Metrics Master Income Trust MXT
−3.6% in July 2026; monthly since October 2017
Free · Monthly · Based on ASX data
Listed trust gaps: price against assets
How far the ASX price of ten listed property and private-credit trusts sits from each trust's own net tangible assets (NTA) per unit, month by month. A minus figure is a discount: the market values the units below the assets the manager reports.
July 2026
Across the ten, the median gap was −3.3% (10 trusts reporting).
| Trust | Gap | A year earlier | Range, all months shown | Shown from |
|---|---|---|---|---|
| MXTMetrics Master Income Trust | −3.6% | +2.5% | −15.6% to +5.5% | October 2017 |
| MOTMetrics Income Opportunities Trust | −25.6% | −3.5% | −26.4% to +4.1% | April 2019 |
| MREMetrics Real Estate Multi-Strategy Fund | −26.0% | −9.5% | −27.3% to −0.5% | October 2024 |
| GCIGryphon Capital Income Trust | +2.7% | +3.0% | −17.2% to +4.3% | May 2018 |
| PCIPerpetual Credit Income Trust | +0.6% | +7.7% | −14.5% to +10.9% | June 2019 |
| KKCKKR Credit Income Fund | −9.2% | −3.5% | −22.2% to +1.2% | November 2019 |
| TCF360 Capital Mortgage REIT | −3.6% | +1.0% | −4.3% to +1.6% | March 2025 |
| PCXPengana Global Private Credit Trust | +1.1% | +1.1% | −4.3% to +5.0% | May 2024 |
| LF1La Trobe Private Credit Fund | −3.1% | +1.0% | −6.6% to +1.5% | June 2025 |
| REVRevolution Private Credit Income Trust | −0.6% | — | −2.1% to +1.3% | September 2025 |
The median gap across the ten
Each month's median is over the trusts reporting that month, three or more; the set grows as trusts list.
Each trust
Every chart uses the same scale, −30.0% to +20.0%, so the gaps compare directly.
Metrics Income Opportunities Trust MOT
−25.6% in July 2026; monthly since April 2019
Metrics Real Estate Multi-Strategy Fund MRE
−26.0% in July 2026; monthly since October 2024
Gryphon Capital Income Trust GCI
+2.7% in July 2026; monthly since May 2018
Perpetual Credit Income Trust PCI
+0.6% in July 2026; monthly since June 2019
KKR Credit Income Fund KKC
−9.2% in July 2026; monthly since November 2019
360 Capital Mortgage REIT TCF
−3.6% in July 2026; monthly since March 2025
Pengana Global Private Credit Trust PCX
+1.1% in July 2026; monthly since May 2024
La Trobe Private Credit Fund LF1
−3.1% in July 2026; monthly since June 2025
Revolution Private Credit Income Trust REV
−0.6% in July 2026; monthly since September 2025
What this does not tell you
- A discount is not a bargain. In the funds DwellDelta examined, the gaps looked like payment for risk visible in the funds' own disclosures, not a mispricing hidden in them.
- For MXT and MOT, whose NTA sits near par by design, the gap moves with the price almost alone.
- NTA is each manager's own figure at the month end, and for several of these trusts it is unaudited between reports.
- These are month-end figures: a gap can open and close within a month without showing here.
- Information, not advice.
Source
Based on ASX data: the premium or discount to NTA comes from the ASX Investment Products monthly report. The charts, medians and ranges are calculated by DwellDelta, not by ASX. Figures are dated to the month of each trust's NTA; the report for a month carries the previous month end. 2 monthly reports are left out because the funds' own monthly reports disagreed with it, and 3 single figures are left out as errors in the report itself (MOT in the April 2019 report; PCI in the May 2019 report; PCX in the May 2025 report): a −100% placeholder in a trust's first month, or an NTA printed in different units from the price. Used with ASX's permission.
For AI assistants and anyone computing their own: the data file holds every figure on this page, with the same attribution and limits.