Summary –
Having a bad month in the markets?? Well, some of the country’s best known fund managers have been cruxified. Regal is notable. Their Atlantic Absolute Return fund is down 35% in March alone. If they don’t turn April around . . . . and good luck with that. The head stock is down 50% 2025 ytd. Listed equities managers – fancy triple beta?? Anyways, Regal won’t be bidding on any more listed fund managers anytime soon.
On the topic of LICs, the WAM Income Maximiser initial public offering from Wilson Asset Management. The AFR reports that Wilson Asset Management brought in roughly $150 million for its new ASX-listed vehicle – a valiant effort considering the bookbuild collided with a 14% decline in the S&P/ASX 200 from peak to trough and Trump’s trade chaos, but a far cry from the $510 million target sought in the prospectus. If Geoff Wilson can’t get a successful IPO off, probably no one can.
| Name | Code | Closing Price | Running Yield | NTA | Premium/(discount) to NTA | Market Capitalisation (millions) | Average Daily ASX turnover (000s) |
|---|---|---|---|---|---|---|---|
| Acorn Capital Investment Fund | ACQ | 0.73 | 0.09 | 1.10 | -0.34 | 65.19 | 56 |
| Glennon Small Companies | GC1 | 0.465 | 0.07 | 0.79 | -0.41 | 22.44 | 31 |
| Katana Capital | KAT | 1.175 | 0.02 | 1.34 | -0.12 | 36.44 | 7 |
| KKR Credit Income Fund | KKC | 2.19 | 0.09 | 2.46 | -0.11 | 706.35 | 431 |
| MCP Income Opportunities Trust | MOT | 1.95 | 0.08 | 2.15 | -0.09 | 648.27 | 397 |
| MCP Master Trust | MXT | 1.98 | 0.08 | 2.01 | -0.01 | 2106.09 | 1087 |
| Perpetual Credit Income Trust | PCI | 1.15 | 0.08 | 1.11 | 0.04 | 559.46 | 505 |
| Qualitas Real Estate Income Fund | QRI | 1.59 | 0.09 | 1.61 | -0.01 | 967.40 | 283 |
| WAM Alternative Assets | WMA | 0.93 | 0.08 | 1.19 | -0.22 | 182.44 | 209 |
Closing price as at end of week.