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LIC/LIT July Monthly

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90 LIC/LIT profiles, rankings, etc and as per usual.

The predominant developments in the sector over the last month, or so have been twofold:

1) ongoing capital expansion from well placed LICs/LITs and, 2) distribution guidance from Debt LITs.

Yes, the sector may be consolidating in terms of number of strategies (see MHH and MLT) but the total FUM has increased recently with well timed capital raisings from well placed vehicles (PIC, WLE, WHF, for e.g).

Secondly, the debt LITs by way of FY22 guidance (NBI, KKC for e.g) show a continuance of not having missed a beat in relation to distribution consistency and exceeding target levels. And to think, all the ‘hysteria’ regarding the public and private debt LIT segments in Peak Covid when the sector was sold down in lock-step with equities (despite being higher on the capital stack). What a buying opportunity that turned out to be.

LIC Monthly July 2021