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WAM, WAM CAPITAL LIMITED
nipper
post Posted: May 4 2021, 10:01 AM
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It is understood the Wilson Asset Management team has spent the past week or two marketing WAR, or WAM Strategic Value, to existing clients and financial planning groups, to make sure the cash rolls in when the offer opens later this month.

The $225 million IPO was slated to be priced at $1.25 a share, according to a presentation given to potential investors, with the first $125 million reserved for existing WAM investors (dubbed the Wilson Asset Management Family).

Firm founder Wilson will personally manage the WAR portfolio and target anything trading at a discount to its underlying asset values. His primary focus will be on other listed investment company and listed investment trusts, the presentation said.

Of course WAM's no stranger to LIC and LITs. The firm already has 18 positions worth $147.7 million and trading at an average 14.3 per cent discount to their asset backing, the presentation said. It would make sense if some or all of those ended up inside WAR, given its strategic objectives.

Those positions include shares in the likes of high-profile LICs run by L1 Capital and VGI Partners, where WAM is already a shareholder, as well as smaller offerings from the likes of Naos Asset Management, Antipodes Partners, Spheria Asset Management and Thorney.

Taylor Collison and Morgans are named as joint lead managers to WAR's IPO.

terrible ticker, WSV would work better.



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"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: Apr 12 2021, 02:00 PM
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Geoff Wilson .... has seven listed investment companies under the Wilson Asset Management (WAM) banner [and] is understood to have an eighth in the works. No.8 will be called "WAM Strategic Value" and is expected to list on the ASX via an initial public offering this side of June 30.

Wilson's team set up the holding company, WAM Strategic Value Ltd, as an Australian public company last week in a sure sign there's a new LIC brewing.

Stockbrokers are also lining up for roles selling the deal; Wilson usually taps Hamish Nairn at Taylor Collison and Morgans, and he is not one to change a successful formula without the need to.

The big question is what will WAM Strategic Value target? Wilson already has Australian large caps, small caps and microcaps covered, as well as global equities, a relatively new alternatives strategy and an active fund that trades like a small hedge fund. Any new vehicle's unlikely to overlap with the existing strategies.

If the Wilson watchers are to be believed, "strategic value" will be about trying to buy $1 worth of assets for 80. That's one of Wilson's favourite catchcries.

And if history is any guide, it could be about buying stakes in listed investment companies. There's dozens of LICs on the ASX boards trading at steep discounts. The worst (or best, for an activist investor) definitely fit into the $1 of assets for only 80 category.

Wilson's funds already have stakes in a bunch of LICs. WAM Capital, the biggest vehicle in the family, owned shares in at least a dozen LICs at June 30 last year. Its holdings included Charles Goode's Australian United Investment Company, Euroz's Westoz Investment Company, Sydney's Spheria Emerging Companies and NAOS Small Companies, and Templeton Global Growth Company.
interesting concept.... Wilson has already absorbed quite a few minnow or underperforming LICs as well as taking on companies for the franking credits ....



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"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: Dec 15 2020, 09:31 AM
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Mags had this to say in the AYS thread
QUOTE
WAM are on a buying spree: My CLF is still under attack, he (Geoff Wilson) is now attempting to sabotage the board. I have never understood the 'hype' around WAM/Wilson, but now I see he is just a spruiker. Looking at the boat load of paper work he's sent CLF shareholders, you'd have to have rocks in your head to want WAM over CLF. But it is what it is, we are in a highly unstable economy, stocks are at crazy valuations: There's a big shake up in the Telco industry, the Amaysim boys are probably doing the right thing ie. take WAM's offer then dump them for cash.
I'm not impressed by WAM actions at all. If I had their shares, I'd be selling out after seeing the circus, and waste of shareholder funds in his attempt to get CLF: Which at the end of it all, is just an attempt to buy 'below' NTA to provide some 'growth' to his existing holders. WAM's shareholders display the behaviour of those in a cult....

I won't debate the rights and wrongs of this. CLF is only $80mill fund, trading under NTA. It is therefore a target.
I agree with the comments about cult like behaviour of shareholders. Mainly mushrooms, unfortunately.
Too much of WAM earnings come from capital gains; and those are not assured .... hence the dividend, and franking, is under a cloud

(Do not hold WAM < but have 'followed ' the spruik for years > )



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"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: Nov 26 2020, 08:29 PM
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A different FY, so at the AGM today, the was the usual ra ra and back slapping (virtual)

. In the financial year to 31 October 2020:[/size]

  • WAM Capital has increased 13.9%, outperforming the S&P/ASX All Ordinaries Accumulation Index by 10.7%;​​​​​​
  • WAM Leaders has increased 2.3%, outperforming the S&P/ASX 200 Accumulation Index by 0.8%;​​​​​
  • WAM Global has increased 8.5%, outperforming the MSCI World Index (AUD) by 5.9%;​​​​​​
  • WAM Microcap has increased 23.0%, outperforming the S&P/ASX Small Ordinaries Accumulation Index by 16.8%;
  • WAM Research has increased 16.6%, outperforming the S&P/ASX All Ordinaries Accumulation Index by 13.4%;​​​​​​
  • WAM Active has increased 11.4%, while the Bloomberg Ausbond Bank Bill Index was flat.




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"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: Sep 14 2020, 05:37 PM
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Hungry... Another under performer in his sights
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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.




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"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
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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
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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
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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
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LICs in the spotlight over returns

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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



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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
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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



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"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
 
 


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