Registered Members Login:
   
Forgotten Your Details? Click Here To Recover +
Welcome To The ShareCafe Community - Talk Shares And Take Stock With Smart Investors - New Here? Click To Register >

A reminder to all members that you agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


3 Pages (Click to Jump) V   1 2 3 >   
 
  
Reply to this topic

WAM, WAM CAPITAL LIMITED
nipper
post Posted: Sep 14 2020, 05:37 PM
  Quote Post


Posts: 7,517
Thanks: 2549


Hungry... Another under performer in his sights
QUOTE
A number of fellow shareholders of Contango Income Generator Limited (ASX: CIE) have called us asking how to lodge their vote against the Board of Director's illogical proposal at the upcoming Extraordinary General Meeting (EGM) on Friday, 18 September. We have also received numerous inquiries regarding the validity of CIE's distribution of pre-filled proxy forms, which is in breach of Listing Rule 14.2.1. We have material concerns about the challenging and intimidating tactics being used by CIE to solicit votes from shareholders for the EGM.

We thought it prudent to share with you clear instructions on how to lodge or change your vote. We consider it critical that shareholders are given a voice and are able to exercise their votes freely and validly.

Voting against the resolution on 18 September will allow Wilson Asset Management to continue to pursue our superior proposal for all CIE shareholders.

Your vote against the resolution can be submitted prior to the deadline of 10:00am (AEST) on Wednesday, 16 September 2020 ....

On 20 August 2020, CIE announced that it had received a notice under section 249D of the Corporations Act requesting that the company convene a meeting to consider resolutions to remove Mark Kerr and Don Clarke as directors of CIE and to appoint Geoff Wilson and Glen Burge. Wilson Asset Management has put forward additional resolutions requiring the Directors of CIE to call and arrange to hold a general meeting to consider the termination of the existing investment management agreement and the appointment of Wilson Asset Management (International) Pty Limited as manager.




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
Mags
post Posted: Sep 11 2020, 10:20 PM
  Quote Post


Posts: 418
Thanks: 192


In Reply To: nipper's post @ Sep 11 2020, 05:57 PM

Thanks... Seems we're on the same page.

 
nipper
post Posted: Sep 11 2020, 05:57 PM
  Quote Post


Posts: 7,517
Thanks: 2549


In Reply To: Mags's post @ Sep 9 2020, 11:04 PM

there is always a paradox with fund managers. .... low level of funds under management FUM allows for stock picking and potential outperformance, and hence reputation (bragging rights) .... Then, get the flow of money and then the fees that come with it make life comfortable, but it then becomes harder to deviate from the index.

So Geoff Wilson has a diversification strategy, lots of funds. Small cap, Leaders, Microcap, an overseas one. And now he has absorbed an Alternative Fund (BAF) that will be rebranded WMA



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
Mags
post Posted: Sep 9 2020, 11:04 PM
  Quote Post


Posts: 418
Thanks: 192


Just catching up on my paperwork: I don't hold wam, never looked hard, but seemed too 'trendy' for me.
I see they've made a takeover play for CLF (Consolidated Leaders Fund, ex Aberdeen Leaders) I can't seem WAM's angle beyond trying to scoop up a fund with a share price < NTA's. I guess that's one way to get 'growth'.
Anyone following this one?


 
blacksheep
post Posted: Nov 20 2019, 09:42 AM
  Quote Post


Posts: 6,791
Thanks: 2307


LICs in the spotlight over returns

QUOTE
A case in point is one of the market’s highest-profile LIC operators, Geoff Wilson’s Wilson Asset Management. Along with smaller operators Katana Capital and NAOS Emerging Opportunities Company, WAM reports returns before expenses and fees. This is permissible under the current regime.

