METRICS MASTER INCOME TRUST — Net Asset Value 2021

Oct 13, 2021

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September 2021
M E T R I C S M A S T E R I N C O M E T R U S T
( A S X : M X T )
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TRUST INFORMATION

Trust

Metrics Master Income Trust (MXT) ARSN 620 465 090

Target Return

RBA Cash Rate +3.25% pa net of fees.

Investment Highlights

Responsible Entity

The Trust Company (RE Services) Limited ACN 003 278 831; AFSL 235 150

Manager

Metrics Credit Partners Pty Ltd (Metrics) ACN 150 646 996; AFSL 416 146. Metrics is an alternative asset manager with expertise in fixed income, private credit, equity and capital markets. Metrics has significant experience in corporate and institutional lending and currently manages assets in excess of $9 billion.

Investment Objective

Provide monthly cash income, low risk of capital loss and portfolio diversification by actively managing diversified loan portfolios and participating in Australia’s bank-dominated corporate loan market.

Investment Strategy

Provide exposure reflecting activity in the Australian corporate loan market with diversification by borrower, industry and credit quality. Metrics seeks to implement active strategies designed to balance delivery of the Target Return, while preserving investor capital.

• Experienced and active management team with proven track record

• Monthly cash income from floating rate Australian direct lending

• Portfolio diversification in Australian corporate fixed income

• Attractive fee structure and stable Net Asset Value (NAV) backing

• • ASX market liquidity

UNIT PRICE AND NAV[(1)]

	ASX Ticker Code	MXT
	Price / NAV (share)(2)	$2.05 / $2.00
	Market Cap. / NAV(2)	$1.51b / $1.47b
	Unit Pricing	Daily
	Distributions	Monthly

FUND PERFORMANCE

	1mth	3mth	6mth	1yr	3yr(3)	Incep(3)(4)
Net Return (%) RBA Cash Rate (%)	0.34 0.01	0.98 0.03	1.98 0.05	4.32 0.11	5.10 0.65	5.13 0.86
Distribution (%) Spread to RBA (%)	0.32 0.31	0.95 0.93	1.99 1.94	4.36 4.24	5.14 4.49	5.11 4.25

NOTE: Past performance is not a reliable indicator of future performance. Assumes participation in Distribution Reinvestment Plan (DRP).

TRAILING 12-MONTHS RETURNS

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10.0%
RBA Cash Rate Spread to RBA
8.0%
6.0% 5.2% 5.2% 5.1% 5.0% 4.9% 4.9% 4.8% 4.7% 4.7% 4.5% 4.4% 4.3%
4.0%
2.0% 4.7% 4.8% 4.8% 4.7% 4.7% 4.7% 4.6% 4.6% 4.5% 4.3% 4.2% 4.2%
0.0%
Oct'20 Jan'21 Apr'21 Jul'21
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PORTFOLIO CONSTRUCTION[(5)]

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Industry Allocation [(6)]
Cash
22%
Real Estate Investment Trusts
Real Estate Mgt & Development
Hotels, Restaurants & Leisure
Health Care Providers & Services
Capital Markets
20%
Professional Services
3%
Specialty Retail 4%
Other 5% 6% 8%
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OTHER FUND SETTINGS

Number of Individual Investments[(5)] 208 Interest Duration (days)[(8)] Investment Grade (%)[(7)] 58% Credit Duration (years)[(9)]

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Credit Quality [(7)]
AA (Cash)
9%
A rated
BBB rated
47%
BB rated
< BB rated
33%
MONTHLY INVESTMENT ACTIVITY
43 New Investments 13
2.1 Exited Investments 7
Grade
Investment
Grade
Sub-Investment
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PLATFORMS

AMP North AMP Portfolio Care AMP WealthView

Asgard Ausmaq BT Panorama

IOOF Pursuit MLC Wrap Macquarie Wrap Netwealth MLC Navigator Praemium

BT Wrap CFS FirstWrap HUB24

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September 2021
M E T R I C S M A S T E R I N C O M E T R U ST
( A S X : M X T )
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FUND RETURNS (NET)[(10)(11)]

