Listed investment
companies

Listed investment companies (LICs) are considered closed-end investment vehicles, which means they have a fixed pool of capital. With a stable pool of capital, the LIC structure allows us to invest according to our rigorous investment process, rather than ever being a forced buyer or seller that is influenced by fluctuations in market sentiment.

Wilson Asset Management’s LICs each offer investors exposure to a portfolio of companies in Australian micro, small, mid and large cap companies, global companies and in alternative assets. By owning shares in our LICs, you become a shareholder in a diversified portfolio that we manage on your behalf.

Our LICs

Investment focus

The most compelling undervalued growth opportunities in the Australian market

30 June 2024

Share price

$1.43

NTA before tax

$1.50

Interim dividend, 60% franked

7.75cps

Profits reserve

14.7cps

WAM Capital provides investors with exposure to an actively managed diversified portfolio of undervalued growth companies listed on the Australian Securities Exchange, with a focus on small-to-medium sized businesses. WAM Capital also provides exposure to relative value arbitrage and market mispricing opportunities. WAM Capital’s investment objectives are to deliver investors a stream of fully franked dividends, provide capital growth and preserve capital.

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Investment focus

Actively investing in the highest quality Australian companies

30 June 2024

Share price

$1.265

NTA before tax

$1.34

Fully franked full year dividend guidance

9.2cps

Profits reserve

29.5cps

WAM Leaders provides investors with exposure to an active investment process focused on identifying large-cap companies with compelling fundamentals, a robust macroeconomic thematic and a catalyst. The Company’s investment objectives are to deliver a stream of fully franked dividends, provide capital growth over the medium-to-long term and preserve capital.

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Investment focus

The world's most compelling undervalued growth companies

30 June 2024

Share price

$2.21

NTA before tax

$2.40

Fully franked full year dividend

12.0cps

Profits reserve

63.9cps

WAM Global provides investors with exposure to an actively managed diversified portfolio of undervalued international growth companies and exposure to market mispricing opportunities. WAM Global’s investment objectives are to deliver investors a stream of fully franked dividends, provide capital growth over the medium-to-long term and preserve capital.

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Investment focus

The most exciting undervalued growth opportunities in the Australian micro-cap market

30 June 2024

Share price

$1.405

NTA before tax

$1.39

Annualised fully franked interim dividend

10.5cps

Profits reserve

41.1cps

WAM Microcap provides investors access to a portfolio of undervalued micro-cap growth companies with a market capitalisation of less than $300 million at the time of acquisition. WAM Microcap also provides exposure to relative value arbitrage and market mispricing opportunities. WAM Microcap’s investment objectives are to deliver a stream of fully franked dividends, provide capital growth over the medium-to-long term and preserve capital.

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Investment focus

Unique opportunities beyond traditional assets

30 June 2024

Share price

$0.96

NTA before tax

$1.20

Annualised fully franked interim dividend

5.2cps

Profits reserve

16.7cps

WAM Alternative Assets is the only listed investment company on the ASX that offers investors access to a diversified portfolio of alternative assets, typically accessible only by institutional investors. The Company's investment objectives are to consistently deliver absolute returns through a combination of dividend yield and capital growth, while providing diversification benefits.

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Investment focus

Discounted asset opportunities

30 June 2024

Share price

$1.095

NTA before tax

$1.29

Annualised fully franked interim dividend

4.5cps

Profits reserve

16.9cps

WAM Strategic Value provides shareholders with exposure to Wilson Asset Management’s proven investment process focused on identifying and capitalising on share price discounts to underlying asset values of listed companies, primarily listed investment companies (LICs) and listed investment trusts (LITs) (commonly referred to as closed-end funds).

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Investment focus

The most compelling undervalued growth opportunities in the Australian market

30 June 2024

Share price

$1.075

NTA before tax

$1.04

Annualised interim dividend

10.0cps

Profits reserve

42.7cps

WAM Research provides investors with exposure to a diversified portfolio of undervalued growth companies, which are generally small-to-medium sized industrial companies listed on the ASX. WAM Research’s investment objectives are to provide a stream of fully franked dividends and achieve a high real rate of return, comprising both income and capital growth, within acceptable risk parameters.

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Investment focus

Mispricing opportunities in the Australian market

30 June 2024

Share price

$0.795

NTA before tax

$0.81

Annualised fully franked interim dividend

6.0cps

Profits reserve

11.8cps

WAM Active provides investors with exposure to an active trading style with the aim of achieving a sound return with a low correlation to traditional markets. WAM Active’s investment objectives are to deliver a regular income stream via fully franked dividends, provide a positive return with low volatility, after fees, over most periods of time, and to preserve capital.

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Generating investment and social returns

Wilson Asset Management is the creator and lead supporter of the Future Generation companies. Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG) are Australia’s first listed investment companies (LICs) to provide investment and social returns. The companies offer a unique opportunity for shareholders to invest with leading Australian and global fund managers while supporting high impact, youth-focused not-for-profit organisations.

Future Generation’s pro bono fund managers waive management and performance fees, allowing the companies to give 1.0% of their net tangible assets each year to carefully selected not-for-profit organisations. To date, Future Generation has given $75.8 million, making them one of Australia’s Top 30 Corporate Philanthropists*. This has been made possible through the expertise and generosity of the Future Generation pro bono fund managers, service providers, Board of Directors and Investment Committee members, all of whom waive their usual professional fees.

*Australian Financial Review, 2021

Investment focus

Australian fund managers, supporting children and youth at risk.

30 June 2024

$1.18

NTA before tax

$1.35

Dividends paid since inception

46.5cps

Profits reserve

32.6cps

Future Generation Australia gives investors the opportunity to gain unprecedented access to a group of prominent Australian fund managers in a single investment vehicle while supporting Australian not-for-profit organisations focused on children and youth at risk.

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Investment focus

Global fund managers, supporting children and youth mental health.

30 June 2024

$1.305

NTA before tax

$1.52

Dividends paid since inception

26.7cps

Profits reserve

58.1cps

Future Generation Global is Australia’s first internationally focused listed investment company with the dual objectives of providing shareholders with diversified exposure to selected global fund managers and supporting not-for-profit organisations focused on promoting wellbeing and preventing mental ill-health in young Australians.

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What is a Listed Investment Company (LIC)?

LICs are corporate entities in a ‘company’ structure established for the purpose of investing in a portfolio of securities or investments on behalf of shareholders. LICs are listed on an exchange, which in Australia is primarily the Australian Securities Exchange (ASX). Each company on the ASX has a ASX code, also known as a ‘ticker’. LICs are actively managed and provide investors with a simple and cost effective portfolio with diversification benefits.

Download the Guide to LICs
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