From the Desk of IIR News Editor
LMI Monthly Update
August 2026 data · September publication edition · 25 September 2026
Listed investment vehicles ended August with a combined ASX market capitalisation of A$57.93 billion, up 1.8% from July. This edition covers September corporate activity at WAM Leaders, PIA and Flagship, issuer notes on KKC, RF1 and PL8, and three charts on valuation gaps, fund size and monthly shareholder returns.
A$57.93bnASX listed investment vehicle market capitalisation, 31 August 2026
91listed investment vehicles on ASX at 31 August 2026
42 of 61IIR-sample observations below pre-tax NTA, 31 July 2026
52 of 78IIR-sample one-month shareholder returns zero or positive, August 2026
Market overview
The month in brief
Listed investment vehicles ended August with a combined ASX market capitalisation of A$57.93 billion, up 1.8% from July. The exchange recorded 91 listed vehicles. These sector totals describe market value; they are not a measure of investment performance or net subscriptions.
Valuation gaps and shareholder outcomes vary across the IIR sample. In the reviewed July valuation snapshot, 42 of 61 observations traded below pre-tax net tangible assets. In August, 52 of 78 shareholder-return observations were zero or positive, while 26 were negative. The populations and periods differ, so these are separate findings rather than a single comparison.
September developments include WAM Leaders completing a capital raising, PIA announcing a settlement and a pathway for its buyback and investment-manager transition, and Flagship noteholders approving amended terms. Announced future steps remain conditional until completion is confirmed.
Listed investment vehicles
ASX market capitalisation · A$ billion
ASX reported A$371.54 billion across 468 exchange traded products at 31 August 2026. ETPs are a separate category from the LIC/LIT snapshots below and are not included in their sample counts. Source: ASX August 2026 investment products report, p. 1 (PDF).
Corporate activity
Corporate activity after 31 August
Developments checked through 24 September 2026. Where an issuer has announced a timetable, future steps are described as expected until completion is verified.
WLEWAM Leaders raises $313 million through SPP and placement
3 September 2026
WAM Leaders (ASX: WLE) reported $313 million raised through its share purchase plan and upscaled placement. The SPP contributed $88 million from more than 4,700 shareholders, with all participants receiving their full allocation at $1.294 per share. The company said assets under management exceeded $2.2 billion following the raising. It intends to deploy the capital across Australian large-cap opportunities. Its ability to maintain franked dividends remains dependent on additional profits reserves and franking credits.
Source: WLE ASX announcement, 3 September 2026.
PIAPIA settlement provides pathway for buyback and manager transition
16 September 2026; buyback updates 22 and 24 September 2026
Pengana International Equities (ASX: PIA) announced a settlement with Pengana Capital Group and Pengana Capital Limited, without admission of liability or wrongdoing. The court proceedings were to be discontinued by consent; ending the Takeovers Panel application remained subject to the Panel’s process. The board approved Pengana Capital Group’s appointment of Antipodes as sub-investment manager, with the portfolio to transition to its Global SMID strategy after the buyback.
Elections under the off-market buyback closed on 21 September. On 22 September, PIA reported provisional valid elections for 152,415,870 shares, about 59.08% of eligible shares, subject to reconciliation and audit. On 24 September, it extended the deadline for withdrawals and amendments to 5pm Sydney time on Friday 25 September. The indicative timetable sets the price calculation for 25 September, cancellation for 29 September and payment between 6 and 9 October; PIA has said these dates may change because of the ongoing Takeovers Panel proceedings.
Source: PIA ASX announcement, 16 September 2026; PIA buyback update, 22 September 2026; PIA withdrawal period extended, 24 September 2026.
FSIFlagship noteholders approve maturity extension
7 September 2026; issuer update 10 September 2026
Flagship Investments (ASX: FSI) said approximately 87% of votes cast at its FSIGA noteholder meeting supported extending the existing convertible notes. Their maturity has moved to 1 October 2030, and interest increases to 7.25% a year from 1 October 2026. A further rate increase is possible from 1 October 2028. The rollover amends the existing note terms and trust deed; the company said it would not issue new convertible notes as part of this change.
Source: FSI results of noteholder meeting, 7 September 2026; Flagship Investments issuer update, 10 September 2026.
