Kapstream Investment Trust · ASX:KIT
Kapstream Investment Trust — Investor Presentation (May 2026)
31 slides from Kapstream Investment Trust's investor presentation, May 7, 2026
Slide 1: Kapstream Investment Trust
For personal use only Kapstream Investment Trust May 2026
Slide 2: Disclaimer
Disclaimer Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298, AFSL 240975), is the Responsible Entity of the Kapstream Investment Trust ("the Trust"). Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Ex
Slide 3: Executive Summary
Executive Summary Established in 2006, Kapstream Capital is a leading fixed-income asset manager, leveraging a defensive absolute-return fixed-income approach designed to deliver consistent returns For personal use only $12.8 bn Active Manager Assets under Benchmark agnostic focussing on Management*
Slide 4: Introduction to Kapstream Capital
For personal use only Introduction to Kapstream Capital
Slide 5: Janus Henderson Investors
Janus Henderson Investors Since July 2015, Kapstream has operated as an autonomous 'boutique' subsidiary – initially within Janus Capital Group, but, following its May 2017 merger with Henderson Global Investors, now Janus Henderson Investors. For personal use only Assets under management: A$736 bn
Slide 6: Business Overview
Business Overview ► Defensive absolute-return fixed- Kapstream Absolute Return Income Fund income portfolio specialist A$2.0bn A$2.2bn Kapstream Absolute Return Income ► Eighteen-year track record For personal use only A$0.2bn Plus Fund Kapstream Private Investment Fund ► A strong investment team, a
Slide 7: Seasoned Investment Team
Seasoned Investment Team ► Senior team members (Managing Director level) average 20 years of industry experience and 14 years tenure ► Investment Committee responsible for firm-wide oversight of investment strategy and portfolio leadership ► Australia-based professionals manage AUD portfolios, US-ba
Slide 8: Kapstream Investment Trust
For personal use only Kapstream Investment Trust
Slide 9: Opportunity
Opportunity For personal use only Capitalising on Structural Shifts in Potentially Higher Australian Lending Yield 18 Years of Innovation Liquidity with Listed in Portfolio Construction Income Stability Investment Trust Diversified Exposure Across the Credit Spectrum Resilient, Repeatable, Scalable
Slide 10: Current Product Suite Overview
Current Product Suite Overview Active short-duration fixed income solutions: ► Global opportunity set ► Targeted low volatility For personal use only ► Benchmark-agnostic ► Absolute return objectives ► Capital preservation focus ► Active liquidity management Kapstream Private Kapstream Absolute Retu
Slide 11: Incorporated Funds Overview
Incorporated Funds Overview Fund CHARACTERISTIC KIT Private (50%) Income Plus (45%) Income (5%) For personal use only Listed/Unlisted Listed Unlisted Unlisted Unlisted Inception date 17-Mar-26 1-Feb-24 6-Nov-19 31-May-07 Fund size (A$) 205m 207m 1,035m 2,215m Distribution frequency Monthly Monthly Q
Slide 12: Investment Process Overview
Investment Process Overview Assessment of longer-term optimal rates and credit blend is combined with active top-down and bottom-up portfolio construction strategies For personal use only TOP-DOWN MACRO POSITIONING Fundamental macro research drives cyclical positioning around the structural foundati
Slide 13: Top-Down Macro Positioning
Top-Down Macro Positioning Kapstream seeks to exploit illiquidity premia in private debt, such as warehouse investments, but will also maintain exposure to liquid assets to support liquidity and will alter weightings in line with our views on the economic cycle For personal use only Public Debt High
Slide 14: Kapstream Funds – strong track record
Kapstream Funds – strong track record Initially targeting 50% KPIF, 45% KARIPF, and 5% KARIF ► Before KPIF was established as a standalone fund in February 2024, the Kapstream Warehouse strategy track record is used as a proxy from January 2024 back to June 2021 (our first warehouse investment) For
Slide 15: Strong relative performance with low volatility
Strong relative performance with low volatility ► Performance ranks in the top quartile of returns for 1, 3 and 5 years, across the combined Lonsec and Zenith universes For personal use only ► At the same time, both Income and Income Plus funds remain in the lowest quartile for volatility ► This lea
Slide 16: Strong capital preservation over years
Strong capital preservation over 18 years 3.5% Kapstream Absolute Return Income Fund 3.0% Kapstream Absolute Return Income Plus Fund Kapstream Private Investment Fund For personal use only 2.5% Kapstream KIT Fund (Simulated;from 17 March Simulated KIT Net Return 2.0% 2026 actuals) 1.5% 1.0% 0.5% 0.0
