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WAM Capital

Fund Manager: Wilson Asset Management
Inception Date: Aug 01, 1999

Amazon has not yet perfected its fresh food offering in the US and its ability to take the oxygen out of the fresh food sector in Australia appears overstated, value investor John Ayoub says. "The reality is Amazon won't affect the earnings of these companies now and not for some time," Wilson Asset Management's Ayoub says.  "If we take a step back, the market is very vulnerable to noise. The fundamentals are taking a back seat and people are concerned about the outlook. If there's any incremental development that makes people more concerned, you see the knee-jerk reactions. Amazon's a wonderful business and whatever they set their minds to they eventually get there.   [More]

The chief investment officer of WAM Capital is confident the small end of the market will outperform blue chips in the year ahead, as hopes of US President Donald Trump turbo-charging economic growth fade and investors resume the hunt for bargains. WAM Capital, which will release its results on Monday, has lifted its full-year dividend 3.4 per cent to 15 cents, fully franked. But the listed investment company, which focuses on small to medium stocks, posted an investment portfolio return of 11.7 per cent, below the All Ordinaries accumulation index return of 13.1 per cent.   [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]

WAM lodges microcap LIC prospectus

Investor Daily - May 10, 2017

Wilson Asset Management is looking to raise more than $150 million in an initial public offering for a new microcap-focused listed investment company after lodging a prospectus for the IPO. The new company, WAM Microcap Limited, will focus on small and microcap stocks and, according to Wilson Asset Management chair Geoff Wilson, will give investors “undervalued microcap growth companies with a market capitalisation of less than $300 million at the time of acquisition”. The initial public offering seeks to raise $154 million through the issue of up to 140 million shares at $1.10 each, with the offer slated to open on 15 May 2017, Mr Wilson said. Almost 80 per cent of the capital raising, $121 million, will be offered to existing Wilson Asset Management entity shareholders through a priority allocation offer expected to end on 5 June 2017. [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]

Hunter Hall's listed investment company has set the date for its showdown with Wilson Asset Management, where shareholders will vote to decide the fate of the board and settle a bitter feud with its biggest investor. Hunter Hall Global Value shareholders have been urged by the current board to vote against the resolutions put forward by Geoff Wilson's Wilson Asset Management, or WAM, on April 6 in Sydney. WAM is the listed investment company's number one shareholder and controls 12.97 per cent of the HHV register ahead of Washington H. Soul Pattinson, which now speaks for 9.03 per cent through its interest in Hunter Hall. [More]

We almost fell of our chairs on Monday when we saw Listed Investment Company (LIC) Australian Leaders Fund (ALF) fall almost 10% in a single day of trade. ALF is an Absolute Return manager (meaning they can buy stocks as well as short or sell stocks), whose price generally sees much lower fluctuation than the broader market due to its long/short nature. ALF manages around $360m of funds and has fairly decent liquidity, so we knew something was up to see such a large fall in a day and dug a littl ... [More]

Geoff Wilson’s listed investment company WAM Capital had moved heavily back into cash at the end of last month after dumping short-terms plays on the Trump rally and remains cautious about a bull market that is now in its mature phase. Unveiling an increase in interim dividend despite a 22.6 per cent fall in half-year profit for his flagship listed investment company, Mr Wilson said the fund was sitting on 46 per cent cash as it resumed the search for unloved and undervalued mid and small-cap stocks. “What worries me about the market is that we have had a long bull market and for every month that goes by the risk increases that we are going to see the end of the bull market,’’ Mr Wilson said. [More]

Wilson Asset Management has labelled Hunter Hall Global Value's argument for rejecting WAM's proposal for an all-access share-buyback as "illogical and incorrect" amid simmering tensions over the $292 million listed investment company. Last week, the Hunter Hall-managed Hunter Hall Global Value or HHV, declined to comply with WAM's request for an equal-access share buyback at net tangible asset value (NTA) as an exit scheme for all shareholders. As HHV's biggest investor with more than 11 per cent of the register under its control, Geoff Wilson's WAM has the ability to call an extraordinary general meeting to install new directors, which it appears poised to do. [More]

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