WAM Global Limited
Overview
| LIC Name | WAM Global Limited |
| ASX Ticker | WGB |
| Listing Year | 2018 (5 years operating) |
| Size (Market Cap) | $825M |
| Investment Focus | Global Equities |
| Portfolio Bias | Mid & Small Cap |
| Benchmark | MSCI World Index Net (AUD) |
| Management Structure | Externally Managed |
| Investment Manager | Wilson Asset Management (International) Pty Ltd |
| Management Fee Structure | 1.25% plus GST |
| Performance Fee Structure | 20% plus GST |
| Cost Indicator (FY23) | 1.42% (excluding Performance Fees) |
| Objective | WGB provides investors with exposure to an actively managed diversified portfolio of undervalued international growth companies and exposure to market mispricing opportunities. The Company's investment objectives are to deliver investors a stream of fully franked dividends, provide capital growth over the medium-to-long term and preserve capital. |
| Objective | |
| WGB provides investors with exposure to an actively managed diversified portfolio of undervalued international growth companies and exposure to market mispricing opportunities. The Company's investment objectives are to deliver investors a stream of fully franked dividends, provide capital growth over the medium-to-long term and preserve capital. |
|
| Recent Annual Reports | 2023, 2022, 2021, 2020, 2019 |
Key Personnel
Board Members
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Geoff Wilson AO
Chairman - Non-independent
Joined WGB: 2018
Shares Owned: 4.9M
Share Value: $9.1M
*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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Kate Thorley
Director - Non-independent
Joined WGB: 2018
Shares Owned: 97K
Share Value: $181K
*Share data from 2023 Annual Report
Member of the Audit and Risk Committee. <br><br>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 ...
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Gabrielle Trainer AO
Director - Independent
Joined WGB: 2018
Shares Owned: 59K
Share Value: $110K
*Share data from 2023 Annual Report
Chairman of the Audit and Risk Committee. <br><br>Gabrielle Trainor is an experienced non-executive director and advisor with over 30 years on public and private boards. Gabrielle's executive career has spanned law, journalism, government and ...
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Caesar Bryan
Director - Independent
Joined WGB: 2018
Shares Owned: 0
Share Value: $0
*Share data from 2023 Annual Report
Member of the Audit and Risk Committee.<br><br>Caesar Bryan is an international fund manager with 43 years' investment experience gained primarily with Gabelli Funds, which manages more than USD31 billion. Caesar manages the GAMCO International ...
Investment Management
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Catriona Burns
Lead Portfolio Manager of WAM Global
Joined WGB: 2018
Catriona has more than 19 years' global and Australian investment experience. Catriona began her career with Wilson Asset Management in 2003 before relocating to London to work with Hunter Hall Investment Management as a Portfolio Manager ...
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Nick Healy
Portfolio Manager of WAM Global
Joined WGB: 2018
Nick has more than seven years' global investment experience. Nick joined Wilson Asset Management at the inception of WAM Global in 2018, after three years in London covering US industrials companies for Fidelity International. In 2015, Nick ...
Shareholders & Portfolio Size
Number of Shareholders
Portfolio Size
Portfolio Holdings
Top 10 Holdings at end of FY 2023
Performance
Historical Performance
| Updated: February 2024 | 1yr | 3yrs | 5yrs | 10yrs |
|---|---|---|---|---|
| With Dividends Reinvested - Net | 24% | -1.7% | 6.6% | - |
| With Dividends Reinvested - Gross | 27% | 0.5% | 8.4% | - |
Chart of Historical Performance
Dividends
Dividend History
| Payment Date | Dividend Type | Dividend Amount | Franking Level |
|---|---|---|---|
| 27 Oct, 2023 | Final | $0.0575 | 100% |
| 24 Apr, 2023 | Interim | $0.0575 | 100% |
| 25 Oct, 2022 | Final | $0.055 | 100% |
| 27 May, 2022 | Interim | $0.055 | 100% |
| 26 Nov, 2021 | Final | $0.05 | 100% |
| 07 Jun, 2021 | Interim | $0.05 | 100% |
| 30 Oct, 2020 | Final | $0.04 | 100% |
| 28 Apr, 2020 | Interim | $0.03 | 100% |
| 25 Oct, 2019 | Final | $0.02 | 100% |
Chart of Dividend History
Corresponding Dividend Yields
Dividend Comparison
Costs
Cost Indicator (%)
Actual Costs
Share Price vs NTA
Some Common Questions about WGB
WAM Global Limited (ticker: WGB) is an Australian Listed Investment Company (LIC) listed on the Australian Stock Exchange with the ticker code WGB. WGB specialises in global equities and offers investors exposure to an actively managed diversified portfolio of undervalued international growth companies and market mispricing opportunities. Since its listing on June 22, 2018, WGB has been serving investors in the global equity space.
WGB's primary investment objective is to deliver investors a stream of fully franked dividends while providing capital growth over the medium-to-long term and preserving capital. It is managed externally by Wilson Asset Management (International) Pty Ltd and has a market capitalisation of approximately $700 million.
WAM Global Limited (WGB) has been operating for approximately five years since its listing in 2018. During this period, it has attracted investors and demonstrated its commitment to actively managing a diversified portfolio of undervalued international growth companies. As of now, WGB has a market capitalisation of approximately $700 million, reflecting its status as a significant player in the LIC landscape.
Investors considering WGB can benefit from exposure to a mid-and-small-cap portfolio bias and the potential for capital growth, in addition to fully franked dividends.
When evaluating WAM Global Limited (WGB) as an investment option, several critical metrics should be considered:
- Long Term Performance: analyse whether WGB has delivered consistent after-fee performance at or above its comparison benchmark, the MSCI World Index Net (AUD), over the long term, typically spanning five or more years. This analysis helps gauge the fund's ability to generate returns over extended periods.
- Dividend Reliability: Examine WGB's historical track record of maintaining or increasing its dividend payments. Consistent dividend payments can be an essential factor for investors seeking income stability.
- Underlying Holdings: Gain insight into WGB's underlying portfolio holdings, as it directly impacts the assets in which you'll be invested. Explore the composition of WGB's investments, which focus on undervalued international growth companies and market mispricing opportunities. Ensure it aligns with your investment objectives and risk tolerance.
- Fees: Consider the cost of investing in WGB by evaluating its Management Expense Ratio (MER). WGB's calculated MER was 1.50% in the most recent financial year, which falls within the middle of the range of LIC MERs.
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 WGB) 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).