Metrics cuts values, halts three ASX funds

Metrics Credit Partners has reduced the reported value of assets across three of its ASX-listed funds by about A$169 million. The move affects the Metrics Real Estate Multi-Strategy Fund, the Metrics Income Opportunities Trust and the Metrics Master Income Trust. The changes were disclosed on September 28, ahead of a September 30 deadline to finalise the firm’s accounts.

The Real Estate Multi-Strategy Fund was written down by around A$47 million to A$337 million. The Metrics Income Opportunities Trust saw a reduction of about A$73 million, bringing its reported asset value to A$643 million. The Metrics Master Income Trust was reduced by approximately A$49 million to A$2.4 billion.

At the same time as the valuation adjustments, trading in all three listed vehicles was halted. The trading suspension was requested while the firm completes audited financial results and finalises accounts due at the end of the month. By pausing trading, the funds are not changing hands in the market while the new valuations are being incorporated.

The simultaneous markdowns and trading halt concentrate the impact of the changes into a defined period. Investors in the three listed products will see updated valuations reflected only after the suspension is lifted and normal trading resumes. The firm has linked both actions directly to the accounts finalisation process.

Metrics Credit Partners manages approximately A$40 billion across its private debt strategies. Within that broader platform, the three ASX-listed funds represent a significant pool of listed capital now subject to revised valuations. The largest of the three, the Metrics Master Income Trust, remains at about A$2.4 billion after the adjustment.

The Real Estate Multi-Strategy Fund and the Metrics Income Opportunities Trust, at A$337 million and A$643 million respectively after the markdowns, provide investors with access to private credit exposures in listed form. The new figures will form part of the audited accounts that the firm is preparing for the end-of-month deadline.

The September 28 disclosures give investors updated information on the asset values of the three funds ahead of the completion of formal financial statements. The markdowns quantify the extent of the changes at fund level and clarify the current reported size of each vehicle. The trading halt ensures the market will adjust to these numbers once trading recommences.

By tying the valuation changes and suspension to the completion of audited results, the firm has framed the actions as part of its regular accounting cycle. The focus now shifts to the forthcoming accounts, which will incorporate these revised values and provide investors with a fuller picture of the funds’ financial positions.