Summary –
The first week of September saw ASX-listed LICs navigating a mixed landscape, with investor sentiment shaped by macroeconomic caution and sector-specific rotation. While broader equity markets showed signs of consolidation, LICs with diversified portfolios and defensive tilts managed to hold ground.
Performance Overview Equity-focused LICs experienced modest volatility, reflecting global uncertainty around interest rate trajectories and inflation data. Notably, large-cap LICs with exposure to financials and infrastructure outperformed their small-cap counterparts, which faced pressure from profit-taking.
Yield & Discount Trends Several income-oriented LICs continued to trade at attractive discounts to NTA, drawing attention from yield-seeking investors. The spread between market price and NTA widened slightly for select funds, suggesting cautious accumulation rather than aggressive buying.
Sector Highlights
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Global LICs: Those with international exposure benefited from currency tailwinds and resilient US tech earnings.
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Property & Infrastructure LICs: Defensive allocations in these sectors provided stability amid rate-sensitive market moves.
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Emerging Market LICs: Continued to lag, with geopolitical concerns and currency volatility weighing on sentiment.
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 | $0.89 | 0.07 | 1.10 | -0.19 | 80 | 56 |
| Glennon Small Companies | GC1 | $0.53 | 0.07 | 0.79 | -0.33 | 25 | 31 |
| Katana Capital | KAT | $1.29 | 0.02 | 1.34 | -0.03 | 41 | 7 |
| KKR Credit Income Fund | KKC | $2.36 | 0.08 | 2.46 | -0.04 | 761 | 431 |
| MCP Income Opportunities Trust | MOT | $2.06 | 0.09 | 2.15 | -0.04 | 686 | 397 |
| MCP Master Trust | MXT | $2.04 | 0.08 | 2.01 | 0.02 | 2494 | 1,087 |
| Perpetual Credit Income Trust | PCI | $1.17 | 0.07 | 1.11 | 0.06 | 570 | 505 |
| Qualitas Real Estate Income Fund | QRI | $1.63 | 0.08 | 1.61 | 0.01 | 993 | 283 |
| WAM Alternative Assets | WMA | $1.03 | 0.08 | 1.19 | -0.14 | 201 | 209 |
Closing price as at the end of week.