Listed trust gaps: price against assets

Each trust's newest month

Newest month: October 2026 for GCI, PCI and PCX; September 2026 for KKC, TCF, LF1 and REV; August 2026 for MXT, MOT and MRE. MXT, MOT and MRE did not trade on the ASX on the last trading day of September 2026, so they stay on August 2026.

Across the ten, the median gap in the newest ASX report (August 2026) was −4.1% (10 trusts reporting). Each trust is shown at its newest month: from its own NTA announcement and the ASX close on the last trading day on or before the NTA date once both are in, otherwise from the ASX report.

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, −40.0% to +20.0%, so the gaps compare directly.

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, whose NTA sits near par by design, the gap moves with the price almost alone.
• On 28 September 2026 MXT, MOT and MRE said audit findings would lower their 30 June 2026 NTA, by 1.99%, 10.08% and 12.16%; MXT and MOT now report NTA monthly instead of daily. The gaps here use each NTA as the monthly report first carried it, so for these three funds they overstate the discount until later reports carry the lower figures.
• On 14 October 2026 MXT, MOT and MRE called their latest NTA an unaudited estimate: their responsible entity and administrator are reviewing and remediating historical NTA, fees and unit pricing calculations for each fund and its underlying funds, and the NTA may be subject to further adjustment when that review is complete. The NTA behind these funds' gaps here may be revised again.
• 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.
• Each trust is shown at its own newest month: from its own NTA announcement and the ASX close once both are in, otherwise from the ASX report, which carries a month about six weeks after it ends.
• PCX states its NTA as a net asset value in cents per unit that includes the distribution not yet paid (cum distribution); the ASX report uses the same figure.
• LF1 states its NTA to the cent, so its gap can be up to about a quarter of a point off.
• MXT, MOT and MRE did not trade on the ASX on the last trading day of September 2026 (suspended, halted or untraded that day), so September 2026 is not shown for them from their announcements.
• Information, not advice.

Source

Based on ASX data: each trust's newest gap compares its own monthly NTA announcement on the ASX with the ASX closing price on the last trading day on or before the NTA date; earlier months come from the ASX Investment Products monthly report, which also checks each new month when it arrives. The newest gaps, charts, medians and ranges are calculated by DwellDelta, not by ASX. Figures are dated to the month of each trust's NTA. A trust's newest month comes from its own NTA announcement on the ASX and the ASX closing price on the last trading day on or before the NTA date, once both are in; every other month comes from the ASX Investment Products monthly report, whose report for a month carries the previous month end, and which checks each announced month when it arrives. 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.