Issuer coverage
Selected issuer coverage notes
Issuer portfolio results use their own stated methods. These notes are separate from the ASX shareholder total-return chart and are not a comparable ranking.
KKCKKC: distributions and total returns need separate interpretation
31 August 2026
KKC reported a net fund return of 0.03% in August and 3.58% over the year to 31 August. Its one-year distribution measure was 8.48% of NTA; the issuer sums periodic distribution percentages rather than compounding them, so this is not a cash-coverage measure. Month-end NTA was $2.31 per unit against an ASX price of $2.15. These issuer fund returns are separate from shareholder market returns.
Source: KKR Credit Income Fund, August 2026 investment update (uploaded to ASX 24 September 2026).
RF1Regal RF1: August rebound, with shorter-period losses remaining
31 August 2026
RF1 reported an August net asset return of 3.34%, with income reinvested after fees and costs. Returns remained negative over three months (−0.18%) and six months (−0.66%), while the one-year result was 11.42%. Regal attributed August’s gains to positive contributions across all strategies. These are portfolio returns; the month-end ASX price of $3.64 and NAV of $3.57 describe a separate valuation comparison.
Source: Regal Investment Fund, August 2026 newsletter, pp. 1–2.
PL8Plato PL8: franked portfolio returns trail the benchmark
31 August 2026
PL8’s portfolio returned 1.4% in August against 1.7% for its benchmark; over one year it returned 4.4% against 5.5%. Both return series include franking credits, and portfolio performance is after portfolio-related fees, costs and taxes. This differs from shareholder market returns and from unfranked peer series. In July, the board resolved to pay fully franked dividends of 0.55 cents per share for each of July, August and September 2026; future dividends remain discretionary.
Source: Plato Income Maximiser, investment update as at 31 August 2026, pp. 1–2.
Data update · 28 September 2026
August issuer-return table
Month and year ended 31 August 2026 · table added 28 September 2026
These ten selected issuer series use the methods described below. They measure portfolio, NAV or NTA performance, separately from traded-price shareholder returns. Differences in tax, franking and fees mean this is not a comparable ranking. Each code links to the issuer’s August report.
Metrics table note, 2 October 2026. The MXT, MOT and MRE rows retain their originally reported August figures for the historical record. They have not been adjusted or recertified here following the subsequent announcements. Do not use these rows as current valuation evidence or as an up-to-date comparison with other funds. Read the 2 October Metrics ratings notice.
| ASX code / source | 1 month | 1 year | Series basis |
|---|---|---|---|
| KKC | 0.03% | 3.58% | Net trust return; AUD hedged |
| MOT | 0.33% | 7.23% | Net NAV return |
| MRE | 0.84% | 21.73% | Net NAV return; stapled security |
| MXT | 0.72% | 8.36% | Net NAV return |
| PCI | 0.60% | 7.30% | Net NTA return; distributions reinvested |
| PIC | 2.40% | −1.70% | NTA return before tax paid |
| PL8 | 1.40% | 4.40% | Portfolio return including franking |
| RF1 | 3.34% | 11.42% | Net asset return; income reinvested |
| RG1 | 7.90% | 52.40% | Pre-tax NTA portfolio return; AUD hedged |
| RG8 | 3.20% | 36.40% | Pre-tax NTA portfolio return; AUD hedged |
Return definitions and limits
KKC: The report labels the historical series as net total return, separately from the distribution measure discussed above. The fund’s fixed-income exposure is described as AUD hedged.
MOT, MRE and MXT: NAV-based returns are net of fund fees and costs and use monthly compounding. The reports make no allowance for entry fees, expenses or taxation. MRE is a stapled Passive Trust and Active Trust; it began in October 2024, so no three- or five-year history is implied.
PCI: NTA growth is after operating expenses and assumes distributions reinvested on the ex-date. Issuer figures are unaudited and approximate.
PIC: NTA growth includes operating expenses and assumes dividends reinvested. Tax paid and deferred-tax provisions on unrealised gains or losses are excluded. Issuer figures are unaudited and approximate.
PL8: The portfolio series includes franking credits and is after portfolio fees, costs and taxes. This franking treatment differs from the other series.
