to its NTA.

Up, down and sideways: This has been the fortune of three of our recent most LIC calls, so where do they stand now? A month ago we became comfortable enough with Bailador Technology Investments (BTI) – after speaking with co founder David Kirk for the second time – to bring it into the model portfolio. After placing a buy on it the stock has rallied, and the margin of safety needed to keep it as a buy no longer exists – we’re therefore moving it to a hold. Perpetual Equity Investment Company (PIC) has tracked sideways since our initial call, but it’s still in the buy range, while Cadence Capital moves from a sell to a hold as the share price has closed in on the underlying value of the portfolio.

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