Listed Investment Companies & Trusts

Summary –

The LICATs segment continues to reflect a diverse mix of credit-focused and alternative asset strategies, with notable dispersion in premiums to Net Tangible Assets (NTA). MCP Master Trust (MXT) and MCP Income Opportunities Trust (MOT) maintain strong market capitalisations of $2.43B and $656, respectively, supported by robust daily turnover and modest discounts to NTA. Meanwhile, KKR Credit Income Fund (KKC) trades at a slight discount (-0.04) despite its scale, suggesting investor caution or rotation within credit exposures. Smaller LICATs, such as Glennon Small Companies (GC1) and Katana Capital (KAT), exhibit deeper discounts and lower liquidity, reinforcing the bifurcation between institutional-grade and boutique offerings.

Perpetual Credit Income Trust (PCI) and Qualitas Real Estate Income Fund (QRI) stand out with positive premiums to NTA (+0.08 and +0.05, respectively), indicating strong demand for diversified credit and real estate-backed income streams. WAM Alternative Assets (WMA), however, trades at a notable discount (-0.13), potentially reflecting market uncertainty around alternative asset valuations. Overall, the LICATs landscape remains yield-rich but selective, with investor flows favouring scale, transparency, and consistent income delivery. The data underscores the importance of liquidity and premium stability in portfolio construction across listed credit vehicles.

 

• Name	Code	Closing Price	Running Yield	NTA	Premium/(discount) to NTA	Market Capitalisation (millions)	Average Daily ASX turnover (000s)
  Acorn Capital Investment Fund	ACQ	$0.93	0.07	1.10	-0.16	82.88	56
  Glennon Small Companies	GC1	$0.51	0.07	0.79	-0.36	24.37	31
  Katana Capital	KAT	$1.33	0.02	1.34	-0.01	42.38	7
  KKR Credit Income Fund	KKC	$2.37	0.08	2.46	-0.04	764.41	431
  MCP Income Opportunities Trust	MOT	$1.97	0.09	2.15	-0.08	656.28	397
  MCP Master Trust	MXT	$1.99	0.08	2.01	-0.01	2433.28	1,087
  Perpetual Credit Income Trust	PCI	$1.20	0.07	1.11	0.08	581.82	505
  Qualitas Real Estate Income Fund	QRI	$1.69	0.07	1.61	0.05	1029.48	283
  WAM Alternative Assets	WMA	$1.04	0.08	1.19	-0.13	204.42	209

^{Closing price as at the end of week.}