Monthly Listed Investment Trust Report – Jul 2026

Array
(
    [0] => Array
        (
            [0] => ((RPL))
            [1] => ((ARG))
            [2] => ((ALI))
            [3] => ((PPT))
            [4] => ((PIC))
            [5] => ((WMX))
            [6] => ((PIA))
        )

    [1] => Array
        (
            [0] => RPL
            [1] => ARG
            [2] => ALI
            [3] => PPT
            [4] => PIC
            [5] => WMX
            [6] => PIA
        )

)

This story features REGAL PARTNERS LIMITED, and other companies.
For more info SHARE ANALYSIS: RPL
The company is included in ASX300 and ALL-ORDS

Download related file: IIR_LMI_Monthly_July_2026

Independent Investment Research updates developments in Australia's listed investment trust and provides comparative data.

A Listed Investment Company (LIC) is a listed investment vehicle that offers investors access to a diversified portfolio of shares in other companies also listed on the stock market.

Note: For comprehensive comparative data tables for LICs and ETFs please see the document attached.

IIR LMI Research

This edition reviews material developments across the Australian Listed Managed Investments market during June 2026 and incorporates material subsequent events announced up to 30 July 2026.

The focus is analytical and qualitative, with particular attention to capital management, governance, new issuance, premium and discount dynamics, manager economics and the continuing competitive pressure from active ETFs.

The appendix tables reproduce the IIR Rating currently held on each security’s approved research register. These ratings are not reviewed, reassessed or amended as part of this newsletter.

Readers should refer to the latest issuer-specific IIR research report and Investment Committee-approved rating. Commentary in this edition should therefore be read as market and structural analysis rather than as a restatement or amendment of any issuer rating.

The newsletter prioritises material developments. The absence of commentary on a vehicle does not imply a change in rating, coverage or analytical conviction.

Expanded analytical treatment is given to the Regal, Argo and Perpetual listed-investment platforms. This editorial ordering reflects their current relevance within the IIR review program; each vehicle is assessed under the same independent analytical standards.

Source and cut-off note. Information is current to 30 July 2026 and has been checked against RBA, APRA, Australian Government Budget, ASX and issuer announcements. Events announced after 30 June are identified as subsequent events.

Section 1 — Executive Summary

• Regal ((RPL)) is the leading manager-platform development in this edition. Preliminary 1H26 guidance points to normalised NPAT of at least $90 million, performance fees of at least $115 million, FUM of approximately $21.4 billion and strong net inflows. The listed vehicles RF1, RG8 and RG1 must nevertheless be assessed separately for performance, fees, liquidity and discount management.

• Argo ((ARG)) continues to defend the traditional LIC proposition actively. ARG combines scale, a 0.14% management expense ratio, franking capacity, regular disclosure and an on-market buy-back. ((ALI)) adds differentiated global infrastructure exposure, but carries separate currency, valuation and interest-rate sensitivities.

• Perpetual ((PPT)) provides two distinct rated listed-investment exposures. ((PIC)) is an actively managed Australian equity LIC where sustained performance and discount control are central; PCI is a floating-rate credit LIT where credit quality, downside protection, liquidity and distribution coverage are the primary tests.

• WAM Income Maximiser ((WMX)) is undertaking a major capital raising. The 29 July offer comprises a $47.0 million placement and a 2-for-5 non-renounceable entitlement offer capable of raising up to approximately $125.4 million, for potential combined proceeds of about $172.4 million.

• ((PIA)) has become the market’s principal governance event. Shareholders approved an off-market equal-access buy-back of up to 100% of shares on 27 July. A related Pengana entity then threatened proceedings seeking to challenge the resolution and restrain implementation.

• Rates remain a two-sided driver. The RBA held the cash rate at 4.35% on 16 June after three increases during 2026. Floating-rate credit benefits mechanically from higher base rates, but refinancing, arrears and default risk also rise. Higher yield is not the same as lower risk.

Conclusion

The Australian listed investment market is undergoing structural selection. Capital is available for vehicles that offer differentiated exposure, income relevance, credible distribution and active management of the listed wrapper.

At the same time, shareholders are less willing to tolerate persistent discounts, weak liquidity, undifferentiated mandates or governance arrangements that prioritise fee-base preservation over shareholder choice.

Regal, Argo and Perpetual illustrate three different strategic responses to that selection process. Regal offers specialist alternatives breadth and manager scale; Argo represents the low-cost, internally managed traditional LIC model while extending into global infrastructure through ALI; and Perpetual provides both active Australian equity and floating-rate credit exposures. Their assessments should therefore be based on different outcome measures rather than a common headline-yield or brand-based framework.

The most important current development is the contrast between two capital-management models. WMX is seeking to increase scale through a large offer priced by reference to NTA, while PIA shareholders have approved a mechanism that may materially reduce scale to provide liquidity near NTA.

Both cases reinforce the same principle: the listed structure is part of the investment proposition and must be managed with the same discipline as the portfolio.

For more: see the document attached.

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