(%)	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2021	0.33	0.33	0.43	0.31	0.36	0.32	0.31	0.34	0.34				3.06
2020	0.45	0.41	0.43	0.43	0.39	0.40	0.50	0.44	0.38	0.38	0.40	0.40	5.03
2019	0.48	0.47	0.54	0.54	0.52	0.33	0.43	0.43	0.38	0.42	0.42	0.43	5.41
2018	0.38	0.32	0.43	0.38	0.38	0.45	0.50	0.49	0.45	0.49	0.47	0.52	5.27
2017	-	-	-	-	-	-	-	-	-	0.46	0.35	0.41	1.23

DISTRIBUTIONS

(cents/Unit)	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2021	0.72	0.65	1.00	0.64	0.76	0.65	0.59	0.67	0.64				6.32
2020	1.05	0.85	0.86	0.89	0.79	0.87	0.86	0.87	0.72	0.74	0.79	0.70	9.98
2019	1.08	0.96	1.13	1.00	0.87	0.99	0.77	0.78	0.79	0.88	0.82	0.79	10.86
2018	0.81	0.73	0.81	0.78	0.81	0.93	0.91	0.96	0.79	0.90	1.20	0.89	10.52
2017	-	-	-	-	-	-	-	-	-	-	-	2.19	2.19

TOTAL RETURNS[(12)]

(%)	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	YTD
2021	(1.12)	1.32	0.99	(0.17)	0.38	0.82	0.79	1.31	(0.65)				3.68
2020	(1.42)	(0.57)	(15.07)	12.28	(0.40)	(3.30)	7.08	2.77	0.87	0.37	0.90	2.86	6.38
2019	0.06	1.44	(2.28)	(0.96)	0.93	0.99	1.86	0.39	0.39	(0.53)	(0.08)	1.38	3.59
2018	0.89	(2.98)	0.40	2.37	(0.08)	1.44	0.46	0.48	0.39	0.93	1.08	0.92	6.30
2017	-	-	-	-	-	-	-	-	-	5.00	(1.43)	1.58	5.15

Notes: Past performance is not a reliable indicator of future performance. (1) As at close of business month end (2) Ex-distribution (3) Annualised (4) IPO October 2017 (5) MXT invests in underlying Metrics funds which engage in direct lending activities, metrics based on underlying funds (6) MSCI and Standard & Poor’s Global Industry Classification Standard (7) Rated by Metrics including where not rated by public rating agencies (8) Weighted average to next interest rate roll on underlying loans and cash (9) Weighted average to final maturity on underlying loans and cash (10) Where last day of the month is a non business day returns based on estimated unit price at month end (11) RBA reduced cash rate by 25 bps in June 2019, 25 bps in July 2019, 25 bps in October 2019, 50 bps in March 2020 and 15 bps in November 2020 (to 10 bps p.a.) (12) Calculation includes monthly change in traded unit price plus distributions.

ENQUIRIES

General Unit Registry 1300 010 311 invest@metrics.com.au 1300 816 157 metrics@automicgroup.com.au metrics.com.au

DISCLAIMER The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) is the responsible entity of Metrics Master Income Trust (the Trust). This monthly report is authorised for release by Perpetual and has been prepared by Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics), the investment manager of the Trust. The information is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider obtaining professional investment advice that takes into account your personal circumstances and should read the current product disclosure statement (PDS), Target Market Determination (TMD) and any ASX announcements of the Trust. The PDS for the Trust is available from invest@metrics.com.au and the TMD for the Trust is available at www.metrics.com.au. Neither Perpetual nor Metrics guarantees repayment of capital or any particular rate of return from the Trust. All opinions and estimates included in this report constitute judgments of Metrics as at the date of the report and are subject to change without notice. Past performance is not a reliable indicator of future performance. Whilst Metrics believes the information contained in these materials are based on reliable information, no warranty is given to its accuracy and persons relying on this information do so at their own risk. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.