Summary –
Listed Investment Companies (LICs) Weekly Summary: 4 August – 8 August 2025
The final week of July reaffirmed the bifurcation within the LIC landscape, with credit-focused vehicles continuing to attract investor interest while smaller equity LICs struggled to gain traction.
Credit LICs: Yield-Driven Stability
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MCP Master Trust (MXT) remained the heavyweight, boasting a market cap of $2.52 billion and trading at a modest 2.54% premium to NTA, supported by a 7.67% running yield—a compelling proposition for income-focused investors.
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Perpetual Credit Income Trust (PCI) and Qualitas Real Estate Income Fund (QRI) also held firm, with premiums of 5.88% and 1.99%, respectively. Their resilience reflects sustained demand for credit and real estate-backed income streams.
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High-yield performers like KKR Credit Income Fund (KKC) and MCP Income Opportunities Trust (MOT) delivered yields above 8%, though both traded at slight discounts, suggesting selective optimism among investors.
Equity LICs: Deep Discounts Persist
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Glennon Small Companies (GC1) and Acorn Capital Investment Fund (ACQ) continued to trade at steep discounts of -30.26% and -25.60%, respectively. Despite GC1 offering a 6.23% running yield, investor caution toward small-cap equities remains entrenched.
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Low turnover and persistent valuation gaps indicate that sentiment toward smaller equity exposures remains subdued, even in the face of attractive income metrics.
Alternatives & Diversified Strategies
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Katana Capital (KAT) and WAM Alternative Assets (WMA) also traded below NTA, with discounts of -5.99% and -16.60%, respectively. These figures reflect mixed investor sentiment toward alternative strategies, which continue to face scrutiny despite their diversification benefits.
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 | 0.835 | 0.08 | 1.10 | -0.24 | 74.82 | 56 |
| Glennon Small Companies | GC1 | 0.55 | 0.06 | 0.79 | -0.30 | 26.54 | 31 |
| Katana Capital | KAT | 1.265 | 0.02 | 1.34 | -0.05 | 38.68 | 7 |
| KKR Credit Income Fund | KKC | 2.4 | 0.08 | 2.46 | -0.03 | 774.08 | 431 |
| MCP Income Opportunities Trust | MOT | 2.06 | 0.09 | 2.15 | -0.04 | 685.90 | 397 |
| MCP Master Trust | MXT | 2.05 | 0.08 | 2.01 | 0.02 | 2505.25 | 1087 |
| Perpetual Credit Income Trust | PCI | 1.175 | 0.07 | 1.11 | 0.06 | 571.89 | 505 |
| Qualitas Real Estate Income Fund | QRI | 1.64 | 0.08 | 1.61 | 0.02 | 998.58 | 283 |
| WAM Alternative Assets | WMA | 1.015 | 0.08 | 1.19 | -0.15 | 199.50 | 209 |
Closing price as at the end of week.