Metrics Income Posts 7.23% One-Year Net Return but Trades at a 26% Discount to NA

Highlights:

• A listed private credit trust returned 0.33% net in August 2026 and 7.23% net over the past year.

• Units closed the month at AU$1.60 against a net asset value of AU$2.15, a gap of roughly 26%.

• The portfolio spans 291 investments, with 42% held in senior loans.

Metrics Income Opportunities Trust (ASX: MOT) published its August 2026 monthly report, giving investors a snapshot of how the listed private credit vehicle is performing. The report covers returns, distributions, portfolio makeup and how the units trade relative to underlying asset value. Here are the key points.

Returns and Distributions

The trust returned 0.33% net in August 2026, its weakest month of the year so far, compared with 0.70% in July. Net returns were 1.54% over three months and 7.23% over one year. Annualised figures were 8.49% over three years, 9.28% over five years and 8.67% since the trust listed in April 2019. Distributions came to 1.14 cents per unit in August, lifting the year-to-date total to 10.51 cents. The one-year distribution rate of 7.28% sits just above the trust’s 7% target cash return, while its total return target is 8% to 10% a year through the economic cycle.

Price Versus Net Asset Value

Units were priced at AU$1.60 on an ex-distribution basis, against a net asset value of AU$2.15 per unit. That puts the market capitalisation at AU$534 million versus net assets of AU$716 million. Total return, which counts movements in the traded unit price as well as distributions, was 0.53% for August but negative 10.58% for the year to date. The contrast shows how market pricing can diverge from the performance of the underlying loans. Trailing 12-month net returns also eased from 8.7% to 7.2% over the past year.

Portfolio Makeup

The trust held 291 individual investments, with four new and four exited during the month. By type, senior loans made up 42%, subordinated loans 20% and equity and equity-like holdings 38%. Interest duration was 23 days, and credit duration was 1.1 years, a measure that excludes equity holdings. The investment manager, Metrics Credit Partners, belongs to a group that oversees more than AU$40 billion in assets.

Outro

The August report shows steady income and a modest monthly return, alongside a wide gap between unit price and net asset value. Investors should read the full report and seek professional advice before making decisions.

Note: All data presented is based on information available at the time of writing.

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