If you’re close to retirement, then I think it would be prudent to focus more on capital preservation and income than growth shares like Afterpay Ltd (ASX: APT).

But which shares should you buy for a retirement portfolio? Below I have picked out two top shares which I think would be great options for retirees. Here’s why I like them:

Goodman Group (ASX: GMG)

The first company which I think would be a great addition to a retirement portfolio is Goodman Group. While property companies have been under a lot of pressure this year because of the negative impact of the pandemic, Goodman Group has come out of this relatively unscathed thanks to the way its portfolio is positioned.

In fact, last month the integrated commercial and industrial property group reaffirmed its earnings and distribution guidance for FY 2020. Management advised that its performance remains strong thanks to customer demand in the online, logistics, food, consumer goods, and digital economy. Given the structural changes we are seeing in the retail sector and with consumer behaviour, I think Goodman Group is well-positioned to deliver solid earnings and distribution growth for retirees for a long time to come.

Wesfarmers Ltd (ASX: WES)

I think it is hard to look past Wesfarmers when constructing a retirement portfolio. I believe the conglomerate is one of the highest quality companies on the Australian share market. Furthermore, with its proud history tracking back all the way to 1914, I don’t think there is a danger of it going away anytime soon. Especially given the quality of its portfolio and the positive long term outlook that the majority of its businesses have.

Overall, I believe it is well-placed to deliver solid earnings and dividend growth for the foreseeable future. This could make it a great long term retirement share to own.

More reading

• The latest ASX 200 stocks to be upgraded to “buy” amid the recession
• Why I’m not afraid to invest in shares during this recession
• Top brokers name 3 ASX 200 shares to buy right now
• The smartest ASX 200 shares to buy with $2,500 today
• ASX 200 up 1%: Big four banks jump, Afterpay hits record high

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Exore Resources Ltd (ASX: ERX) share price is going through the roof today after announcing it is set to be acquired by Perseus Mining Limited (ASX: PRU).

At the time of writing, Exore shares are sitting 38.71% higher for the day while Perseus shares have dropped 11.57% lower.

Exore is a junior Australian-based miner with gold projects in Cote d’Ivoire covering a combined area of 2,000 square kilometres. 

What’s the deal?

Subject to certain conditions, Perseus will acquire 100% of Exore by way of a scheme of arrangement in an all-share transaction. If implemented, Exore shareholders will receive 1 Perseus share for every 12.79 Exore shares held.

Based on Perseus’ last closing price of $1.34, the scheme values Exore at a fully diluted equity value of $64 million, or 10.5 cents per share. This represents a 69% premium to Exore’s last closing price of 6.2 cents per share.

Additionally, Exore has elected to exercise its pre-emptive right to acquire the remaining 20% interest in the Bagoe and Liberty projects from Apollo Consolidated. Exore will pay the consideration of US$4.5 million from its existing cash reserves.

Exore and Perseus believe both sets of shareholders will benefit from the increased strength of the combined entity. 

Exore’s 2,000 square kilometres of land in northern Cote d’Ivoire is located within trucking distance of Perseus’ Sissingué Gold Mine. Additionally, Perseus believes it has the financial capacity, technical expertise and in-country experience to advance the Bagoe and Liberty projects, and also explore the balance of Exore’s 2,000 square km land package.

What now?

Subject to the findings of an independent expert’s report, Exore’s board unanimously recommends that Exore shareholders vote in favour of the scheme. Along with Exore shareholder approval, the scheme is also subject to court approvals and TSX approval since Perseus is dual-listed on the Toronto Stock Exchange.

A scheme booklet will be sent to Exore shareholders in due course. It is anticipated that shareholders will then be able to vote on the scheme in late August or early September.

Commenting on the deal, Exore managing director Justin Tremain said:

“In addition to the premium implied by the transaction consideration, Exore shareholders have the opportunity to benefit, at a time of near record gold prices, from Perseus’s strong development and production capabilities which position Perseus as the ideal counterparty to unlock the future value of the company’s Bagoe project, whilst de-risking the need for Exore to discover additional ounces to support a standalone operation or fund a standalone development.”

More reading

• 7 roaring ASX mid-cap shares last week
• Why these ASX shares are well placed to outperform into next month

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Treasurer Josh Frydenberg declared that we are in a recession for the first time in 30 years! But this isn’t stopping our market from rallying or brokers from upgrading some S&P/ASX 200 Index (Index:^AXJO) stocks.

