LMI in context · Free insights
Listed funds, in three charts
A clearer view of share prices, fund sizes and monthly returns—drawn from IIR’s LMI tables.
A few pictures can make a table easier to understand. These charts group listed investment vehicles into bands and explain what the numbers mean.
The dates differ: price and pre-tax NTA are matched at 31 July 2026; fund size and monthly returns relate to 31 August 2026. Each chart uses its own comparable sample. These are historical snapshots, not live quotes.
01 / Price and assets
Where did prices sit relative to pre-tax NTA?
31 July 2026 · matching price and NTA dates
Number of vehicles in each band
42 of the 61 observations were below pre-tax NTA; 19 were at or above it.
A listed fund’s share price is the price at which its shares trade. Net tangible assets, or NTA, describes its reported asset backing after liabilities and other adjustments. The two can differ.
Below zero means the price was below pre-tax NTA; above zero means it was above. This gap alone does not establish investment value: a discount can persist or widen, a premium can shrink, and the assets themselves can gain or lose value.
View the figures and how this chart was prepared
| Band | Count | 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% |
Percentages may not sum to 100% after rounding. “To below” includes the lower boundary and excludes the upper boundary. Open-ended first and last bands retain the full range.
IIR calculation: (matched share price ÷ reported pre-tax NTA − 1) × 100. Uses the precision retained in the working table, so results can differ from a source-reported ratio. Both inputs are dated 31 July 2026. Only the table’s unqualified “Pre” basis is included; other NTA/NAV bases, different dates and unresolved inputs are excluded.
Starting sample: 80 listed vehicles in IIR’s current website coverage. Included: 61. Excluded for this measure: 19. The sample describes current coverage at a historical date; it is not a complete market universe or an investable portfolio.
Source: IIR LMI working tables, reviewed 19 September 2026; ASX August 2026 investment products report, pp. 17–18 (PDF). The chart’s measurement date is shown above.
02 / Fund size
How do listed fund sizes vary?
31 August 2026 · market capitalisation in A$
Number of vehicles in each band
The included vehicles span all four size bands, from below A$100 million to A$1 billion or more.
Market capitalisation describes the market value of a vehicle’s shares or units on issue. It differs from the value of the underlying portfolio and the total assets managed by its investment manager.
Each bar counts vehicles in a size band, so a longer bar means more vehicles, not more investment dollars. Size provides context; it does not by itself establish diversification, trading liquidity or investment quality.
View the figures and how this chart was prepared
| Band | Count | 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% |
Percentages may not sum to 100% after rounding. “To below” includes the lower boundary and excludes the upper boundary. Open-ended first and last bands retain the full range.
Uses the ASX August market-capitalisation field: last reported units recorded in CHESS multiplied by the month-end closing price. Unit updates received after month-end enter the following month. Excludes one unresolved value and two entries lacking matching August source records; one of those is dated July.
Starting sample: 80 listed vehicles in IIR’s current website coverage. Included: 77. Excluded for this measure: 3. The sample describes current coverage at a historical date; it is not a complete market universe or an investable portfolio.
Source: IIR LMI working tables, reviewed 19 September 2026; ASX August 2026 investment products report, pp. 17–18 (PDF). The chart’s measurement date is shown above.
About these snapshots
These charts cover selected listed investment companies and trusts in IIR’s current website coverage. They do not cover the entire market and do not include ETFs. Different data dates, valuation bases and unresolved inputs mean the number included varies by chart.
All valid observations within each chart’s rules are included, whether positive or negative. Each vehicle counts once. The charts provide context; they do not rank issuers, assign ratings or recommend an investment. They also do not show a change in the same sample over time.
Read more about the dates on investment data or explore the free Insights library.
Educational information only. It does not take account of your objectives, financial situation or needs.
Past performance is not a reliable indicator of future performance.