Key Takeaways
- • Alternative Investment Trust (ASX:AIQ) reported an unaudited Net Tangible Asset (NTA) backing of $1.5023 per unit as at 31 October 2026, according to a filing released on 13 November 2026.
- • The trust also disclosed an Adjusted NTA of $1.3865 per unit, calculated by investment manager Warana Capital Pty Limited, which is roughly 7.7% below the unadjusted figure.
- • The Adjusted NTA values secondary-market fund holdings at the lower of Manager Value and Warana's discounted projected recovery cash flows (10% per annum discount rate).
- • The filing states the Adjusted NTA is indicative only, is not produced or reviewed by a third party, and carries no assurance it will be achieved.
Summary
Alternative Investment Trust (ASX:AIQ) has disclosed an unaudited Net Tangible Asset (NTA) backing of $1.5023 per unit as at 31 October 2026, according to a filing released on 13 November 2026. The filing was authorised for release by both the responsible entity and the investment manager.
The trust is managed by One Managed Investment Funds Limited (ACN 117 400 987, AFSL 297042) as responsible entity, with Warana Capital Pty Limited (ACN 611 063 579, AFSL 493579) acting as investment manager. The trust is listed on the ASX under the code AIQ and carries the ARSN 112 129 218.
Alongside the headline NTA, AIQ disclosed an Adjusted NTA of $1.3865 per unit. Warana Capital calculated this figure to adjust for underlying funds acquired in the secondary market at discounts to Manager Value, which the filing refers to as Secondary Funds. Under the methodology, the Adjusted NTA equals the lower of Manager Value and Warana's estimate of projected recovery cash flows discounted at 10 per cent per annum. The filing describes the revaluation of Secondary Funds to Manager Value as creating an immediate and significant valuation uplift.
The filing cautions that the Adjusted NTA is indicative only and relies on third-party information and other assumptions that may prove inaccurate. Neither Warana nor the responsible entity gives any express or implied warranty as to the completeness or accuracy of the projections, market outlooks or estimates used. Unitholders are advised to take care in relying on the metric, and no assurance is given that the Adjusted NTA value will be achieved.
The trust is managed by One Managed Investment Funds Limited (ACN 117 400 987, AFSL 297042) as responsible entity, with Warana Capital Pty Limited (ACN 611 063 579, AFSL 493579) acting as investment manager. The trust is listed on the ASX under the code AIQ and carries the ARSN 112 129 218.
Alongside the headline NTA, AIQ disclosed an Adjusted NTA of $1.3865 per unit. Warana Capital calculated this figure to adjust for underlying funds acquired in the secondary market at discounts to Manager Value, which the filing refers to as Secondary Funds. Under the methodology, the Adjusted NTA equals the lower of Manager Value and Warana's estimate of projected recovery cash flows discounted at 10 per cent per annum. The filing describes the revaluation of Secondary Funds to Manager Value as creating an immediate and significant valuation uplift.
The filing cautions that the Adjusted NTA is indicative only and relies on third-party information and other assumptions that may prove inaccurate. Neither Warana nor the responsible entity gives any express or implied warranty as to the completeness or accuracy of the projections, market outlooks or estimates used. Unitholders are advised to take care in relying on the metric, and no assurance is given that the Adjusted NTA value will be achieved.
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