Key Takeaways
- • Alternative Investment Trust (ASX: AIQ) reported May 2026 Net Tangible Asset backing of A$89.528 million, translating to A$1.4892 per unit, with a monthly gain of 0.3% on an NTA basis and 1.1% on an Adjusted NTA basis.
- • The trust completed a A$10.2 million placement at A$1.38 per unit on 22 May 2026 and executed 608,108 unit buybacks during May at an average cost of A$1.38 per unit, demonstrating active capital management activity.
- • WSS Master Fund, AIQ's largest single holding at A$47.4 million NTA, drove performance with a 1.1% USD-denominated gain in May, representing a material component of total returns.
- • Adjusted NTA per unit of A$1.4002 reflects portfolio adjustments, with US$341,000 in total distributions received from underlying funds during the month providing income support.
- • The trust maintains 60,119,506 units on issue and is managed by Warana Capital with One Managed Investment Funds Limited serving as Responsible Entity, with investors monitoring June 2026 NTA reporting and ongoing capital activity.
Summary
Alternative Investment Trust reported its May 2026 Net Tangible Asset backing on 12 June 2026, disclosing total NTA of A$89.528 million across 60,119,506 units on issue. The NTA per unit reached A$1.4892, representing a 0.3% monthly increase from A$1.4842 at 30 April 2026. The trust's Adjusted NTA per unit stood at A$1.4002, posting a stronger monthly gain of 1.1% on this basis, indicating underlying portfolio strength despite more modest reported NTA movement.
The WSS Master Fund, constituting the trust's largest single investment at A$47.4 million in NTA value, delivered the primary driver of May performance with a 1.1% return in USD terms. The broader portfolio generated US$341,000 in distributions from underlying funds during the month, providing consistent income flows to support unit holders. Performance gains occurred despite an operating environment marked by active capital management, with the trust completing a material capital raise during the period.
On 22 May 2026, AIQ completed a A$10.2 million placement at A$1.38 per unit, bringing fresh capital into the fund structure. Concurrently, the trust executed opportunistic unit buybacks, repurchasing 608,108 units at an average cost of A$1.38 per unit during May. This dual-track capital strategy—simultaneous placement and buyback activity at equivalent pricing—reflects management's view on unit valuation and capital efficiency, with both transactions executed at levels materially below the month-end NTA per unit of A$1.4892.
The trust is managed by Warana Capital Pty Limited and administered by One Managed Investment Funds Limited as Responsible Entity. With the May NTA reporting now published, market participants are positioned to monitor the June 2026 NTA release and assess the trajectory of underlying fund performance, particularly WSS Master Fund positioning and broader alternative asset allocation trends within the portfolio.
The WSS Master Fund, constituting the trust's largest single investment at A$47.4 million in NTA value, delivered the primary driver of May performance with a 1.1% return in USD terms. The broader portfolio generated US$341,000 in distributions from underlying funds during the month, providing consistent income flows to support unit holders. Performance gains occurred despite an operating environment marked by active capital management, with the trust completing a material capital raise during the period.
On 22 May 2026, AIQ completed a A$10.2 million placement at A$1.38 per unit, bringing fresh capital into the fund structure. Concurrently, the trust executed opportunistic unit buybacks, repurchasing 608,108 units at an average cost of A$1.38 per unit during May. This dual-track capital strategy—simultaneous placement and buyback activity at equivalent pricing—reflects management's view on unit valuation and capital efficiency, with both transactions executed at levels materially below the month-end NTA per unit of A$1.4892.
The trust is managed by Warana Capital Pty Limited and administered by One Managed Investment Funds Limited as Responsible Entity. With the May NTA reporting now published, market participants are positioned to monitor the June 2026 NTA release and assess the trajectory of underlying fund performance, particularly WSS Master Fund positioning and broader alternative asset allocation trends within the portfolio.
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