WAM Capital

 

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 31 March 2015

Total Assets (millions)   $856.2m

Net Assets per share (before tax) $1.90
Share price as at 19 Apr 2015 01:07 AM
$2.05
Equity exposure   62.6%

Fully franked annualised interim dividend FY2015 (cents per share) 14.0
Fully franked dividend yield 6.83%

 

Perfomance as at 31 March 2015

1 Mth
%
6 Mths
%
Fin YTD 1 Yr
%
3 Yrs
% pa
5 Yrs
% pa
10 Yrs
% pa
Since Inception
% pa
(Aug-99)
WAM Investment Portfolio* 1.5% 9.5% 14.3% 14.3% 18.0% 15.2% 13.6% 18.1%
S&P/ASX All Ordinaries
Accumulation Index
-0.0% 13.0% 12.7% 13.2% 14.7% 8.2% 8.1% 8.9%
Outperformance +1.5% -3.5% +1.6% +1.1% +3.3% +7.0% +5.5% +9.2%

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

Top 10 Holdings as at 31 March 2015

HHV
Hunter Hall Global Value Ltd
2.2%
ALL Aristocrat Leisure Ltd 1.7%
TPM TPG Telecom Ltd 1.8% CMG Chandler Macleod Group Ltd 1.6%
CYA Century Australia Investments Ltd 1.8% BAP Burson Group Ltd 1.6%
ASB Austal Ltd 1.7% QAN Qantas Airways Ltd 1.6%
SGH Slater & Gordon Ltd 1.7% RFG Retail Food Group 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.