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Perpetual Equity Investment Company Limited (ASX:PIC) has disclosed its monthly Net Tangible Asset (NTA) backing as of 30 June 2026, reporting a pre-tax NTA of $1.207 per share and a post-tax NTA of $1.197 per share. This update, prepared by Perpetual Investment Management Limited (PIML), offers shareholders an unaudited estimate of the listed investment company’s portfolio value. Monthly NTA figures are essential for investors in listed investment companies, providing transparency on portfolio performance relative to the company’s share price. The figures are unaudited and approximate, as stated in the company’s announcement.
Key Points
- Company: Perpetual Equity Investment Company Limited (ASX:PIC)
- Pre-tax NTA as at 30 June 2026: $1.207 per share
- Post-tax NTA as at 30 June 2026: $1.197 per share
- Figures are unaudited and approximate, provided by Perpetual Investment Management Limited
- Difference between pre- and post-tax NTA reflects deferred tax provisions on unrealised gains and losses
- Investors will monitor whether PIC’s shares trade at a premium or discount to its reported NTA
June 30, 2026 Pre-Tax NTA Recorded at $1.207 Per Share
In its 1 July 2026 update, Perpetual Equity Investment Company Limited confirmed that the pre-tax NTA backing per ordinary share was $1.207 as at 30 June 2026. This figure represents the estimated value of the company’s assets minus liabilities on a per-share basis before accounting for deferred tax on unrealised portfolio gains and losses.
Shareholders and potential investors often use the pre-tax NTA as a key reference to determine whether PIC’s shares are trading at a premium or discount to the portfolio’s underlying value. The update did not provide commentary on portfolio movements during the period nor comparisons to previous monthly NTA figures.
Post-Tax NTA of $1.197 Includes Deferred Tax on Unrealised Gains and Losses
The post-tax NTA per share was reported at $1.197 as of 30 June 2026, reflecting provisions for deferred tax liabilities related to unrealised gains and losses in PIC’s investment portfolio. The $0.010 per share difference between pre- and post-tax NTA highlights the impact of these deferred tax adjustments on the company’s reported net asset backing.
Deferred tax provisions are standard for listed investment companies holding Australian equities with embedded capital gains. When unrealised gains exist, a tax liability is recognised even though no tax has been paid, reducing the after-tax NTA relative to the pre-tax figure. Conversely, unrealised losses can decrease this provision. The company reiterated that all figures are unaudited and approximate.
Understanding PIC’s Premium or Discount Relative to Market Price
Investors closely watch the relationship between a listed investment company’s NTA and its share price on the ASX. When shares trade below NTA, the company is at a discount, allowing investors to acquire the portfolio for less than its reported value. Trading above NTA indicates a premium, often reflecting investor confidence or demand for the company’s structure.
The immediate impact on PIC’s share price was not clear from publicly available information at the time of this report. Investors can compare the reported pre-tax NTA of $1.207 and post-tax NTA of $1.197 per share against market prices on the ASX to calculate any premium or discount. The update did not provide guidance on expected share price movements or portfolio outlook.
Perpetual Investment Management Limited’s Role as PIC’s Investment Manager
The NTA figures were sourced from Perpetual Investment Management Limited (PIML), ABN 18 000 866 535, holding Australian Financial Services Licence (AFSL 234426). PIML manages PIC’s portfolio of Australian equities and is a subsidiary within the Perpetual Group, anchored by Perpetual Limited (ABN 86 000 431 827).
PIML is responsible for daily portfolio management and calculating periodic NTA figures for shareholders. The update was authorised by Sylvie Dimarco, Company Secretary of Perpetual Equity Investment Company Limited, and lodged with ASX Market Announcements on 1 July 2026. The Perpetual Group does not guarantee any investment performance or returns in PIC, as noted in the disclaimer.
PIC’s Listed Investment Company Structure and Monthly NTA Reporting
Perpetual Equity Investment Company Limited is an Australian incorporated listed investment company (LIC) with ABN 68 601 406 419. Unlike managed funds, LICs are listed on the ASX as operating companies, allowing shares to be traded at market prices that may differ from the portfolio’s underlying value. This structure offers investor flexibility but introduces the premium/discount dynamic central to LIC evaluation.
Monthly NTA disclosures are customary and often required for LICs, providing transparency to shareholders and the market. These updates enable investors to monitor portfolio value changes, assess portfolio management quality, and make informed buy, hold, or sell decisions. PIC’s registered office is Level 14, 123 Pitt Street, Sydney NSW 2000, with further information at www.perpetualequity.com.au.
Deferred Tax Calculations Applied to PIC’s Portfolio
The difference between pre-tax and post-tax NTA relates to deferred tax provisions on unrealised gains and losses. Australian accounting standards require recognition of deferred tax liabilities for temporary differences between the tax base and carrying value of assets, including unrealised capital gains on equities.
For PIC’s portfolio of Australian shares, appreciated stocks carry deferred tax liabilities calculated at the corporate tax rate on unrealised gains. This liability is included in NTA calculations before gains are realised through sale. The $0.010 per share gap between pre- and post-tax NTA as at 30 June 2026 reflects these provisions’ net effect.
Unaudited and Approximate Nature of June 2026 NTA Figures
The company’s update clarifies that the $1.207 pre-tax and $1.197 post-tax NTA per share figures are unaudited and approximate. These monthly figures are calculated by the investment manager using available portfolio valuations rather than through formal external audits.
As a result, these figures may be revised and should not be considered definitive valuations. Investors should consider this when using NTA data for decision-making. PIC’s full audited financial statements, when published, will offer a more comprehensive and verified financial position. No timeline for audited results was indicated in this update.
Investor Considerations Following the June 2026 NTA Release
Following this update, investors will look to the July 2026 NTA release for further insight into portfolio performance in the new financial year. Attention may also focus on any updates regarding portfolio composition, dividend distributions, or market commentary from PIML affecting the Australian equity portfolio.
Market movements in Australian equities during July 2026 and beyond will directly impact PIC’s future NTA, as the portfolio is marked to market. No material portfolio changes or strategic updates accompanied this NTA release. For detailed portfolio information or forward-looking commentary, investors should consult PIC’s regular investor reports and shareholder communications available via the company’s website or ASX.
Disclaimer and Investor Guidance for PIC
The update was prepared solely as general information and does not constitute financial advice. PIML noted it does not consider individual investor objectives or financial situations, recommending consultation with a financial adviser to assess suitability. The announcement is not an offer or recommendation to buy or sell PIC securities.
PIC reminded investors that past performance does not guarantee future results. Neither PIC, PIML, nor any Perpetual Group company guarantees returns on PIC investments. Investors should conduct due diligence, review all disclosures, and seek independent financial advice before investing.
