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WAM Leaders Limited

Fund Manager: Wilson Asset Management
Inception Date: May 30, 2016

It was only a matter of time until it happened. Poster boy of the Australian LIC landscape, Geoff Wilson and his team at Wilson Asset Management (WAM) are joining the increasing popular Global Listed Investment Company (LIC) space with their latest IPO, WAM Global Limited (WGB). The IPO is expected to open on 1 May 2018 and close on 8 June 2018, raising up to a total of $550m. This will be WAM’s 7th LIC, making them the manager with the most LICs on the ASX. With their LICs approac ... [More]

Blue chip-focused listed investment company WAM Leaders believes Australia's resources giants have got the message about remaining prudent in the face of global commodity price volatility, and remain well placed despite their strong runs. Resources companies BHP Billiton, Rio Tinto, Origin and Santos were key to WAM Leaders easily beating its benchmark in the six months to December 31, according to the company's results, to be released to the market on Monday morning. The S&P/ASX 200 index returned 8.4 per cent during the December half, compared to WAM Leader's investment portfolio return of 11.9 per cent. Over 12 months, WAM Leaders has returned 16.5 per cent, compared to an 11.8 per cent return from the benchmark. [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]

When two listed investment companies, the $5.3 billion Argo Investments and the $415 million WAM Leaders, released their latest financial results it provided a stark reminder of why the integrated advice model of the major banks cannot survive. Argo and WAM Leaders stand for the sorts of things banks struggle to offer through their integrated advice models – transparency, accountability, low costs and hands-on control of investments. Under the integrated financial advice model there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5 per cent to 3.5 per cent. [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]

High-profile investor Geoff Wilson believes the next six months will be be difficult for the sharemarket, and is hoping to use the weakness to build the portfolio of his fund's new large cap-oriented listed investment company.  "In terms of the overall market, it's going to be a difficult six months, because we are in a very mature bull market in the US," Mr Wilson told Fairfax Media after the listing of the WAM Leaders Fund on Monday. The fund's investment philosophy is to look for growth-oriented companies that are undervalued. But Mr Wilson agreed growth is harder to find in the present market conditions, and the lack of earnings growth as a driver for the recent rally "makes you nervous". [More]

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