On the Australian Securities Exchange (ASX), the acronym "LIC" refers to Listed Investment Companies. Some of the most popular and long-standing LICs traded on the ASX include Australian Foundation Investment Company (AFIC - AFI), Argo Investments (ARG), Washington H. Soul Pattinson (SOL), and Milton Corporation (acquired by Washington H. Soul Pattinson), which are favored by retail investors for long-term dividend income and diversified portfolio management.