RF1: The series measures returns on fund assets after fees and costs, assuming income reinvestment.
RG1 and RG8: The AUD-hedged portfolio series uses pre-tax NTA movements after fees and expenses, tax adjustments and dividends. Historical results retain predecessor management periods and are not a record solely of the current manager.
No additional franking-credit gross-up has been applied. Except for PL8’s stated inclusion, the other return definitions do not state a franking gross-up. Both columns show cumulative returns, not annualised multi-year rates. Past performance is not a reliable indicator of future performance.
This table supplements the 25 September edition. It contains no September month-end figures or daily price update. The original market charts keep their stated measurement dates and the original corporate-news cut-off remains 24 September. The separately dated 2 October update records the Metrics rating status and subsequent issuer announcements.
IIR sample
The IIR sample in three charts
Historical charts, 2 October 2026. These charts retain their stated July and August measurement dates. They have not been recalculated for the later Metrics announcements. Historical prices, asset values and returns must not be treated as current prices, current valuations or evidence of a current IIR rating. Read the 2 October Metrics ratings notice.
Each chart uses its own comparable sample from IIR’s 80-code public cohort, so the included counts differ. Each vehicle counts once. Bars start at zero and show counts, not market values or a quality score.
Chart 1 · Price and assets
Prices and pre-tax asset backing
31 July 2026 · 61 included vehicles
42 of 61 observations traded below pre-tax NTA; 19 were at or above it.
The spread between a listed price and its reported asset backing can be substantial. It should be read alongside the valuation date, tax treatment, liquidity and the nature of the underlying assets. A discount by itself does not establish that an investment is undervalued, and can persist or widen.
Number of vehicles in each band
31 July 2026 · 61 included vehicles
View the figures and how this chart was prepared
| Band | Vehicles | Share |
|---|---|---|
| Below −20% | 16 | 26.2% |
| −20% to below −10% | 16 | 26.2% |
| −10% to below 0% | 10 | 16.4% |
| 0% to below 10% | 10 | 16.4% |
| 10% or more | 9 | 14.8% |
| Included total | 61 | 100% |
Included 61; excluded 19; reviewed public cohort 80. Percentages may not total 100% after rounding.
IIR calculation: (matched share price ÷ reported pre-tax NTA − 1) × 100. Both inputs are dated 31 July 2026. The chart uses the working table’s retained precision and only its unqualified Pre basis. Other bases, unmatched dates and unresolved inputs are excluded. The review reconciles the retained observations to the archived ASX workbook; it is not a separate issuer-by-issuer tax audit.
IIR reviewed working-table snapshot, 19 September 2026; ASX August 2026 workbook, Spotlight LIC List. The workbook’s valuation observations are dated July. Public chart and method.
Chart 2 · Fund size
The range of listed fund sizes
31 August 2026 · 77 included vehicles
48 of the 77 included vehicles had market capitalisations below A$500 million.
Market capitalisation measures the market value of the listed vehicle. It is different from the value of its underlying net assets and from the investment manager’s total assets under management. This chart counts vehicles within size bands; a larger vehicle receives the same weight as a smaller one.
Number of vehicles in each band
31 August 2026 · 77 included vehicles
View the figures and how this chart was prepared
| Band | Vehicles | Share |
|---|---|---|
| Below A$100m | 22 | 28.6% |
| A$100m to below A$500m | 26 | 33.8% |
| A$500m to below A$1bn | 16 | 20.8% |
| A$1bn or more | 13 | 16.9% |
| Included total | 77 | 100% |
Included 77; excluded 3; reviewed public cohort 80. Percentages may not total 100% after rounding.
Source market capitalisation in Australian dollars, grouped into fixed size bands. The working table stores this measure in A$ millions. Only matching August records within the reviewed public sample are included; unresolved or absent fields remain excluded.
IIR reviewed working-table snapshot, 19 September 2026; ASX August 2026 investment products report, pp. 17–18. Public chart and method.
Chart 3 · Monthly returns
The spread of monthly shareholder returns
Month to 31 August 2026 · 78 included vehicles
26 of 78 observations were negative; 52 were zero or positive.