Australian GDP contracted 0.3% in the March quarter and we need two consecutive quarters of declines before officially going into a recession.

But with all the signs point to another negative number for the current quarter, Frydenberg isn’t waiting.

Recession can’t slow the rally

The news didn’t faze investors with the top 200 stock benchmark jumping 1.8% as we head to the close with most sectors trading in the black.

But it isn’t too late to join the party. In fact, top brokers have only just upgraded these ASX stocks to “buy”.

Electronic and whitegoods retailer JB Hi-Fi Limited (ASX: JBH) got bumped up to “outperform” by Macquarie Group Ltd (ASX: MQG).

This partly explains why the JB Hi-Fi share price jumped 2.5% to $39.78 in late afternoon trade.

Earnings upgrade candidate

The broker spoke with industry insiders and the feedback it got was that there was strong demand for electronics.

“Industry feedback suggests almost all categories in consumer electronics and home appliances are in growth and margins are the best they have been in a long time, with consumers far less picky on brands and happy to pay full ticket prices,” said the broker.

“We had originally expected additional COVID-19 costs would outweigh less promotional activity, but volumes are said to be high enough to compensate these.”

Macquarie thinks there’s a good chance JB Hi-Fi will unveil a pleasant surprise when it reports its full year profit result in August. The broker’s price target on the stock is $41 a share.

Re-rating opportunity

Another stock that got upgraded today by UBS is gold miner Newcrest Mining Limited (ASX: NCM).

Many ASX gold producers like Evolution Mining Ltd (ASX: EVN) and Northern Star Resources Ltd (ASX: NST) have been outperforming with the gold price, but Newcrest is lagging behind.

UBS thinks this isn’t justified and is urging investors to rotate into Newcrest, which it upgraded to “buy” from “neutral”. This is the first time the broker has rated Newcrest a buy since August 2012!

“We have changed our thesis on Newcrest based on our in-depth work on Red Chris and Havieron,” said the broker.

“The inclusion of these projects challenges market perceptions that production is peaking in 2020-21 which was also a component of our prior Sell thesis.

“These projects can materially change market estimates.”

UBS lifted its price target on Newcrest by 6% to $35 a share.

More reading

• These ASX 200 shares could be perfect for a retirement portfolio
• Why I’m not afraid to invest in shares during this recession
• Why JB Hi-Fi shares and 1 other are a buy for long-term growth
• Top brokers name 3 ASX 200 shares to buy right now
• Why Austal, Evolution, Newcrest, & Pro Medicus are tumbling lower

Motley Fool contributor Brendon Lau owns shares of Evolution Mining Limited and Macquarie Group Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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I think it is well worth keeping an eye on what substantial shareholders of companies do.

A substantial shareholder is a shareholder that owns 5% or more of a company’s shares. These are often large investors, asset managers, and investment funds.

ASX rules mean that these shareholders are obliged to provide substantial holding notices relating to movements above or below the threshold, and any change of 1% or more.

As a result, I think investors should use these notices to their advantage. After all, they show where the smart money is going.

Two notices that have caught my eye are summarised below:

Boral Limited (ASX: BLD)

A notice of initial substantial holder reveals that Seven Group Holdings Ltd (ASX: SVW) has been buying this building products company’s shares. Over the last three months the investment company has built up a holding of 122,565,694 Boral shares. This means it now has a 10% stake in the company.

Seven Group, which has a number of investments in the construction industry, started picking up shares after they fell heavily during the market crash. Though, it has been buying them as recently as on Tuesday. Boral’s shares are still down over 37% from their 52-week high. This appears to be a level which Seven Group believes is good value.

Marley Spoon AG (ASX: MMM)

According to a change of interests of substantial holder notice, Perennial Value Management has continued to increase its stake in this meal kit delivery company. The notice reveals that over the last three weeks the fund manager has picked up almost 6 million Marley Spoon shares through on-market trades. This has increased its holding in the company from approximately 16.3 million shares, to ~22.2 million shares. This represents a 12.7% stake in the company.

In April Marley Spoon revealed that it experienced a surge in demand for its meal kit subscriptions because of lockdowns and restaurant closures. Time will tell whether these new customers will be retained when restrictions lift, but Perennial Value Management appears confident they will.

