Summary –
The Listed Investment Company (LIC) sector saw modest shifts this week, with credit-focused funds continuing to dominate trading volumes and maintain relatively tight discounts to NTA.
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MCP Master Trust (MXT) led the turnover charts once again, averaging over 1 million units traded daily, reflecting sustained investor appetite for income-generating credit exposures. Its slight discount to NTA (–0.02) suggests stable sentiment.
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KKR Credit Income Fund (KKC) and MCP Income Opportunities Trust (MOT) also posted strong liquidity, with daily turnovers of 431K and 397K respectively. Both funds traded at modest discounts, reinforcing the sector’s defensive appeal.
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Perpetual Credit Income Trust (PCI) stood out with a rare premium to NTA (+0.08), indicating investor confidence in its credit selection and yield strategy.
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Among smaller LICs, Glennon Small Companies (GC1) and Acorn Capital Investment Fund (ACQ) continued to trade at deeper discounts (–0.34 and –0.15 respectively), suggesting limited demand despite attractive running yields.
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Qualitas Real Estate Income Fund (QRI) edged into premium territory (+0.02), supported by its real estate-backed income profile and consistent performance.
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Katana Capital (KAT) remained near parity with NTA, while WAM Alternative Assets (WMA) saw a slight contraction in sentiment, closing at a –0.13 discoun
LICATs Weekly Summary
| Name | Code | Closing Price | Running Yield | NTA | Premium/(discount) to NTA | Market Capitalisation (millions) | Average Daily ASX turnover (000s) |
|---|---|---|---|---|---|---|---|
| Acorn Capital Investment Fund | ACQ | $0.94 | 0.07 | 1.10 | -0.15 | 84 | 56 |
| Glennon Small Companies | GC1 | $0.52 | 0.07 | 0.79 | -0.34 | 25 | 31 |
| Katana Capital | KAT | $1.32 | 0.02 | 1.34 | -0.01 | 42 | 7 |
| KKR Credit Income Fund | KKC | $2.36 | 0.08 | 2.46 | -0.04 | 761 | 431 |
| MCP Income Opportunities Trust | MOT | $1.93 | 0.09 | 2.15 | -0.10 | 643 | 397 |
| MCP Master Trust | MXT | $1.97 | 0.08 | 2.01 | -0.02 | 2409 | 1,087 |
| Perpetual Credit Income Trust | PCI | $1.19 | 0.07 | 1.11 | 0.08 | 579 | 505 |
| Qualitas Real Estate Income Fund | QRI | $1.64 | 0.08 | 1.61 | 0.02 | 996 | 283 |
| WAM Alternative Assets | WMA | $1.04 | 0.08 | 1.19 | -0.13 | 204 | 209 |
Closing price as at the end of week.