One of the favourite types of investments to look at are ASX dividend shares that can provide passive income.
CBA is a high-quality bank, but it's a singular business. Owning shares in a listed investment company means getting exposure to a compelling portfolio. Each LIC has a portfolio built around its investment strategy.
Most of its portfolio focuses on ASX blue-chip shares, though a portion of its assets is also invested in Vanguard funds that provide exposure to international shares.
Now, its biggest holdings are CBA, BHP Group Ltd, Rio Tinto Ltd, ANZ Group Holdings Ltd, CSL Ltd, Wesfarmers Ltd, Westpac Banking Corp, Transurban Group and Washington H. Soul Pattinson and Co. Ltd.
For the last 30 years, the LIC has either grown or maintained its regular dividend, which is a record of payout consistency by the ASX passive income share.
Excluding special dividends, its current grossed-up dividend yield is 4.4%, including franking credits.
Some of the fund managers involved include Antipodes, Plato, WCM, Muncro, Vinva, Cooper Investors, Paradice, Morphic, Fairlight and Langdon.
The ASX passive income share has increased its annual payout every year for the past seven years in a row, which is a streak.
Achieving an average income of $500 per month targets $6,000 annually.