More reading

• This embattled ASX 200 company could be the next M&A target
• These ASX shares are set to get a big boost from the next big government stimulus
• These 5 ASX 200 shares were last week’s biggest winners
• ASX 200 Weekly Wrap: Surging bank shares push ASX toward 6,000
• These were the best performing ASX 200 shares last week

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been another positive trading session for the S&P/ASX 200 Index (ASX: XJO), with the index up by 0.82% at the time of writing. The ASX is home to a dynamic and growing small-cap tech share market including Sezzle Inc (ASX: SZL), among others, which today have seen strong share price rises.

Let’s take a look at three of those that have performed particularly well so far today.

Bigtincan Holdings Ltd (ASX: BTH)

Bigtincan has a business model that is centred on ‘sales enablement’.  This is a rapidly growing niche in the IT software market.

It is a capital-light and highly efficient business that has a subscription type model with attractive margins. However, the software-as-a-service (SaaS) provider was only listed on the ASX three years ago and is yet to become profitable. This makes it a relatively risky investment, despite its strong potential.

Bigtincan saw heavy share price falls in the early phase of the coronavirus crisis. However, since mid-March, its share price has rallied strongly. This rally has continued to today, up by another 7.8%, boosted by further positive market sentiment.

Wisr Ltd (ASX: WZR)

Small cap fintech provider, Wisr provides online lines for services such as debt consolidation, car loans home renovations, and travel. Its share price has surged 12% so far today. This follows on from a share price rally since March. However, its share price is still well down from its 12-month high in February.

Wisr was hit hard in the first wave of the pandemic, as discretionary consumer spending was impacted. However, growing consumer optimism is now seeing its share price start to lift higher.

Sezzle Inc (ASX: SZL)

Sezzle is a US-based buy-now-pay-later fintech provider. It is growing rapidly, however, is still a long way behind its much larger rival, Afterpay Ltd (ASX: APT).

Sezzle Inc share price has grown by over 500% since late March. It has risen another 4% higher today. This follows on from a 17% share price surge yesterday.

Sezzle has around 1.3 million users and is growing rapidly. It targets the Gen Z and millennial consumer demographics, like Afterpay and another rival Zip Co Ltd (ASX: Z1P).

Both of these two-market segments make up the largest proportion of all age demographics in the US. These segments are also very tech-savvy and are attracted to this type of online lending.

More reading

• Afterpay share price hits a new record high: Is it too late to invest?
• Why Afterpay, Infigen, Qantas, & Zip Co shares are charging higher
• ASX 200 up 1%: Big four banks jump, Afterpay hits record high
• The Zip Co share price just zoomed to a record high: Is it too late to invest?
• 2 exciting small cap ASX shares that could have big futures

Phil Harpur owns shares of AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BIGTINCAN FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended BIGTINCAN FPO and Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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I’m not afraid to invest in shares during this recession.

After the Australian Bureau of Statistics (ABS) confirmed that Australia’s economy contracted by 0.3% in the March 2020 quarter, it seems clear that the country will enter a recession when the June 2020 quarter number is revealed. Indeed, Treasurer Josh Frydenberg has said that Australia is in recession today.

Recessions signal that times are tough for many areas of the country. But you wouldn’t know it from looking at the S&P/ASX 200 Index (ASX: XJO). It’s up another 1.5% today, adding to the previous gains of over the past several weeks.

The country is in the middle of a pandemic-caused recession, but some investors are already looking ahead to the other side. And I think that’s what most investors should do too.

What happens in a 12-month period shouldn’t necessarily change your long-term thoughts about shares unless it permanently alters their prospects for the foreseeable future. Shares like Nextdc Ltd (ASX: NXT) and Pushpay Holdings Ltd (ASX: PPH) have actually seen their prospects strengthen because of the unfortunate events.  

When you look at shares like Wesfarmers Ltd (ASX: WES) you can see the share price is still lower than it was before the coronavirus even with interest rates lower and reliable trading for Bunnings and Officeworks.

Shares I’m looking to invest in

I have been investing throughout the market selloff and I’ll be continuing to invest in shares during this recession. I bought shares of Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) when it was lower. I also bought shares of WAM Microcap Limited (ASX: WMI) and Magellan Global Trust (ASX: MGG) when they were lower.

I’d really like to invest in shares like Altium Limited (ASX: ALU) and MFF Capital Investments Ltd (ASX: MFF) if they were to fall back in value again. The strength of the Australian dollar makes me want to buy shares which generate earnings from America.