By contrast, WAM's peers Argo Investments, Australian Foundation Investment Company (AFIC) and VGI Partners report returns after fees and other costs.


read more - https://www.afr.com/wealth/personal-finance...20191114-p53ahv



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: nipper  
 
nipper
post Posted: Nov 4 2019, 07:39 PM
  Quote Post


Posts: 7,517
Thanks: 2549


WAM Global Limited (ASX: WGB)
QUOTE
WAM Global is run by the Wilson Asset Management team, it’s aiming to be the global shares version of WAM Capital Limited (ASX: WAM), which has been running for two decades and has a grossed-up dividend yield of 10%.

I think there are many more opportunities in places like North America, Europe and Asia than on the ASX, so WAM Global could be a good way to get targeted exposure to those undervalued growth opportunities.

It’s trading at a 12% discount to the net tangible assets (NTA) at 30 September 2019 and over time I’m sure the dividend yield will steadily grow to a similar yield level as the newer WAM LICs.
- Motley Fool



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 

Featured Stock Stories





nipper
post Posted: Oct 31 2019, 04:40 PM
  Quote Post


Posts: 7,517
Thanks: 2549


QUOTE
Declining to name names, Wilson said he had his eye on a number of his competitors in the listed space that are currently trading at a discount to net tangible assets.

WAM entities hold existing minority stakes in LICs Contango Income Generator, Templeton Global Growth Fund and Concentrated Leaders Fund.

He reiterated his intention to negotiate a successful takeover of the Blue Sky Alternative Access Fund despite stalled talks, and dismissed any residual reputation damage associated with the troubled Blue Sky brand. "Oh, we'd rebrand it," he said.




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 17 2019, 11:22 AM
  Quote Post


Posts: 7,517
Thanks: 2549


Geoff Wilson's funds weather worst year in decade

QUOTE
Geoff Wilson, the fund manager who helped kill Bill Shorten’s election prospects with a grass roots “retirement tax” campaign, has ruled off his toughest year in equity markets in more than a decade. Four of the six listed investment companies managed by Wilson Asset Management failed to beat their benchmarks in the year ended June 30. The six funds have $3.3 billion in assets under management.

Wilson Asset Management’s flagship $1.3 billion WAM Capital underperformed the S&P ASX All Ordinaries Accumulation Index by 9 per cent in financial 2019. It was only the third time in 20 years that WAM Capital had not beaten its benchmark. The other underperforming years were financial 2005 and 2007-08. WAM Capital has an annual performance since inception of 16.7 per cent (before expenses, fees and taxes). WAM Active, WAM Leaders and WAM Research also failed to beat their benchmarks for the year to June.

There are three ways to measure the performance of a listed investment company (LIC). Its share price performance, which can be influenced by external factors, its investment performance, which is determined by the decisions of portfolio managers, and the dividend growth.

Bill Shorten's revenge?
In 2019, several funds in the Wilson family of funds only managed to get one out of three measures right because of cautious decisions about the deployment of cash and a sell-off in the listed investment company sector. Dividend growth has been consistent, with gross yields running at between 7 and 9 per cent.

The LIC sell-off could be seen as Shorten’s revenge against Wilson for his campaign to preserve the concessional treatment of franking credits for retirees who receive cash back from Treasury.

Wilson says the fall in the share prices of listed investment companies was caused by retirees selling stock because of fears Shorten would be elected. “To me the interesting thing is the whole LIC sector has, in the last six months, been under selling pressure,” Wilson says. “We do a survey when shareholders sell our shares and it shows that a third to a half of the shareholders who sold in the six months before the election did so because of their concerns about franking credits.” Wilson says the LIC share price falls were exacerbated by a buyer’s strike caused by the expectation Shorten would win the election as predicted by opinion polls.

Caught out by Fed U-turn
Separate to the decline in the price of the Wilson LICs was the underperformance of several WAM investment portfolios.

