WAM Capital Limited
Overview
| LIC Name | WAM Capital Limited |
| ASX Ticker | WAM |
| Listing Year | 1999 (24 years operating) |
| Size (Market Cap) | $1.8B |
| Investment Focus | Australian Equities |
| Portfolio Bias | Mid & Small Cap |
| Benchmark | S&P/ASX All Ordinaries Accumulation Index |
| Management Structure | Externally Managed |
| Investment Manager | Wilson Asset Management (International) Pty Ltd |
| Management Fee Structure | 1.00% plus GST |
| Performance Fee Structure | 20% plus GST |
| Cost Indicator (FY23) | 1.16% (excluding Performance Fees) |
| Objective | By investing in an actively managed diversified portfolio of undervalued growth companies listed on the ASX, with a focus on small-to-medium sized businesses, WAM Capital aims to deliver a stream of fully franked dividends, provide capital growth, and preserve capital. |
| Objective | |
| By investing in an actively managed diversified portfolio of undervalued growth companies listed on the ASX, with a focus on small-to-medium sized businesses, WAM Capital aims to deliver a stream of fully franked dividends, provide capital growth, and preserve capital. | |
| Recent Annual Reports | 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, 2014 |
Key Personnel
Board Members
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Geoff Wilson AO
Chairman - Non-independent
Joined WAM: 1999
Shares Owned: 941K
Share Value: $1.4M
*Share data from 2023 Annual Report
Chairman of the Board.<br><br>Geoff Wilson has over 43 years' direct experience in investment markets having held a variety of senior investment roles in Australia, the UK and the US. Geoff founded Wilson Asset Management in 1997 and created ...
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James Chirnside
Director - Independent
Joined WAM: 2003
Shares Owned: 45K
Share Value: $69K
*Share data from 2023 Annual Report
Chairman of the Audit and Risk Committee. <br><br>James Chirnside has been involved in financial markets for over 32 years mainly as an equities fund manager across a broad range of sectors. James is currently Chairman and Managing Director of ...
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Lindsay Mann
Director - Independent
Joined WAM: 2012
Shares Owned: 64K
Share Value: $97K
*Share data from 2023 Annual Report
Member of the Audit and Risk Committee. <br><br>Lindsay has more than 46 years' financial services experience. He was formerly Chairman of Premium Investors Pty Limited (formerly Premium Investors Limited). Prior to that Lindsay was CEO ...
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Kate Thorley
Director - Non-independent
Joined WAM: 2016
Shares Owned: 57K
Share Value: $87K
*Share data from 2023 Annual Report
Kate Thorley has over 18 years' experience in the funds management industry and more than 24 years of financial accounting and corporate governance experience. Kate is the Chief Executive Officer of Wilson Asset Management (International) Pty ...
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Dr. Philippa Ryan
Director - Independent
Joined WAM: 2018
Shares Owned: 0
Share Value: $0
*Share data from 2023 Annual Report
Member of the Audit and Risk Committee. <br><br>Dr. Philippa Ryan is an experienced legal academic with experience in commercial law, corporate governance, finance and technology. Dr Ryan is an honorary associate professor in the Australian ...
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Matthew Pancino
Director - Independent
Joined WAM: 2020
Shares Owned: 0
Share Value: $0
*Share data from 2023 Annual Report
Member of the Audit and Risk Committee. <br><br>Matthew is a noted technology, operations and transformation expert with 31 years' experience gained in leading organisations within the communications, banking and funds management sectors. Matthew ...
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Angus Barker
Director - Independent
Joined WAM: 2023
Shares Owned: 70K
Share Value: $106K
*Share data from 2023 Annual Report
Angus has been a trusted adviser to corporations and governments for decades. Angus is an investment banker by training, with over 20 years' experience as a mergers and acquisitions and capital markets adviser in Hong Kong, Australia and the ...
Investment Management
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Tobias Yao
Portfolio Manager
Joined WAM: 2014
Tobias joined Wilson Asset Management in 2014 and works within WAM Capital, WAM Microcap, WAM Research and WAM Active. Tobias has over 13 years' experience in the investment industry. Prior to this he spent five years as an investment analyst at ...
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Oscar Oberg
Lead Portfolio Manager
Joined WAM: 2016
Oscar has more than 14 years' experience in financial markets. Before joining Wilson Asset Management, Oscar worked as a sell-side analyst at CLSA and three years at Grant Thornton working in transaction advisory services. Oscar is the Lead ...
