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WAM Research Limited

Fund Manager: Wilson Asset Management
Inception Date: Aug 01, 2003

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]

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]

Portfolio managers at Wilson Asset Management have told investors why they've fallen back in love with the big banks, what they're doing to monitor a turnaround in fortunes for Ardent Leisure and what they learnt from Donald Trump on the golf course. At a gathering of unitholders of several WAM-run funds, portfolio manager Matthew Haupt said his once-bearish view on the banks had changed "quite remarkably" over the past month. Comments two weeks ago from Australian Prudential Regulation chair Wayne Byres that the banks are likely to require less capital than initially forecast in order to meet new standards, and be given more time to raise it, was a turning point, he said.   [More]

Following the best investors & small market ...

Steve Green from stevegreeny.com - Nov 06, 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 at www.stevegreeny.com If you were at a barbeque with some investors who were amongst those who had some of the best performance figures, you would be tempted to ask what they have been buying and listen very carefully to their answer right? Yet at times in the LIC space we have access to such resource ... [More]

As an alternative dividend source to the banks and property trusts, the burgeoning listed investment company sector should be on the shopping list of any self-respecting, self-funded retiree. An LIC is a basket of stocks chosen by a manager and then listed as an investment vehicle on the sharemarket. Critics of LICs contend that investors are merely incurring a management fee to invest in the usual blue-chip suspects: for example, despite recently broadening its investments into selected mid-caps, the banks still account for 25 per cent of the portfolio of the biggest LIC in the local market, the Australian Foundation Investment Company. [More]

Wilson Asset Management chief investment officer Chris Stott says the Reserve Bank of Australia will need to cut interest rates again if it wants to reignite economic growth over the medium term. Speaking after the RBA cut rates last week by 25 basis points to a record low of 1.5 per cent, Mr Stott said that monetary policy was likely to need to remain loose for another 12 months at least. "We think the RBA will continue to keep cutting over the coming months," Mr Stott said. While he believes it is "line ball" whether the central bank takes the official cash rate as low as 1 cent, Mr Stott said he "can easily see another 25 basis points between now and Christmas". [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]

In case raising $370 million-odd for a new listed investment company wasn't enough, Geoff Wilson's Wilson Asset Management has turned its attention to Nicholas Bolton's former listed investment company Keybridge Capital.  Wilson Asset Management is set to begin one month's due diligence on the alternative asset manager, after lodging a proposal which could end up a change of investment manager or even a takeover offer.  Keybridge has a bunch of investments including stakes in energy companies Metgasco and Cooper Strike, as well as listed money managers NAOS Absolute Opportunities Company and HHY Fund.  Wilson Asset Management's pitch is about closing the gap between Keybridge's net asset value and its share price. Keybridge reported net assets worth 21.8¢ a share as at December 31, while the shares have been trading at around 15¢.    [More]

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