The largest group was the 36 observations with a monthly return from zero to below 5%. A shareholder’s traded-price outcome can differ from the manager’s return on the portfolio, including when a premium or discount changes. These monthly observations do not establish longer-term performance or an investor’s after-tax return.
Number of vehicles in each band
Month to 31 August 2026 · 78 included vehicles
View the figures and how this chart was prepared
| Band | Vehicles | Share |
|---|---|---|
| Below −5% | 7 | 9.0% |
| −5% to below 0% | 19 | 24.4% |
| 0% to below 5% | 36 | 46.2% |
| 5% or more | 16 | 20.5% |
| Included total | 78 | 100% |
Included 78; excluded 2; reviewed public cohort 80. Percentages may not total 100% after rounding.
ASX/Bloomberg one-month security-price total returns with gross dividends reinvested. The source does not explicitly define franking-credit treatment; no franking adjustment is added. These are monthly figures, not annualised returns. This series is kept separate from the issuer portfolio returns discussed in the coverage notes.
IIR reviewed working-table snapshot, 19 September 2026; ASX August 2026 investment products report, pp. 17–18. Public chart and method.
A fuller explainer of these three charts is available at Listed funds, in three charts. Past performance is not a reliable indicator of future performance.
Method
Basis of preparation
Dates and scope
This edition was prepared on 24 September for issue on 25 September 2026. The main market-cap and shareholder-return snapshots relate to August; the comparable price/pre-tax NTA snapshot remains at 31 July. Corporate news is checked through 24 September. A ten-issuer return table was added on 28 September using reviewed figures measured to 31 August. It does not contain September month-end data. The separately dated 2 October 2026 update records subsequent Metrics developments and the under-review status of MXT, MOT and MDIF; it does not refresh the original numerical tables or chart measurement dates.
Three different populations
The ASX market overview covers the exchange’s full listed-investment-vehicle category, which includes LICs and LITs. The three IIR distribution charts use the public-eligible 80-code cohort reviewed on 19 September, with a different included sample for each measure. The wider continuous working register and ETFs are not part of those charts. None of the samples is an investable portfolio.
Figures and missing observations
Every vehicle is counted once in each applicable chart. The complete distribution, including both tails, is retained. Band lower limits are included and upper limits excluded. Blank or unresolved observations are excluded rather than replaced with zero. Percentages may not add to 100% after rounding.
Performance and valuation
Shareholder total returns, issuer portfolio returns, distribution yields and price/NTA comparisons measure different things. They are not combined into a league table. Tax conventions, currencies, fees, franking and reinvestment assumptions should be checked before comparing individual funds. Market-cap changes can reflect prices, capital events and changes in the population.
Reading this edition
This is a concise public website and newsletter edition. It does not replace or recertify IIR’s detailed LMI appendix tables. The original 25 September edition introduced no new IIR rating or buy/sell recommendation. The separately dated 2 October update records the under-review status of MXT, MOT and MDIF. Their prior ratings are not reaffirmed and are held pending Investment Committee review.
Disclosures
Research relationships and important information
IIR’s public research archive includes earlier reports on the following issuers discussed in this edition: WAM Leaders (WLE), Pengana International Equities (PIA), Flagship Investments (FSI), KKR Credit Income Fund (KKC), Regal Investment Fund (RF1) and Plato Income Maximiser (PL8). Those dated reports carry their own disclosures. IIR has also published commissioned research on Metrics Master Income Trust, Metrics Income Opportunities Trust and Metrics Direct Income Fund; those earlier reports disclose preparation fees and research relationships. The original 25 September edition did not assign, renew or amend an IIR rating. The 2 October update records that the three Metrics ratings are under review; the previous ratings are not reaffirmed.
Related reports: WAM Leaders (WLE) review; Pengana International Equities (PIA) review; Flagship Investments (FSI) review; KKR Credit Income Fund (KKC) review; Regal Investment Fund (RF1) review; Plato Income Maximiser (PL8) review.
General information only. This material does not take account of your objectives, financial situation or needs and is not a recommendation to buy, sell or hold any investment. Past performance is not a reliable indicator of future performance. Review the relevant disclosure documents and obtain appropriate advice before making an investment decision.
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