Summary –
Weekly LICs Commentary: 18–22 August 2025
This week’s LICATs summary highlights a steady performance across credit-focused listed investment companies (LICs), with running yields continuing to offer attractive income streams despite modest movements in market pricing.
Top Yield Performers Among the credit-oriented trusts, MCP Income Opportunities Trust (MOT) and KKR Credit Income Fund (KKC) led the pack with running yields of 8.51% and 8.42% respectively. These figures remain compelling for income-seeking investors, especially in a market environment where rate expectations are stabilizing.
Premiums and Discounts to NTA Valuation spreads remain a key theme:
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MXT traded at a slight 2.05% premium to its NTA, reflecting investor confidence in its consistent income delivery.
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Conversely, GC1 and ACQ saw deeper discounts of 31.52% and 22.42%, suggesting market skepticism or potential opportunities for contrarian investors.
Liquidity and Market Cap Trends
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MXT continues to dominate in scale and liquidity, with a market cap exceeding $2.5 billion and average daily turnover of $1.08 million, reinforcing its role as a cornerstone in many income portfolios.
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Smaller LICs like Katana Capital (KAT) and Glennon Small Companies (GC1) remain niche plays, with lower turnover and market caps under $40 million, which may limit institutional participation.
Real Estate and Alternatives
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Qualitas Real Estate Income Fund (QRI) posted a solid 7.94% yield and traded near NTA, suggesting stable investor sentiment toward real estate-backed credit.
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WAM Alternative Assets (WMA) offered an 8.10% yield, though its 15.76% discount to NTA may reflect broader caution around alternative asset valuations.
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 | 0.855 | 0.07 | 1.10 | -0.22 | 76.61 | 56 |
| Glennon Small Companies | GC1 | 0.54 | 0.06 | 0.79 | -0.32 | 26.05 | 31 |
| Katana Capital | KAT | 1.285 | 0.02 | 1.34 | -0.04 | 39.29 | 7 |
| KKR Credit Income Fund | KKC | 2.38 | 0.08 | 2.46 | -0.03 | 767.63 | 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 | 1.18 | 0.07 | 1.11 | 0.07 | 574.42 | 505 |
| Qualitas Real Estate Income Fund | QRI | 1.635 | 0.08 | 1.61 | 0.02 | 995.77 | 283 |
| WAM Alternative Assets | WMA | 1.005 | 0.08 | 1.19 | -0.16 | 197.54 | 209 |
Closing price as at the end of week.