But for now I’ve got my eyes on mostly Australian shares because of how much of a better position the country is in terms of the coronavirus as well as things like a strong iron ore price and less people on jobkeeper.

More reading

• Here’s why long term investing can outperform shorter holding periods
• Top brokers name 3 ASX 200 shares to buy right now
• The smartest ASX 200 shares to buy with $2,500 today
• ASX 200 up 1%: Big four banks jump, Afterpay hits record high
• Are our ASX big miners on an earnings upgrade cycle?

Motley Fool contributor Tristan Harrison owns shares of Altium, Magellan Flagship Fund Ltd, MAGLOBTRST UNITS, WAM MICRO FPO, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of Altium and Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Afterpay Ltd (ASX: APT) share price has been sparkling again on Wednesday.

This morning the payments company’s shares climbed 5.5% to reach a new record high of $52.29.

When Afterpay’s shares hit that level, it meant they were up an incredible 550% from their March low.

Why is the Afterpay share price at a record high?

Investors have been buying the buy now pay later provider’s shares after rival Zip Co Ltd (ASX: Z1P) announced its expansion into the U.S. market.

While ordinarily you might be concerned about increasing competition in the lucrative retail market, judging by Afterpay’s share price, investors don’t see things this way.

This is because both Afterpay and Zip Co have successfully co-existed in the Australian market for some time now without stifling each other’s growth. 

In fact, you could argue that they have been good for each other and helped accelerate the adoption of the payment method across the country. Investors may be hopeful the same happens in America.

And given that the U.S. retail market is estimated to be worth $5 billion per year, there’s certainly room for both companies.

Why else is the Afterpay share price at a record high?

In addition to this, Afterpay’s shares have been on fire over the last couple of months thanks to a number of factors.

These include WeChat owner Tencent Holdings becoming a substantial shareholder, its strong trading update (which showed that it has continued to perform strongly during the pandemic), and a stellar U.S. update. The latter revealed that Afterpay now has 5 million active customers in the country.

All in all, things are looking very rosy for Afterpay right now.

Is it too late to invest?

If you’re planning to make a long term investment, then I would still be a buyer of Afterpay’s shares today.

There may be better entry points down the line, but this is far from guaranteed with a rapidly growing company like Afterpay.

Though, given that it is a reasonably high risk investment, I would suggest investors limit the size of their investment to just a small part of their portfolio.

More reading

• Sezzle Inc shares and 2 other small cap ASX techs surge higher today
• Why Afterpay, Infigen, Qantas, & Zip Co shares are charging higher
• ASX 200 up 1%: Big four banks jump, Afterpay hits record high
• The Zip Co share price just zoomed to a record high: Is it too late to invest?
• Afterpay and these top ASX tech shares are on fire in 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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There are many different approaches employed by investors attempting to generate solid returns from the ASX. However, for your average investor, I believe by far the best is to take a long-term investing approach.

A long-term investing strategy has a number of benefits. For instance, trading costs will be considerably lower and, as I will demonstrate, this can have a significant impact on portfolio returns. Especially as compounding takes hold. Additionally, holding shares for longer than 12 months means you are eligible for a capital gains tax (CGT) discount. So, instead of paying your marginal tax rate on 100% of your capital gains, if you hold the shares for more than 12 months, you’ll only pay tax on 50% of the gain.

Lastly, the CGT is paid upon each sale of a company. This means the amount you can reinvest is lower due to the tax that has been paid, which hurts your portfolio’s compounding ability.

These few advantages may not appear to be overly significant, however let’s look at a couple of scenarios to show just how much of a difference long-term investing can make.

Long-term investing versus short-term investing

For this exercise, we will compare 2 portfolios, both containing a starting investment of $30,000 evenly spread across 15 shares. In addition, we’ll assume an annual return of 10% and brokerage fee of $15 per trade. Lastly we’ll apply a marginal tax rate of 32.5% to calculate the CGT. This rate is applicable for a taxable income between $37,001 – $90,000.

Portfolio 1 – short-term investing

For our short-term investing portfolio, we will assume an average holding period of 6 months. This means that the whole portfolio will be turned over every 6 months.

The drawbacks of this frequent trading are paying CGT on 100% of the returns and the large brokerage costs of $900 per year.