Wilson says WAM Capital underperformed because it was caught out by the US Federal Reserve doing a U-turn on monetary policyfrom tightening to easing. “Towards the latter part of last year I was nervous about the quantitative tightening and its impact on the US economy and the flow on effect to price earnings ratios,” he says. “The Fed was taking $US50 billion ($71 billion) to $US60 billion a month out of the market through quantitative tightening and we have seen what happens to markets when liquidity is removed.”

The flagship WAM Capital lifted its cash level last December to 53 per cent of the gross assets, or about $650 million in cash and fixed interest. Wilson says he was ready to take advantage of an expected end to the US bull market in equities.

The Wilson philosophy puts a priority on the preservation of capital. Within that framework it invests in companies that will deliver growth because of a catalyst. Also, Wilson takes advantage of trading opportunities. “This is the longest bull market in the US ever and it will come to an end at some point,” he says. “In December last year I expected the market to be 30 to 40 per cent lower by December this year.”

Risk we end up with Japan's economy
After the Fed’s U-turn WAM Capital rapidly deployed its capital to ride the very strong rally in share prices. By April it had cut its cash balance to about 19 per cent of assets. The fund has since built up its cash to 25 per cent of assets. The cash position in each WAM fund varied over the past year depending on the views of portfolio managers. The WAM Global fund had 11 per cent cash in December.

Wilson says all six WAM funds have performed strongly over the past six months with performances ranging from positive 10.8 per cent for WAM Active to positive 19.4 per cent for WAM Leaders.

Wilson is cautious about the outlook for equity markets. “We are getting the benefit of lower interest rates,” he says. “To me the big risk going forward is we end up with a lower growth economy similar to Japan and that over time price earnings multiples contract.”
The AFR
Wilson Asset Management will earn about $35 million in management fees this year including a $1 million performance fee from WAM Microcap.



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 9 2019, 09:05 PM
  Quote Post


Posts: 7,517
Thanks: 2549


QUOTE
WAM Research (code WAX) is a listed investment company (LIC) which invests in promising small and medium ASX growth businesses. It generates profit from both the dividends it receives and the capital growth it achieves, which it then pays a growing dividend from.

It has been growing its dividend each year since the GFC and its portfolio has generated market-beating returns before fees and expenses since the GFC.

WAM Research currently offers a grossed-up dividend yield of almost 10%.

- touted as a dividend play (in these difficult times when low cash returns have punters searching elsewhere) but if the payout is part dependent on ongoing positive returns, then it may have a problem. Better to find a distribution based on cash profit produced (in these troubling times)




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Feb 8 2019, 03:02 PM
  Quote Post


Posts: 6,791
Thanks: 2307


In Reply To: blacksheep's post @ Feb 6 2019, 09:55 AM

Getting a little bit messy? https://www.smh.com.au/politics/federal/tax...207-p50w93.html

QUOTE
Some shareholders in funds run by Wilson Asset Management also remain concerned that their details are being used for Liberal Party promotional material.

One investor said he had been "targeted with MP Tim Wilson's propaganda and petition-signing emails, as were my colleagues who hold shares in the listed entities".

"My email address isn't listed anywhere publicly, and I've never had any dealings with the MP's office," he said. Wilson Asset Management has strongly denied sharing any client details.

Another voter said they received "two Wilson Asset Management newsletters" after being contacted by Mr Wilson in their electorate. Mr Wilson has declined multiple requests for comment on whether he has shared the private information of voters in his electorate with the financial services firm. The two collaborated on a government-run website and petition, which Mr Wilson has not ruled out the company partly funding.

A third, Brighton resident Gwen Woodford, said "yes" to a robocall by Mr Wilson, only to receive multiple emails promoting Wilson Asset Management funds and an official letter from Mr Wilson.

"I just think none of the contact passes the sniff test," she said.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


3 Pages (Click to Jump) V   1 2 3 >

Back To Top Of Page
Reply to this topic


You agree through the use of ShareCafe, that you understand and accept the TERMS OF USE.


TERMS OF USE  -  CONTACT ADMIN  -  ADVERTISING