Key Takeaways
- • Alternative Investment Trust (AIQ) reported NTA backing of AUD $1.5275 per unit as at 31 July 2026, reflecting continued growth in the trust's secondary market fund acquisition strategy managed by Warana Capital.
- • WSS Master Fund, representing approximately 60% of AIQ's total assets at AUD 54.2 million, delivered 2.54% returns in USD terms during June 2026, serving as the primary driver of the trust's 2.1% monthly NTA growth to AUD 1.5212.
- • AIQ completed two new fund acquisitions in June 2026, including an additional USD 2.5 million investment into WSS Master Fund and fund interest purchases in Warana 2019 and 2021 Funds totalling approximately USD 2.274 million combined.
- • The trust expanded its currency hedging program to near-full coverage relative to Adjusted NTA, maintaining existing USD 71 million hedges to manage AUD/USD exposure volatility in its illiquid asset portfolio.
- • A quarterly distribution of approximately AUD 0.03578 per unit was declared for payment on 18 August 2026, representing 2.5% of June Adjusted NTA and maintaining consistency with the trust's 10% per annum distribution policy.
Summary
Alternative Investment Trust (AIQ), an ASX-listed managed investment scheme operated by Warana Capital and responsible entity One Managed Investment Funds Limited, reported solid monthly performance during June 2026, with Net Tangible Asset backing per unit growing 2.1% to AUD 1.5212. The trust's Adjusted NTA per unit increased 2.2% to AUD 1.4311 during the same period, demonstrating resilience across its portfolio of secondary market fund acquisitions and illiquid asset recovery investments.
The trust's performance was anchored by strong returns from WSS Master Fund, its largest holding at AUD 54.2 million or approximately 60% of total assets. The fund generated 2.54% returns in US dollar terms during June, providing the primary momentum for monthly gains. In response to currency market conditions, AIQ expanded its foreign exchange hedging program in early June and now maintains hedging coverage close to full relative to Adjusted NTA, complementing existing USD 71 million hedges. This enhanced hedging posture reflects the trust's strategic approach to mitigating AUD/USD volatility across its US-denominated asset base.
During June 2026, AIQ completed two material investment transactions as part of its ongoing secondary market strategy. The trust deployed an additional USD 2.5 million into WSS Master Fund alongside fund interest acquisitions in Warana 2019 and 2021 Funds totalling approximately USD 274,000 and USD 2.0 million respectively. These transactions demonstrate continued capital deployment in line with the trust's strategic mandate of acquiring secondary market positions and distressed fund interests.
The trust declared a quarterly distribution of approximately AUD 0.03578 per unit for payment on 18 August 2026, representing 2.5% of the June Adjusted NTA figure. This distribution aligns with AIQ's stated 10% per annum distribution policy, providing regular income to unitholders while the underlying portfolio executes its illiquid asset recovery strategy. The NTA progression from AUD 1.4892 per unit in May 2026 to AUD 1.5275 by 31 July 2026 reflects cumulative gains across two consecutive reporting periods and underscores the trust's operational execution in a secondary market investment environment.
The trust's performance was anchored by strong returns from WSS Master Fund, its largest holding at AUD 54.2 million or approximately 60% of total assets. The fund generated 2.54% returns in US dollar terms during June, providing the primary momentum for monthly gains. In response to currency market conditions, AIQ expanded its foreign exchange hedging program in early June and now maintains hedging coverage close to full relative to Adjusted NTA, complementing existing USD 71 million hedges. This enhanced hedging posture reflects the trust's strategic approach to mitigating AUD/USD volatility across its US-denominated asset base.
During June 2026, AIQ completed two material investment transactions as part of its ongoing secondary market strategy. The trust deployed an additional USD 2.5 million into WSS Master Fund alongside fund interest acquisitions in Warana 2019 and 2021 Funds totalling approximately USD 274,000 and USD 2.0 million respectively. These transactions demonstrate continued capital deployment in line with the trust's strategic mandate of acquiring secondary market positions and distressed fund interests.
The trust declared a quarterly distribution of approximately AUD 0.03578 per unit for payment on 18 August 2026, representing 2.5% of the June Adjusted NTA figure. This distribution aligns with AIQ's stated 10% per annum distribution policy, providing regular income to unitholders while the underlying portfolio executes its illiquid asset recovery strategy. The NTA progression from AUD 1.4892 per unit in May 2026 to AUD 1.5275 by 31 July 2026 reflects cumulative gains across two consecutive reporting periods and underscores the trust's operational execution in a secondary market investment environment.
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