Frequent trading often occurs as a result of emotional trading. That is, trading in and out of positions frequently based on company news and market sentiment. Instead, I believe looking beyond market sentiment and sticking with companies through volatile periods can be a great way to reduce costs and, therefore, boost returns.

Portfolio 2 – long-term investing

For our long-term investing portfolio, we will assume that only 1 out of the 15 companies is sold and replaced each year.

This strategy benefits from lower CGT, only $30 in brokerage fees annually and that tax free compounding effect we get from a low turnover.

This chart shows the above 2 portfolios’ growth over a 20 year period, and the effects can be sobering. The long-term investing portfolio has delivered a return 167% greater than that of the short-term. This is despite both portfolios achieving the same, 10% average annual return. See how significant the effects of all the additional trading and CGT can be on your returns?

Chart by author

Foolish takeaway

Here at Motley Fool, we are long-term investors through and through. We believe the compounding effect and overall benefits of long-term investing make it the single greatest way to build wealth over time. A few ASX shares I’m holding for the long term are ResMed Inc (ASX: RMD), Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) and Cleanaway Waste Management Ltd (ASX: CWY). I believe all 3 of these companies have exciting futures and, as such, I plan to hold them for the next decade.

More reading

• Why I’m not afraid to invest in shares during this recession
• How to become a millionaire by investing in ASX shares
• 3 high quality ASX blue chip shares to buy in June
• 3 founder-led ASX shares to buy for strong long-term returns
• ASX 200 investor in your 40s? 3 shares to buy now

Motley Fool contributor Michael Tonon owns shares of Cleanaway Waste Management Ltd, ResMed Inc., and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Clime Investment Management Limited (ASX: CIW) share price has jumped as much as 41.18% today on the back of a material acquisition.

Clime is an integrated wealth management business. Founded in 1996, its operations encompass private wealth advice, investment management, self-managed super fund administration, and share research and valuation. The company also offers a number of unlisted funds, along with the Clime Capital Ltd (ASX: CAM) listed investment company.

Before we dig into the announcement, it’s important to note that Clime Investment Management sits at the smaller end of the ASX. At the time of writing, Clime has a market capitalisation of $31 million, with shares changing hands at 55.5 cents per share – up 30.59% for the day.

What did Clime Investment Management announce?

This morning, Clime released an announcement and associated investor presentation regarding recent trading conditions, a completed institutional placement and an acquisition.

With this, the company announced it has successfully completed a $4.5 million placement at an issue price of 46 cents per share. This issue price represents an 8.2% premium to Clime’s last closing price of 42.5 cents.

The placement was undertaken to fund the acquisition of a series of businesses from SC Australian Holdings. Clime has agreed to acquire all of the issued share capital of each of Madison Financial Group, AdviceNet, WealthPortal and Proactive Portfolios – together, the MFG Entities – for $4.4 million.

The MFG Entities provide licensing, compliance, technology and support to around 100 financial advisory firms. The entities have around $3 billion in funds under advice and total gross annual revenue of approximately $34 million.

Clime expects to complete the acquisition in mid to late June.

Trading update

Along with the acquisition and associated placement, Clime also shed some light on its recent business performance.

The company stated that all segments were performing well prior to COVID-19. While the evaluation of the impact of the pandemic is in progress, the effects have been cushioned through the lowering of variable expenses and government support.

Quantifying these effects, Clime revealed gross funds under management (FUM) declined from $1,097 million on 14 February 2020 to a low of $874 million. Gross FUM as at 29 May 2020 was $969 million.

The company noted that its ordinary operating result (revenue less expenses) and net group result are positive. However, both results are below budget due to COVID-19. Net group result takes into account the ordinary operating result plus the impact of balance sheet investments and performance fees generated.

Clime expects these results to improve with the inclusion of JobKeeper and ATO benefits. Additionally, it has seen improving return on mark-to-market balance sheet investments to 29 May. 

As at 29 May 2020, the company had $4 million cash and $6 million in liquid investments on its balance sheet.

More reading

• Why JB Hi-Fi shares and 1 other are a buy for long-term growth
• Top brokers name 3 ASX 200 shares to buy right now
• Scentre, Vicinity and Mirvac shares are this week’s most traded ASX blue chips
• Why Austal, Evolution, Newcrest, & Pro Medicus are tumbling lower
• The smartest ASX 200 shares to buy with $2,500 today

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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