WAM Alternative Assets (ASX: WMA) is a listed investment company (LIC) that provides investors with exposure to a diversified portfolio of institutional quality private market asset classes including private equity, unlisted real estate, infrastructure, natural capital (including water entitlements) and private credit. Through the LIC structure, WAM Alternative Assets provides access to these asset classes to retail and wholesale investors, which are typically only accessible to institutional investors with liquidity.
We are often challenged on the fact that, as a listed vehicle, WAM Alternative Assets carries an element of equity market beta or “risk”. While this is technically correct, in practice the behaviour of the investment portfolio has been materially different to public equity markets, reflecting the underlying nature of the assets we hold.
This has never been more evident than in recent market conditions. In March 2026, the S&P/ASX All Ordinaries Accumulation Index declined 7.6%, while WAM Alternative Assets’ share price fell by 0.5%. In the financial year to date, the S&P/ASX All Ordinaries Accumulation Index has delivered a return of approximately 1.6%, compared to WAM Alternative Assets’ total shareholder return of 8.9%. Since the appointment of Wilson Asset Management as Investment Manager in October 2020, the investment portfolio has increased 8.7% per annum* as at 28 February 2026, with effectively no correlation to the performance of the S&P/ASX All Ordinaries Accumulation Index (correlation of 0.004).
This reflects the underlying assets within WAM Alternative Assets which are private, less correlated to equity markets with performance driven by fundamental cashflows and valuations rather than short-term market sentiment. Whilst the share price of WAM Alternative Assets hasn’t fallen materially in the short term, it still represents an excellent opportunity for investors looking to capture a meaningful share price discount to pre-tax net tangible assets (NTA), given the Company is trading at a 14.4%^ discount to pre-tax NTA. At this discount, WAM Alternative Assets represents the widest share price discount to pre-tax NTA of all the LICs managed by Wilson Asset Management. Narrowing this discount remains a key focus for the WAM Alternative Assets investment team.
Spotlight on Private Credit
One of the asset classes held within the investment portfolio is private credit and given the increased focus and headlines on the sector globally, we believe it is timely to outline our views. WAM Alternative Assets is currently invested approximately 10% in private credit, which is focused almost entirely on Australian corporate private credit (no US-backed private credit). For more information on our investments in private credit see the below interviews and articles, which provide a detailed look at the sector as a whole.
Spotlight video on private credit
I sat down with Investment Analyst Jacob Grover explore the current state of private credit, focusing on significant redemptions and liquidity challenges in the US, especially related to tech sector exposure. Watch the full video here.
Livewire Markets opinion piece
Private credit offers income and diversification, but rising risks mean manager quality and discipline are more critical than ever. Read my in-depth take on private credit here.
Livewire Listed Series
In my recent interview with Livewire Markets’ James Marlay, I explained how the investment strategy is designed to deliver long-term growth and consistent dividends through diversified alternative assets. You can watch the full interview here.
WAM Alternative Assets shareholder breakfast
We invite you to register your interest for a WAM Alternative Assets shareholder breakfast which will be held at the Wilson Asset Management office in Sydney later this year. The team and I will provide an update on the investment portfolio and share our outlook for private markets for the year ahead. There will also be the opportunity to have your questions answered. Further information including the date will be sent to those who register.
2026 National Shareholder Presentations
Along with the wider Wilson Asset Management investment team, I look forward to connecting with shareholders across Australia at the 2026 National Shareholder Presentations. Register here and see below for the event dates.
Kind regards,
Nick Kelly
Portfolio Manager
*Investment portfolio performance is before expenses, fees and taxes.
^Based on the 31 March 2026 share price of $1.01 per share and the 28 February 2026 pre-tax NTA of $1.1805 per share.