Shareholders & Portfolio Size
Number of Shareholders
Portfolio Size
Portfolio Holdings
Top 20 Holdings at end of FY 2023
Performance
Historical Performance
| Updated: February 2024 | 1yr | 3yrs | 5yrs | 10yrs |
|---|---|---|---|---|
| With Dividends Reinvested - Net | 5.4% | -1.5% | 1.2% | 5.0% |
| With Dividends Reinvested - Gross | 9.7% | 2.0% | 4.6% | 8.2% |
Chart of Historical Performance
Dividends
Dividend History
| Payment Date | Dividend Type | Dividend Amount | Franking Level |
|---|---|---|---|
| 31 Oct, 2023 | Final | $0.0775 | 100% |
| 26 May, 2023 | Interim | $0.0775 | 100% |
| 28 Oct, 2022 | Final | $0.0775 | 100% |
| 17 Jun, 2022 | Interim | $0.0775 | 100% |
| 29 Oct, 2021 | Final | $0.0775 | 100% |
| 07 Jun, 2021 | Interim | $0.0775 | 100% |
| 27 Nov, 2020 | Final | $0.0775 | 100% |
| 28 Apr, 2020 | Interim | $0.0775 | 100% |
| 25 Oct, 2019 | Final | $0.0775 | 100% |
| 26 Apr, 2019 | Interim | $0.0775 | 100% |
Chart of Dividend History
Corresponding Dividend Yields
Dividend Comparison
Costs
Cost Indicator (%)
Actual Costs
Share Price vs NTA
Some Common Questions about WAM
WAM Capital Limited (WAM) is an Australian Listed Investment Company (LIC) listed on the Australian Stock Exchange (ASX) with the ticker code WAM. Established in 1999, WAM has been actively managing shareholder funds for 24 years. The company specialises in Australian equities, with a particular focus on mid and small-cap businesses.
With a market capitalisation of approximately $1.7 billion, WAM Capital Limited is a well-regarded player in the Australian LIC landscape. It aims to deliver a stream of fully franked dividends, provide capital growth, and preserve capital by investing in an actively managed diversified portfolio of undervalued growth companies listed on the ASX.
WAM Capital Limited (WAM) has been operating for 24 years, making it a well-established LIC with a proven track record. Over this period, it has garnered the trust of investors seeking exposure to Australian equities, especially in the mid and small-cap segments of the market.
As of now, WAM Capital has a market capitalisation of approximately $1.7 billion. While smaller in size compared to some other larger Australian focused LICs, its focus on undervalued growth companies and its dividend strategy make it an attractive choice for investors.
When evaluating WAM Capital Limited (WAM) as an investment choice, consider the following key metrics:
- Long-term performance: Assess WAM's long-term performance by comparing its returns to its benchmark, the S&P/ASX All Ordinaries Accumulation Index, over a period of 5 years or more.
- Dividend reliability: WAM Capital aims to provide a stream of fully franked dividends. It's essential to evaluate its history of dividend payments and consider the net and gross dividend yields, which indicate both the cash dividend and the franking tax credits attached.
- Underlying holdings: Understand the portfolio composition of WAM Capital. It actively manages a diversified portfolio of undervalued growth companies listed on the ASX, with a focus on small-to-medium-sized businesses. Reviewing its holdings can provide insights into its investment strategy.
- Fees: Take into account the cost of investing in WAM Capital. The Management Expense Ratio (MER) is an important metric, and WAM's MER is calculated at 1.43% in the most recent financial year.
WAM Capital Limited's objective is to deliver fully franked dividends, provide capital growth, and preserve capital by investing in undervalued growth companies. Its focus on mid and small-cap businesses sets it apart in the LIC landscape, making it an appealing option for investors seeking diversification and growth.
A Listed Investment Company (LIC) is one type of investment fund structure (i.e. shareholder funds pooled together and invested together, either actively by a manager, or passively). Other types of investment funds include Exchange Traded Funds (ETFs) (which can be both actively managed or passive), Listed Investment Trusts, or Managed Funds.
The different structures have their own positives and negatives, which are dependent on the goals of the investor and their own individual investment structure.
Some of the benefits of the LIC structure (the structure of WAM) include:
- It's a closed-end investment vehicle: Meaning the manager has a fixed pool of capital to invest with a long-term mindset, and doesn't have the risk of fast redemptions by investors in a time of market panic.
- They can smoothen out income to the investors: Which can be beneficial for both tax efficiency and emotional mindset, due to being able to retain profits over time (as compared to the trust structure, which must distribute income and crystallized capital gains to the investor in that financial year).
- The income will most likely be in the form of fully franked dividends: Which is an attractive form for Australian retirees due to the franking system in Australia. Since LICs are companies themselves and pay tax in Australia on profits, they receive franking credits paid on the tax they pay, in addition to the franking credits they receive from their investment portfolio. Well-managed LICs ensure their franking credit reserves are sufficient to pay future fully franked dividends (see 'franking reserves' chart above).