Never miss an update

Search Results

Showing results for 'CYA'

Century Australia

Fund Manager: Perennial Value
Inception Date: Apr 01, 2004

Time for global active managers to outperfor ...

Steve Green from stevegreeny.com - Aug 24, 2017

This is a guest post from Steve Green. Steve is a full-time investor with a focus on LICs, event-driven and activist investing. You can follow some of his ideas at his investment blog at www.stevegreeny.com Most investors probably have an inkling that active fund managers are not doing a stellar job when it comes to outperforming the S&P 500 of late. Sometimes a chart is worth a thousand words, and here is one that ought to grab the attention of those with a penchant towards a mean revers ... [More]

Wilson Asset Management have certainly been busy in recent times. After raising a record $400m with WAM Leaders Fund (WLE) last year, and in more recent times successfully taking over management of Century Australia (CYA) and working on a $75m capital raising within that fund, the team is now launching yet another LIC to add to their stable, this time with a focus on Microcaps. The fund is raising up to $154m, with the offer expected to be open until 14 June. What are microcaps? Wilso ... [More]

Investors in the Wilson Asset Management stable of LICs (WAM, WAA, WAX, WLE) will probably be aware that Wilson has quietly taken over control of Century Australia (CYA). Wilson are now raising $75m to add to the $80m already held in CYA to give it a total market capitalisation of around $150m. Why takeover CYA? For quite a while over 2015 and early 2016 Wilson built a large position in CYA, due to its steep discount to NTA at the time and a large amount of tax losses sitting on the balanc ... [More]

WAM bam, thank you ma'am

AFR - Apr 20, 2017

It's been a busy day for the folks at Wilson Asset Management, who are set to raise a combined $250 million in the coming weeks.  WAM is expected to launch a new micro cap listed investment company within the next few weeks and is understood to be targeting around $150 million. Street Talk reported earlier this year that the name "WAM Microcap Limited" had been registered with the corporate regulator.  The fund will invest in companies with market capitalisations of less than $300 million, sources said.  [More]

Mergers, Acquisitions and wind-ups in the LI ...

Steve Green from stevegreeny.com - Nov 28, 2016

This is a guest post from Steve Green. Steve is a full-time investor with a focus on LICs, event-driven and activist investing. You can follow some of his ideas at his investment blog here at www.stevegreeny.com One of the frustrations I have with many fund managers in the Australian equities market is their unwillingness to examine investing in LICs run by rival fund managers. I suspect many feel they do not need to outsource some of the job they do to a different fund manager. There may be ... [More]

It’s official, the Australian Share Market has gone nowhere in the last 10 years. Referred to by some as Australia’s Lost Decade, the ASX 200 index closed at 5,310 on May 1 2006, and almost the same level of 5,252 on April 29 2016. What’s been missed in this comparison however is the impact of dividends on returns. Performance of shares including Exchange Traded Funds (ETFs) and Listed Investment Companies (LICs) is generally reported on their share price movements over time ... [More]

The Wilson Asset Management empire is expanding with the arrival of a highly-regarded name from the sell-side: John Ayoub from Credit Suisse. Undeterred after walking away from the proposed Century Australia Investments restructure (presumably leaving Perennial Value in the box seat there), the Wilson camp is pushing ahead on its large cap listed investment company, WAM Leaders. Ayoub will join WAM portfolio manager Matthew Haupt on the large caps strategy, for which offer documents are expected to roll in during the first half of April. They are aiming to have raised between $150 million and $200 million of capital by early May and target opportunities in the S&P/ASX 200. [More]

WAM targets large caps through takeover

Sydney Morning Herald - Jan 27, 2016

Wilson Asset Management (WAM) is attempting to restructure Century Australia Investments into a new listed investment company (LIC) that focuses on large-cap companies, marking its latest move to grow its LIC empire. WAM, which is headed by LIC veteran Geoff Wilson, is looking to establish the WAM Leaders fund by overhauling the $64 million Century Australia Investments. The board of Century was presented with a proposal from WAM to buy 100 per cent of the LIC's shares through a buyback. The shares will be bought at net tangible asset value, minus the transaction costs. Century shares are currently trading at 78¢ per share. "We are creating WAM Leaders because a number of our shareholders want exposure to an actively managed large cap manager," Mr Wilson said. [More]

One of the unique differences of Listed Investment Companies (LICs) compared to Exchange Traded Funds (ETFs) is their ability to trade at a significant premium or discount to their Net Asset Values (NAVs), also known as Net Tangible Assets (NTAs). What are NAVs and what do they mean? As explained in our guide to ETFs & LICs, an example helps explain the concept of NAVs and how they can vary with LICs. Let’s take a LIC called XYZ company.  Today it is trading for $0.80 per sh ... [More]

Find a Fund