25 August – 29 August 2025

Summary –

Performance Highlights

• Top Weekly Gainers:

  • WAM Strategic Value (WAR): +2.9% — Strong portfolio revaluation and narrowing discount.

  • Pengana International Equities (PIA): +2.6% — Benefited from global equity exposure.

  • Plato Income Maximiser (PL8): +2.3% — Supported by consistent dividend yield and income demand.

• Notable Decliners:

  • MFF Capital Investments (MFF): −2.1% — Weakness in global large-cap holdings.

  • Future Generation Global (FGG): −1.8% — Discount widened despite stable NAV.

  • Thorney Opportunities (TOP): −1.5% — Dragged by small-cap softness.

 Discount to NTA Trends

• Several LICs continue to trade at significant discounts, with some exceeding 10% below NTA, indicating potential value opportunities for contrarian investors.

• WAR and PIA showed discount contraction, suggesting improved investor confidence.

 Sector Movements

• Global equity LICs outperformed domestic peers, driven by offshore market strength.

• Income-focused LICs like PL8 and DJW remained stable, attracting yield-seeking investors.

• Small-cap and opportunistic LICs underperformed, reflecting cautious sentiment in risk assets.

Market Sentiment

• Investors favored diversified and globally exposed portfolios, while LICs with concentrated domestic or small-cap exposure faced headwinds.

• Discount dynamics remain a key driver of investor interest, with narrowing spreads signaling positive sentiment shifts.

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	0.86	0.07	1.10	-0.22	77.06	56
Glennon Small Companies	GC1	0.56	0.06	0.79	-0.29	27.02	31
Katana Capital	KAT	1.28	0.02	1.34	-0.04	41.39	7
KKR Credit Income Fund	KKC	2.37	0.08	2.46	-0.04	764.41	431
MCP Income Opportunities Trust	MOT	2.07	0.09	2.15	-0.04	689.41	397
MCP Master Trust	MXT	2.04	0.08	2.01	0.02	2493.71	1087
Perpetual Credit Income Trust	PCI	1.18	0.07	1.11	0.07	574.42	505
Qualitas Real Estate Income Fund	QRI	1.64	0.08	1.61	0.02	998.81	283
WAM Alternative Assets	WMA	1.03	0.08	1.19	-0.14	202.45	209

^{Closing price as at the end of week.}