Mirrabooka Investments

What Mirrabooka Investments does

Mirrabooka Investments Limited is an Australian Listed Investment Company (LIC) that trades on the ASX under the ticker code MIR. Established in 1999 and listed on the ASX in 2001, the company is headquartered at Level 21, 101 Collins Street, Melbourne, and operates as a closed-end fund managed externally by Australian Investment Company Services Limited (AICS). The company's core product is a single diversified portfolio of 50 to 70 small and mid-sized Australian companies selected from outside the S&P/ASX 50 Leaders Index, with a stated objective of delivering medium to long-term capital gains and attractive fully franked dividend income.

The investment approach relies on fundamental analysis and active portfolio management, with no proprietary technology platform. As of mid-2026 the total portfolio value stands at $746.9 million with net tangible asset backing of $3.27 per share (pre-tax on unrealised gains, December 2025) and a current share price of $2.62. The company distributes both ordinary and special dividends sourced from portfolio dividends and LIC capital gains distributions, and operates a Dividend Reinvestment Plan (DRP) for compound growth. Management costs are charged as a Management Expense Ratio of 0.54% per annum for FY2024/25 with no performance fees, equating to approximately $5.40 per $1,000 invested.

Revenue is generated through fully franked dividends from portfolio holdings, capital gains distributed via the LIC structure, and interest and option income, which are passed through to shareholders. The customer base is entirely Australian retail and self-directed investors, financial advisors, first-time investors, and income-focused shareholders who access the product exclusively through ASX-authorised full-service or online brokers. Distribution is fully digital and ASX-mediated: corporate website, email newsletters, results webcasts, ASX announcements, and periodic investor information meetings. The company reported FY2026 net profit of $13.0 million versus $7.9 million in FY2025, with total dividends per share of 14.0 cents. Long-term track record is 11.6% annualized returns over 27 years, though recent performance has materially lagged benchmarks (six-month return 1.3% vs 14.3%; one-year return -10.8% vs 7.8%). Leadership transitioned from CEO Mark Freeman to Alison Gibson in January 2026, with Kieran Kennedy continuing as Portfolio Manager.

Name

Mirrabooka Investments

Legal name

Mirrabooka Investments Limited

Website

https://mirra.com.au

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1–10 employees

Short description

Mirrabooka Investments is an Australian Listed Investment Company (ASX: MIR) that invests in 50-70 small and mid-cap Australian companies outside the S&P/ASX 50, serving retail investors, advisors, and income-focused shareholders seeking fully franked dividends and long-term capital growth through a low-cost (0.54% MER) closed-end LIC structure.

Ownership category

akta.pro rank

Product category

Listed Investment Company (Australian Small/Mid-Cap Equities)

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industry

Managed Accounts & Model Portfolios (SMA/UMA) (FSAAAAAG)

Keywords

• Listed investment company
• Small cap equities
• Mid cap equities
• Dividend income
• Portfolio management

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Dividend Income: Mirrabooka receives fully franked dividends from its portfolio of 50-70 small and mid-cap Australian companies. These dividends are passed through to shareholders as fully franked dividends, providing tax credits.
2. Capital Gains: Profits generated from the sale of investments at capital gains are distributed to shareholders as fully franked dividends through the LIC structure, generating franking credits that can be passed through to shareholders.
3. Interest and Option Income: Interest income from cash holdings and returns from option activity on portfolio positions contribute to overall revenue and dividend capacity.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Mirrabooka Investments is a Listed Investment Company (LIC) trading on the ASX under code MIR, operating as a closed-end fund that invests in 50 to 70 small and mid-sized Australian companies outside the S&P/ASX 50 Leaders Index. Shareholders gain exposure to a diversified, actively managed portfolio selected for long-term returns through economic cycles, with income paid via fully franked dividends and an available Dividend Reinvestment Plan (DRP). The company charges a Management Expense Ratio (MER) of 0.54% per annum with no performance fees.

Product overview

Mirrabooka Investments is a Listed Investment Company (LIC) that operates as a single, unified investment product. The core offering is a diversified portfolio of 50-70 small and mid-cap Australian companies, designed to provide shareholders with medium to long-term capital gains and attractive fully franked dividend returns. The company was established in 1999 and has a 27-year track record of outperforming benchmarks. Key features include a Dividend Reinvestment Plan (DRP) and no performance fees.

Differentiator

Problem solved

Functional benefit

Products and services

• Mirrabooka Investments Portfolio
• Dividend Reinvestment Plan (DRP)

Quantifiable outcome

• 11.6% annualized returns over 27 years, outperforming benchmarks
• +4 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Djerrard Investment Trust: Djerrard Investment Trust is an Australian LIC that invests primarily in Australian small and mid-cap companies. Comparable to Mirrabooka in small/mid-cap focus and LIC structure, making it a close niche peer for the same retail and advisor customer base.
• WAM Capital: WAM Capital (ASX: WAM) is an Australian Listed Investment Company managed by Wilson Asset Management with a focus on small and mid-cap Australian companies and a value-oriented activist approach. It is directly comparable to Mirrabooka in LIC structure, target segment (small/mid-cap), and retail dividend-distribution focus.
• Plato Income Maximiser: Plato Income Maximiser (ASX: PL8) is an Australian LIC focused on delivering above-market dividend income from a portfolio of Australian equities through options overlay strategies. Comparable to Mirrabooka in LIC structure and income-investor focus, though with a distinct options-based income strategy.
• WAM Leaders: WAM Leaders (ASX: WLE) is a Wilson Asset Management LIC focused on large-cap Australian companies. Comparable to Mirrabooka in LIC structure and active management approach, though with a large-cap rather than small/mid-cap focus.
• BKI Investment Company: BKI Investment Company (ASX: BKI) is a long-standing Australian LIC that invests in a diversified portfolio of Australian equities and pays fully franked dividends. Comparable to Mirrabooka as a domestic LIC with a dividend-income focus and similar retail distribution model.
• Perpetual Equity Investment Company: Perpetual Equity Investment Company (ASX: PIC) is an Australian LIC that invests in a portfolio of Australian equities with an income focus, offering fully franked dividends. Comparable to Mirrabooka in LIC structure, Australian equity mandate, and income-oriented investor base.
• AMCIL Limited: AMCIL (ASX: AMH) is an Australian LIC focused on a portfolio of mid-cap companies outside the S&P/ASX 50 Leaders Index. It is one of the closest direct comparables to Mirrabooka in mandate (mid/small-cap focus) and LIC structure.
• NAOS Ex-50 Opportunities Company: NAOS Ex-50 Opportunities (ASX: NAC) is an LIC that invests in Australian listed companies outside the S&P/ASX 50 Leaders Index. Highly comparable to Mirrabooka in mandate (ex-50 small/mid-cap focus) and LIC structure with concentrated active management.

Broad incumbents

• Magellan Global Fund: Magellan Global Fund is a leading Australian managed investment fund focused on global equities, listed on the ASX as an exchange-traded managed fund. Comparable to Mirrabooka as a publicly-traded Australian-domiciled portfolio product serving retail investors, though with a global rather than domestic small/mid-cap focus.
• Argo Investments: Argo Investments (ASX: ARG) is one of Australia's largest and oldest LICs, holding a broadly diversified portfolio of ASX-listed companies. Comparable to Mirrabooka in LIC structure and dividend-income focus, but with a broader large-cap mandate and much larger AUM.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/mirrabooka-investments

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments3 records

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

Frequently asked questions about Mirrabooka Investments