Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
MA Credit Income Trust Beats Target With 8.56% Net Return and AU$42.7 Million Profitv
Highlights:
MA Credit Income Trust (ASX: MA1) released its Appendix 4E preliminary final report on 27 August 2026, covering the year ended 30 June 2026. The listed private credit fund is managed by MA Investment Management, with Equity Trustees Limited as responsible entity.
Performance and Income
Total investment income was AU$43.5 million and operating profit was AU$42.7 million. Both compare with a shorter prior period that ran from 4 October 2024 to 30 June 2025, which is why the percentage increases of about 342% are not like-for-like.
The fund beat its target of the RBA cash rate plus 4.25% a year. Since inception it has delivered an annualised net return of 8.69%, against a target of 8.43%. Monthly distributions ranged from 1.2511 to 1.5202 cents per unit and totalled 16.6277 cents for the year. The July 2026 distribution was 1.460588 cents per unit.
Capital Raising and Buy-Backs
The fund completed a fully subscribed entitlement and shortfall offer that raised AU$190.5 million through 95,270,647 new units at AU$2.00 each. Units on issue rose to 279.652 million. An off-market buy-back cancelled 6,635,886 units for AU$13,274,426 at AU$2.0004 per unit. An on-market buy-back was approved on 20 April 2026, although no units had been bought under it by 30 June 2026.
Portfolio Strength
Through the MA Credit Income Fund (Wholesale), the trust has exposure to about AU$7.5 billion of private credit assets across 237 investments, 160 sponsors and 43 sub-segments. About 97% of the portfolio ranks as senior secured or structured secured, and roughly 88% is rated BB- equivalent or higher.
Redemption Limit Disclosed
After year end, on 25 August 2026, the trustee of the MA Secured Loan Series introduced a temporary redemption limit of up to 1% of funds under management per month, expected to last at least three months. The trust is indirectly exposed through its AU$559.2 million holding in the underlying fund. The responsible entity does not expect any effect on the carrying value of that investment.
Looking Ahead
The fund will keep targeting consistent monthly income while preserving capital. Its directors noted that investment performance is not guaranteed and that future returns may differ from past results.
Note: All data presented is based on information available at the time of writing.
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