Summary –
Weekly LICs Commentary: 11–15 August 2025
This week’s LICATs summary highlights a diverse performance across listed investment companies and trusts (LICs and LITs), with notable movements in yields, premiums/discounts to NTA, and trading activity.
Top Yielding LICs
The MCP Income Opportunities Trust (MOT) led the pack with a running yield of 8.51%, closely followed by KKR Credit Income Fund (KKC) at 8.38% and WAM Alternative Assets (WMA) at 8.14%. These high yields continue to attract income-focused investors, especially in a climate of cautious optimism around interest rates.
Premiums and Discounts to NTA
Most LICs traded at a discount to their Net Tangible Assets (NTA), with Glennon Small Companies (GC1) showing the deepest discount at -30.26%, suggesting potential value opportunities for contrarian investors. On the flip side, Perpetual Credit Income Trust (PCI) and MCP Master Trust (MXT) traded at modest premiums of 6.33% and 2.05%, respectively, reflecting strong investor confidence.
Market Activity and Liquidity
MXT continues to dominate in market capitalisation at $2.51 billion, with an average daily ASX turnover of 1.087 million units, indicating robust liquidity. PCI and QRI also showed strong trading volumes, reinforcing their positions as staples in many income portfolios.
Noteworthy Performers
- Acorn Capital Investment Fund (ACQ) and Katana Capital (KAT) maintained relatively stable pricing but traded at discounts, which may appeal to value-seeking investors.
- Qualitas Real Estate Income Fund (QRI), with a yield of 7.91% and a slight premium to NTA, continues to benefit from investor interest in real estate-backed income strategies.
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 | 0.84 | 0.08 | 1.10 | -0.24 | 75.26 | 56 |
| Glennon Small Companies | GC1 | 0.55 | 0.06 | 0.79 | -0.30 | 26.54 | 31 |
| Katana Capital | KAT | 1.29 | 0.02 | 1.34 | -0.03 | 39.45 | 7 |
| KKR Credit Income Fund | KKC | 2.39 | 0.08 | 2.46 | -0.03 | 770.86 | 431 |
| MCP Income Opportunities Trust | MOT | 2.07 | 0.09 | 2.15 | -0.04 | 689.41 | 397 |
| MCP Master Trust | MXT | 2.05 | 0.08 | 2.01 | 0.02 | 2505.93 | 1087 |
| Perpetual Credit Income Trust | PCI | 1.175 | 0.07 | 1.11 | 0.06 | 571.99 | 505 |
| Qualitas Real Estate Income Fund | QRI | 1.64 | 0.08 | 1.61 | 0.02 | 998.58 | 283 |
| WAM Alternative Assets | WMA | 1 | 0.08 | 1.19 | -0.16 | 196.56 | 209 |
Closing price as at the end of week.