WAM Capital

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WAM Capital Limited (WAM) is a listed investment company that provides investors exposure to an actively managed diversified portfolio of undervalued growth companies. These are generally found in the small to medium industrial sector. WAM also provides exposure to relative value arbitrage and market mispricing opportunities. The investment objectives are to deliver investors a rising stream of fully franked dividends, to provide capital growth and preserve capital.

Quick Facts as at 30 June 2014

Total Assets (millions)   $613.2m

Net Assets per share (before tax) $1.79
Share price as at 29 Jul 2014 06:28 AM
$2.02
Equity exposure   62.6%

Fully franked FY2014 annualised interim dividend (cents per share) 13.0
Fully franked FY2014 annualised interim dividend yield 6.44%

 

Perfomance as at 30 June 2014

1 Mth
%
6 Mths
%
1 Yr
%
3 Yrs
% pa
5 Yrs
% pa
10 Yrs
% pa
Since Inception
% pa
(Aug-99)
WAM Investment Portfolio* 0.1% 4.4% 19.2% 15.1% 18.5% 13.8% 18.0%
S&P/ASX All Ordinaries
Accumulation Index
-1.4% 2.7% 17.6% 9.7% 11.0% 8.8% 8.5%
Outperformance +1.5% +1.7% +1.6% +5.4% +7.5% +5.0% +9.5%

* Investment performance and Index returns are before expenses, fees and taxes.

Top 10 Holdings as at 30 June 2014

CBAPA
CBA Perpetual Exc Resale Listed Sec - PERLS V
3.8%
WBCPB WBC Stapled Preffered Security II 1.7%
CYA
Century Australia Investments Ltd 2.3% IPE IPE Ltd 1.6%
MQA Macquarie Atlas Roads Group 1.9%
HIL
Hills Ltd 1.6%
SGH Slater & Gordon Ltd 1.9% CGF Challenger Ltd 1.6%
WIC Westoz Investment Company Ltd 1.7% FXJ Fairfax Media Ltd 1.5%

 


Investment Strategy

  • Research Driven investing, where we undertake extensive research (over 1,000 meetings with companies per year), focusing on free cashflow, then rating the company with respect to  management, earnings growth potential, valuation and industry position.  We buy when we can identify a catalyst or an event that will change the valuation the market gives to the company. We sell once the company reaches our valuation.
  • Market Driven investing, where we scour the market for trading opportunities. These include participating in initial public offerings, placements, block trades, rights issues, corporate transactions (such as takeovers, mergers, schemes of arrangements, corporate spin-offs, restructurings), arbitrage opportunities, LIC discount arbitrages, relative value arbitrages and trading market themes and trends.  This part of the portfolio is traded actively.