At the time of writing the ASX 200 (ASX: XJO) is down by 2.7%, with some shares down significantly down more than that.
If Altium Limited (ASX: ALU) was down more significantly than the 5% it is at the moment then I might be thinking about buying shares, but it’s still to expensive – although it’s getting closer to decent value!
However, the below three ASX shares could be worth buying after today’s falls:
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The share price of one of my favourite ASX businesses is down 3.5% so far to a 52-week low. Obviously the best time to buy shares of any business is when it’s lower rather than higher, so now could be a compelling time to buy.
Soul Patts has a conservative, defensive balance sheet so I think it’s well-positioned to ride through any market issues and take advantage of the opportunities itself.
I love the long-term investment strategy that has resulted in beating the market’s returns over multi-year time periods, although occasionally the one-year performance could be rough if its major holdings fall, which has happened to New Hope Corporation Limited (ASX: NHC) this year.
A bonus to the share price decline is that the trailing grossed-up dividend yield is now 4%.
WAM Global Limited (ASX: WGB)
The WAM Global share price is down 2.4% right now. Only two days ago the discount to the NTA was 15.5% according to Wilson Asset Management’s monthly NTA update.
It’s hard to find good value at the moment, but I think there are two layers of value with WAM Global. The listed investment company (LIC) only holds shares it thinks are good value, and then we get a mid-teen NTA discount to those shares that are supposedly good value.
The management fees are a downside compared to cheap exchange-traded funds (ETFs), but I think the discount more than makes up for it. Over the six months to July 2019, WAM Global outperformed the MSCI World Index (AUD) by 5% before fees and expenses.
With the payments of dividends starting, I think WAM Global is a good option to consider.
MFF Capital Investments Ltd (ASX: MFF)
The MFF Capital share price is down 2.6% with its largely US-listed portfolio suffering from worries about a recession.
But, I think that the global businesses that MFF Capital invests in have brighter long-term futures than many of the domestic ASX blue chips, which is why I want more exposure to them.
MFF Capital currently pays $1 million a quarter to Magellan Financial Group Ltd (ASX: MFG) and also pays a $1 million performance fee if MFF Capital’s total shareholder return exceeds 10% per annum, annually compounded. I was pleased to read in the recently-released annual report that the performance fee is being removed from 31 December 2019, which will further reduce MFF Capital’s cost base.
I think MFF Capital is one of the best LICs on the ASX and well worth owning for international diversification.
All three shares are trading at more attractive prices today. I’d be very happy to buy Soul Patts and WAM Global shares today for my portfolio, with both of them likely to be solid dividend shares into the future.
There are other great businesses trading at better value today, like these leading ASX shares which could be too good to pass up.
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Motley Fool contributor Tristan Harrison owns shares of Altium, Magellan Flagship Fund Ltd, WAMGLOBAL FPO, 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 owns shares of Altium. 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019