Mirrabooka Investments

Mark Freeman serves as Managing Director and leads the investment team across the AFIC group of listed investment companies, including Mirrabooka. He is supported by an internal research team at Australian Investment Company Services (AICS), the manager for Mirrabooka, AFIC, Djerriwarrh, and AMCIL. The Board, chaired by Greg Richards, provides oversight rather than day-to-day portfolio decisions.

Mirrabooka targets smaller companies outside the large-cap S&P/ASX 50 index, whereas AFIC focuses on large-cap Australian equities with some international exposure. Djerriwarrh uses an options-writing strategy to enhance income, and AMCIL concentrates on smaller-to-mid-cap industrials. Each LIC serves a distinct mandate despite sharing the same manager, AICS.

No. Mirrabooka invests exclusively in publicly listed Australian and New Zealand equities, with a focus on small and mid-cap companies. The firm does not make venture capital, private equity, or unlisted direct investments.

Mirrabooka pays a management fee to AICS, which is capped as a percentage of market capitalization rather than assets under management. This flat fee structure, written into the company's constitution, prevents expense growth from eroding shareholder returns as the portfolio appreciates — a feature uncommon among Australian LICs.

Mirrabooka passes through franking credits received from its Australian equity holdings to shareholders via fully franked dividends. This is a key attraction for Australian-resident investors, as franking credits provide tax offsets that can enhance after-tax returns relative to unfranked foreign investments.