Listed Investment Companies & Trusts

Summary :

This week’s performance across Listed Investment Companies (LICs) and Listed Investment Trusts (LITs) highlights notable trends in discounts to NTA, running yields, and market capitalization. Investors seeking income-generating opportunities and value plays should pay close attention to these movements.

Top Yield Performers

• MCP Income Opportunities Trust (MOT) leads with a running yield of 8.91%, trading at $1.91, offering an attractive entry point with an 11.1% discount to NTA.
• KKR Credit Income Fund (KKC) follows closely at 8.79% yield, priced at $2.28, with a 7.5% discount, making it appealing for credit-focused investors.
• WAM Alternative Assets (WMA) also stands out with an 8.23% yield, though it trades at a 17% discount, signaling potential upside for contrarian buyers.

Premium vs. Discount Insights

• Katana Capital (KAT) is one of the few trading at a premium (+1.9%) to NTA, reflecting strong investor confidence despite a modest 1.96% yield.
• Deep discounts are evident in Glennon Small Companies (GC1) at -39.1%, suggesting significant value opportunities for long-term investors.

Market Capitalization Leaders

• MCP Master Trust (MXT) dominates with a $2.38 billion market cap, supported by robust liquidity ($1.09M average daily turnover), making it a preferred choice for institutional investors.
• Qualitas Real Estate Income Fund (QRI) and Perpetual Credit Income Trust (PCI) also maintain strong positions with $1B+ and $831M market caps, respectively.

• 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	$0.91	0.07	1.10	-0.17	82.00	56
  Glennon Small Companies	GC1	$0.48	0.07	0.79	-0.39	23.00	31
  Katana Capital	KAT	$1.36	0.02	1.34	0.02	44.00	7
  KKR Credit Income Fund	KKC	$2.28	0.09	2.46	-0.08	740.00	431
  MCP Income Opportunities Trust	MOT	$1.91	0.09	2.15	-0.11	641.00	397
  MCP Master Trust	MXT	$1.94	0.08	2.01	-0.04	2382.00	1,087
  Perpetual Credit Income Trust	PCI	$1.13	0.07	1.11	0.02	831.00	505
  Qualitas Real Estate Income Fund	QRI	$1.59	0.08	1.61	-0.01	1003.00	283
  WAM Alternative Assets	WMA	$0.99	0.08	1.19	-0.17	196.00	209

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