Slide 17: Capital preservation was strong during 2022
Capital preservation was strong during 2022 ► 2021 and 2022 were characterised by inflationary sentiment, driving one of the worst rates sell-offs in modern history For personal use only ► Conventional fixed income portfolios struggled to maintain their defensive attributes ► For traditional fixed i
Slide 18: Kapstream Investment Trust Overview
ASX:KIT - Kapstream Investment Trust Overview New Listed Strategy ASX: KIT Target Return Cash + 3.50% ► KIT is a new listed strategy that Indicative fees (including 1.39% For personal use only incorporates Kapstream’s existing management fees) absolute-return and private strategies. KIT Distribution
Slide 19: Portfolio positioning in March
Portfolio positioning in March ► From 17 March 2026, the inception date, KIT started to deploy funds. During the month, proceeds were deployed into Plus and Income. As applications to KPIF are processed monthly, the Trust’s allocation to KPIF For personal use only was completed at month end ► As at
Slide 20: KIT Positioning
KIT Positioning 84% Investment grade Overall interest 0.4 yrs For personal use only rate duration BBB+ average credit rating1 Invested in 88 issuers Credit spread across 10 countries duration3 1.5 yrs Yield to Maturity4 6.8% ‘Level 1 & 2’ Liquids2 36% Spread4 235bp Source: Kapstream, as at 31 March
Slide 21: Private Fund
Private Fund 78% Investment grade Overall interest 0.04 yrs For personal use only rate duration A+ average credit rating1 Invested in 11 issuers Credit spread across 1 country duration3 0.5 yrs Yield to Maturity4 7.5% ‘Level 1 & 2’ Liquids2 51% Spread4 307bp Source: Kapstream, as at 31 March 2026. 1
Slide 22: Income Plus Fund
Income Plus Fund 85% Investment grade Overall interest 0.8 yrs For personal use only rate duration BBB+ average credit rating1 Invested in 81 issuers Credit spread across 10 countries duration3 2.5 yrs Yield to Maturity4 5.9% ‘Level 1 & 2’ Liquids2 21% Spread4 170bp Source: Kapstream, as at 31 March
Slide 23: Income Fund
Income Fund 91% Investment grade Overall interest 0.8 yrs For personal use only rate duration A- average credit rating1 Invested in 88 issuers Credit spread across 10 countries duration3 2.2 yrs Yield to Maturity4 5.5% ‘Level 1 & 2’ Liquids2 28% Spread4 139bp Source: Kapstream, as at 31 March 2026.
Slide 24: Why Kapstream Investment Trust
Why Kapstream Investment Trust Designed to achieve our clients’ objectives For personal use only • Strong risk management culture CAPITAL PRESERVATION • 18-year track record through many markets Implications for • Daily liquidity ASX listed vehicle LIQUIDITY • Liquidity Rating System OUR CLIENTS • M
Slide 25: Peer Comparison and Sector Exposure
Peer Comparison and Sector Exposure Invest predominantly in a diversified portfolio of Investment Grade Australian and global fixed income securities, as well as Asset Backed Securities For personal use only 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Kapstream Investment Trust Peer 1 Asset Backed Lending P
Slide 26: Capital Management Mechanisms
Capital Management Mechanisms Potential options for secondary market support: ► Quarterly off-market buyback - "Redemption Window" For personal use only ► Subject to listing rules, including the 10/12 rules, the Responsible Entity may make an offer to buy back 5% of issued capital every calendar qua
Slide 27: Summary
Summary ► Experienced investment team has demonstrated a repeatable investment process ► Average industry experience of 19 years and average tenure of 10 years For personal use only ► Well defined investment process with a strong structural foundation, cyclical top-down macroeconomic overlays, and b
Slide 28: Appendix
For personal use only Appendix
Slide 29: Key risks
Key risks KEY RISKS MITIGANTS An investment in the Units carries investment risks such as loss of invested capital, inability to buy and sell Units on the ASX, volatility of returns, and the Units not delivering the income set out above. Risk associated with For personal use only the Units Due to th
Slide 30: Key risks (continued)
Key risks (continued) KEY RISKS MITIGANTS As the Trust is exposed to private debt assets, the Trust’s returns and performance will also be subject to the risks associated with private debt assets, such as credit and default risk. Credit risk is the risk that one or more of the loan For personal use
Slide 31: Key risks
Key risks KEY RISKS MITIGANTS The Investment Manager intends to use derivatives and other hedging techniques primarily as a risk management tool for interest rate and foreign exchange risk at both the Trust and the Underlying Funds level. This may include the use For personal use only of futures and
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