Key Takeaways
- • Alternative Investment Trust (ASX: AIQ) reported an NTA per unit of A$1.4892 as at 31 May 2026, with total NTA backing of A$89.528 million across 60.1 million units on issue.
- • The trust achieved a modest 0.3% monthly gain on NTA per unit basis, while Adjusted NTA per unit rose 1.1%, driven primarily by the WSS Master Fund which appreciated 1.1% in USD terms during May.
- • A$10.2 million placement was completed at A$1.38 per unit on 22 May 2026, with concurrent buyback activity totaling 608,108 units at an average cost of A$1.38 per unit during the month.
- • WSS Master Fund, the trust's largest holding at A$47.4 million NTA, continues to represent a material portion of the portfolio's underlying asset base and performance drivers.
- • The trust distributed US$341,000 in total distributions from underlying funds during May 2026, providing income exposure to investors through its alternative investment strategy.
Summary
Alternative Investment Trust (ASX: AIQ), managed by Warana Capital with One Managed Investment Funds Limited serving as Responsible Entity, released its May 2026 Net Tangible Asset fact sheet showing an NTA per unit of A$1.4892 as at 31 May 2026. The trust's total NTA reached A$89.528 million, representing a 0.3% monthly increase from the prior month's NTA per unit of A$1.4842 at 30 April 2026. The Adjusted NTA per unit stood at A$1.4002, reflecting a stronger 1.1% monthly performance on an adjusted basis during the same period.
Performance during May was primarily attributable to the WSS Master Fund, the trust's single largest holding valued at A$47.4 million in NTA terms, which delivered a 1.1% return in USD-denominated terms. The underlying fund's contribution offset modest broader portfolio movements, resulting in the net positive but measured monthly gains. The trust also generated US$341,000 in total distributions from its underlying funds during May, providing regular income exposure to investors participating in the alternative investment strategy.
Capital activity remained active during the reporting period. A A$10.2 million placement completed on 22 May 2026 at A$1.38 per unit marked a strategic fundraising initiative, while concurrent buyback operations resulted in the repurchase of 608,108 units at an identical average price of A$1.38 per unit. These parallel activities reflect management's capital allocation approach, balancing investor participation with unit price management. At month-end, AIQ had 60,119,506 units on issue, providing the denominator for per-unit metrics reported to investors.
The reported metrics position AIQ within the context of alternative investment trusts tracking performance across diversified underlying fund managers. The modest 0.3% monthly NTA gain, contrasted with the stronger 1.1% Adjusted NTA performance, suggests that expense adjustments or asset-liability mismatches may be factoring into reported returns—a distinction institutional investors should monitor when evaluating true economic performance. Investors should anticipate the June 2026 NTA release and track subsequent placement and buyback announcements as indicators of management confidence and capital allocation priorities.
Performance during May was primarily attributable to the WSS Master Fund, the trust's single largest holding valued at A$47.4 million in NTA terms, which delivered a 1.1% return in USD-denominated terms. The underlying fund's contribution offset modest broader portfolio movements, resulting in the net positive but measured monthly gains. The trust also generated US$341,000 in total distributions from its underlying funds during May, providing regular income exposure to investors participating in the alternative investment strategy.
Capital activity remained active during the reporting period. A A$10.2 million placement completed on 22 May 2026 at A$1.38 per unit marked a strategic fundraising initiative, while concurrent buyback operations resulted in the repurchase of 608,108 units at an identical average price of A$1.38 per unit. These parallel activities reflect management's capital allocation approach, balancing investor participation with unit price management. At month-end, AIQ had 60,119,506 units on issue, providing the denominator for per-unit metrics reported to investors.
The reported metrics position AIQ within the context of alternative investment trusts tracking performance across diversified underlying fund managers. The modest 0.3% monthly NTA gain, contrasted with the stronger 1.1% Adjusted NTA performance, suggests that expense adjustments or asset-liability mismatches may be factoring into reported returns—a distinction institutional investors should monitor when evaluating true economic performance. Investors should anticipate the June 2026 NTA release and track subsequent placement and buyback announcements as indicators of management confidence and capital allocation priorities.
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