AMCIL

What AMCIL does

AMCIL Limited is an Australian listed investment company (LIC) traded on the ASX under ticker code AMH, managing a concentrated portfolio of 30 to 40 quality Australian and New Zealand equities spanning large and small capitalisations. The portfolio is built using fundamental analysis with the objective of generating total returns exceeding the S&P/ASX 200 Accumulation Index over the medium to long term, alongside fully franked dividends. The company is externally managed by Australian Investment Company Services Limited (AICS), whose investment team manages approximately $12 billion across four LICs from a single integrated team.

At 22 July 2026 the company reported a total portfolio of $410.7 million, a share price of $0.92 against estimated net asset backing of $1.07 per share, and a Net Tangible Asset backing of $1.12 per share as at 31 December 2025. Distribution is conducted exclusively through the ASX (via licensed full-service stockbrokers and online platforms), with shareholder reinvestment available through a Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP), and shareholder servicing handled by registrar MUFG. AMCIL charges a 0.56% Management Expense Ratio for FY2024/25 ($5.60 per $1,000 invested) with no performance fees, and does not maintain proprietary technology platforms, AI/ML-driven selection tools, or app-based investor interfaces.

AMCIL's revenue is generated primarily from investment income on its equity portfolio rather than management fees — FY25 revenue from ordinary activities (excluding capital gains) totalled $9.1 million, down from $9.5 million in FY24, with H1 FY26 revenue of $5.0 million (+0.9%). The company serves individual retail investors seeking Australian and New Zealand equity exposure as well as financial advisors and planners; its FY25 dividend yield including franking was 9.2% based on the December 2025 share price, and the FY25 total dividend was 6.5 cents per share (including a 3 cent special dividend funded by capital gains from trimming Wesfarmers, major bank holdings, and a complete exit from Commonwealth Bank of Australia). Portfolio Manager Mark Freeman is transitioning leadership to Alison, introducing near-term execution considerations.

Name

AMCIL

Legal name

AMCIL Limited

Website

https://amcil.com.au

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

AMCIL Limited is an Australian listed investment company (ASX: AMH) that manages a concentrated portfolio of 30 to 40 Australian and New Zealand quality equities, serving retail investors and financial advisors seeking long-term capital growth and fully franked dividend income.

Ownership category

akta.pro rank

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Distribution channels4 records

Marketing channels6 records

Core offering

AMCIL is a Listed Investment Company (LIC) that operates a concentrated investment portfolio of 30 to 40 Australian and New Zealand equities spanning large and small capitalisations. The company provides shareholders with exposure to quality companies selected through a fundamental, value-oriented investment approach, targeting medium to long-term total returns exceeding the S&P/ASX 200 Index. Investors receive fully franked dividends paid semi-annually, with optional reinvestment through a Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP).

Product overview

AMCIL is a Listed Investment Company (LIC) that operates as a single, unified investment product — a concentrated equity portfolio of 30 to 40 Australian and New Zealand stocks spanning large and small capitalizations. The company offers fully franked dividends paid twice yearly, with optional shareholder reinvestment through the Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP). The portfolio is actively managed with a quality-and-value investment philosophy targeting medium to long-term outperformance versus the S&P/ASX 200 Index.

Differentiator

Problem solved

Functional benefit

Products and services

• AMCIL Investment Portfolio A concentrated investment portfolio of 30 to 40 Australian and New Zealand equities across large and small companies, providing shareholders with quality-focused long-term capital growth and fully franked dividend income. Managed by Australian Investment Company Services Limited (AICS).
• Dividend Reinvestment Plan (DRP) A plan that allows shareholders to reinvest their fully franked dividends to purchase additional AMCIL shares, enabling compounding of investment returns over time.
• Dividend Substitution Share Plan (DSSP) An alternative reinvestment mechanism allowing shareholders to receive additional AMCIL shares in lieu of cash dividends.

Quantifiable outcome

• 0.56% Management Expense Ratio (MER) for FY2024/25 - cost of $5.60 per $1,000 invested
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• MUFGminorOthersMUFG serves as AMCIL's share registrar, providing shareholder services including issuing welcome letters with Holder Identification Numbers and managing dividend payments and bank details.

Scale indicators16 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• Whitefield Industrials: Whitefield is a smaller Australian LIC focused on Australian and New Zealand industrial and financial sector equities, paying fully franked dividends. Its market segment and LIC structure provide a comparable reference point to AMCIL.
• Milton Corporation: Milton is a long-established Australian LIC with a diversified portfolio of Australian and New Zealand equities, paying fully franked dividends. Its size, structure, and investor base strongly overlap with AMCIL's.
• WAM Capital: WAM Capital is an Australian LIC managed by Wilson Asset Management with a value-driven, smaller-company-focused investment approach. While more concentrated in small caps than AMCIL, it shares the LIC structure and fully franked dividend orientation.
• BKI Investment Company: BKI is a smaller Australian LIC that also pursues a low-cost, dividend-focused, long-term investment approach in Australian-listed equities. It targets fully franked dividends and is managed via an external investment manager, similar to AMCIL's AICS arrangement.
• Australian Foundation Investment Company (AFIC): AFIC is Australia's largest listed investment company with a similar diversified, quality-focused Australian equity portfolio structure. It operates under a comparable low-cost, no-performance-fee model targeting long-term returns, making it the closest direct comparable to AMCIL.
• Perpetual Equity Investment Company: PIC is an ASX-listed investment company that invests in a diversified portfolio of Australian equities, externally managed by Perpetual Investment Management. It offers comparable features to AMCIL including a focus on long-term capital growth and fully franked dividends.
• Argo Investments: Argo is a long-standing Australian LIC with a diversified portfolio of mostly Australian listed equities, employing a low-cost, long-term investment approach. Its structure, cost profile, and dividend policy closely mirror AMCIL's offering to retail investors and SMSFs.
• Djerriwarrh Investments: Djerriwarrh is an Australian LIC that invests with a value-and-yield focus in Australian equities, offering enhanced income through a strategic option-writing program. It is comparable to AMCIL as a fellow ASX-listed LIC targeting fully franked dividend income.
• Plato Income Maximiser: Plato Income Maximiser is an ASX-listed LIC that focuses on generating fully franked dividend income from Australian equities. It is comparable to AMCIL in LIC structure and Franking-driven income orientation, though it uses an options overlay for additional yield.

Broad incumbents

• Magellan Global Fund: Magellan Global Fund is a large, actively managed ASX-listed global equities fund. While it focuses on global rather than Australian and New Zealand equities, it is broadly comparable to AMCIL as a leading ASX-listed investment company targeting long-term capital growth through active stock selection.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/amcil-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AMCIL