La Trobe Private Credit Fund (ASX:LF1) has released its monthly fund profile for 31 October 2026, disclosing a net tangible asset (NTA) value of $1.95 per unit, a total NTA of $263 million, and a distribution of 1.31 cents per unit for October, with the fund's annualised distribution yield recorded at 7.87%.

Key Points

  • NTA per unit stood at $1.95 as at 31 October 2026, with total NTA of $263 million and market capitalisation of $255 million
  • October distribution declared at 1.31 cents per unit, representing a monthly distribution yield of 0.67%
  • Asset allocation at month end was 59.40% US Private Credit Fund, 40.10% 12 Month Investment Account, and 0.50% cash and net receivables
  • LF1 completed an off-market buy-back in the September quarter, with proceeds expected to be paid to investors on or around 13 November 2026
  • Twelve-month distribution return was 7.56% against an RBA Cash Rate of 4.20%, representing a spread of 3.46% over the period

October 2026 Performance Snapshot

According to the filing, LF1 recorded a one-month distribution return of 0.67%, a three-month distribution return of 1.98%, and a twelve-month distribution return of 7.56% as at 31 October 2026. The RBA Cash Rate over the same twelve-month period was 4.20%, with a spread to RBA of 3.46%. Since inception, the annualised distribution return was 7.56%, against an annualised RBA Cash Rate of 4.11%, reflecting a spread of 3.45%. The unit price on the ASX was recorded at $1.89, and average daily volumes traded during October were approximately $295,000 at a VWAP of $1.8652.

US Private Credit Fund Portfolio Details

The filing states that the US Private Credit Fund (USPC) component closed October at 59.40% of LF1's total asset allocation. The USPC portfolio's leverage remained at 1.26 times, with over 99% of investments in senior secured, first lien loans and a weighted loan-to-value ratio of 38.4%. Non-accruals within the debt investments were 0.1% of cost. The largest individual exposure in the USPC portfolio was 2.3%, with the top ten exposures at 17.7%. The filing noted that the USPC unit price moved down modestly during October, which Morgan Stanley attributed to a mark-to-market movement in a small number of loans within the portfolio.

12 Month Investment Account Portfolio Details

The 12 Month Investment Account (12MIA) component represented 40.10% of LF1's asset allocation at 31 October 2026. The filing disclosed that the 12MIA portfolio comprised 10,033 individual mortgages, with an average loan size of $1,142,527 and a weighted average loan-to-value ratio of 67.2%. The fund stated that the 12MIA continues to deliver regular income, withdrawals and transparent valuations. The filing also noted that a redemption request for funds from the 12 Month Investment Account and USPC Class A Units was submitted by LF1 and accepted, with proceeds to be utilised to meet the quarterly off-market buy-back agreement with participating unitholders.