30 June 2024

Listed: August 1999

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.

NTA before tax


Interim dividend, 60% franked


Annualised interim dividend yield


Annualised grossed-up dividend yield


Dividends paid since inception


Dividend coverage

0.9 years



Investment portfolio performance (% p.a. since August 1999)


Investment portfolio performance is before expenses, fees, taxes and the impact of capital management initiatives to compare to the relevant indexes which are before expenses, fees and taxes.

Our proven investment process

Research Driven ProcessDiligent and deep research on undervalued growth companies that focuses on free cash flow, return on equity, meeting management and the quality of a company.

Market driven ProcessTakes advantage of short-term mispricing opportunities in the Australian equity market.

Catalyst: a major event that alters the market’s perception of a company or its earnings momentum which will lead to a rerating of the investee company’s share price.

Board of Directors

Geoff Wilson AO

Geoff Wilson has more than 44 years’ direct experience in investment markets having held a variety of senior investment roles in Australia, the UK and the US. Geoff founded Wilson Asset Management in 1997, which today, comprises of 19 investment professionals who offer a combined investment experience of more than 200 years. Wilson Asset Management manages over $5 billion on behalf of more than 130,000 investors as the investment manager for eight listed investment companies and the Wilson Asset Management Leaders Trust. Geoff is currently Chairman of WAM Capital Limited, WAM Leaders Limited, WAM Global Limited, WAM Microcap Limited, WAM Research Limited, WAM Active Limited and WAM Strategic Value Limited. He is the founder and Director of Future Generation Australia Limited and Future Generation Global Limited, and Director of WAM Alternative Assets Limited. In 2014 Geoff created Australia’s first listed philanthropic wealth creation vehicles, Future Generation Australia, and subsequently Future Generation Global in 2015. To date, the Future Generation companies have donated more than $75 million to Australian not-for-profits. Geoff holds a Bachelor of Science, a Graduate Management Qualification and is a Fellow of the Financial Services Institute of Australia and the Australian Institute of Company Directors (AICD). In addition to Geoff’s Directorships with the Wilson Asset Management Group and the Future Generation companies, he also holds Directorships with Global Value Fund Limited (since 2014), Hearts and Minds Investments Limited (since 2018), Sporting Chance Cancer Foundation (since 1997) and the Australian Rugby Foundation (2024).

Kate Thorley

Kate Thorley has over 20 years’ experience in the funds management industry and more than 25 years of financial accounting and corporate governance experience. Kate is the Chief Executive Officer of Wilson Asset Management, Director of WAM Capital, WAM Leaders, WAM Global, WAM Research, WAM Active, WAM Microcap and WAM Strategic Value. Kate is a Director of Future Generation Australia and Future Generation Global. Kate is a graduate member of the Australian Institute of Company Directors and is a Chartered Accountant.

James Chirnside

James has been involved in financial markets for over 32 years, primarily as a fund manager across a broad range of sectors. James is currently Chairman and Managing Director of Dart Mining NL. Prior to this, James worked as a fund manager and proprietary metals trader in Sydney, Hong Kong, London, and Melbourne.

Dr Philippa Ryan

Dr Philippa Ryan is an experienced legal academic with experience in commercial law, corporate governance, finance and technology. Dr Ryan is an honorary associate professor in the Australian National University’s (ANU) College of Law and program director of the ANU Master of Laws. She has authored books and articles on blockchain technology, digital economies, and crypto currencies. She is a member of the Standards Australia blockchain technical committee and a member of ASIC’s Fintech Advisory Committee. She was lead author of the ISO technical specification for smart contracts, and a non-executive director on the Board of Lander and Rogers until February 2023. Dr Ryan holds a number of legal and academic qualifications including BA, LLB (Hons), Master of Education, and PhD (Law). Dr Ryan has been a director of the Company since April 2018.

Lindsay Mann

Lindsay has more than 50 years’ financial services experience. He was formerly Chairman of Premium Investors Pty Limited (formerly Premium Investors Limited). Prior to that Lindsay was CEO (Singapore) and Regional Head Asia for First State Investments, the Asian business of Colonial First State Global Asset Management. Prior to this, Lindsay was CEO of AXA Investment Managers in Hong Kong. He is a Fellow of the Institute of Actuaries of Australia and a Graduate member of the Australian Institute of Company Directors. Lindsay has been a Director of the Company since December 2012. Lindsay Mann is currently an independent non-executive director and chair of the board of Uniting Ethical Investors Limited, an independent Director of WAM Leaders Limited (appointed March 2016), Wealth Defender Equities Pty Limited (appointed October 2018) and Century Australia Investments Pty Limited (appointed March 2019).

Matthew Pancino

Matthew is a noted technology, operations and transformation expert with 32 years’ experience gained in leading organisations within the communications, banking and funds management sectors. Matthew is currently a Director, Industry Solutions Practice Lead, Asia Pacific at Google LLC. Matthew has previously served as Chief Technology Officer for the Commonwealth Bank of Australia Group, Chief Executive Officer for Suncorp Business Services, Group Executive – Operations and Chief Information Officer for Perpetual Limited and Head of Transformation at Telstra Corporation Limited. He holds a Bachelor of Science (Computer Science), is a member of the Australian Institute of Company Directors and has completed executive education at INSEAD and Stanford University School of Business.

Angus Barker

Angus has been a trusted adviser to corporations and governments for decades. Angus is an investment banker by training, with over 20 years’ experience as a mergers and acquisitions and capital markets adviser in Hong Kong, Australia and the United Kingdom. Most recently, Angus has served eight years as Chief of Staff or Senior Adviser to Australian Government Ministers in two of the key economic portfolios, in relation to policy matters including superannuation, financial services, the digital economy, and foreign investment. Angus has a Master of Philosophy degree from the University of Cambridge and a Bachelor of Commerce (Honours) degree from the University of Melbourne. Angus is Chairman of Australian Rare Earths.

Jesse Hamilton
Joint Company Secretary

Jesse is a Chartered Accountant with more than 16 years’ experience working in advisory and assurance services, specialising in funds management. As the Chief Financial Officer, Jesse oversees all finance and accounting of Wilson Asset Management (International) Pty limited. Jesse is Company Secretary for WAM Alternative Assets Limited and WAM Strategic Value Limited and Joint Company Secretary for WAM Capital Limited, WAM Leaders Limited, WAM Global Limited, WAM Microcap Limited, WAM Research Limited and WAM Active Limited, in addition to Future Generation Australia Limited and Future Generation Global Limited. Prior to joining Wilson Asset Management, Jesse worked as Chief Financial Officer of an ASX listed company, and also as an advisor specialising in assurance services, valuations, mergers and acquisitions, financial due diligence and capital raising activities for listed investment companies. Jesse was appointed Joint Company Secretary of WAM Capital Limited in November 2020.

Linda Kiriczenko
Joint Company Secretary

Linda has over 19 years’ experience in financial accounting including more than 15 years in the funds management industry. As the Finance Manager of Wilson Asset Management (International) Pty Limited, Linda oversees finance and accounting and is also the Joint Company Secretary for six listed investment companies, WAM Capital Limited, WAM Leaders Limited, WAM Global Limited, WAM Microcap Limited, WAM Research Limited and WAM Active Limited. Linda holds a Bachelor of Commerce and is a fully qualified CPA. She is a certified member of the Governance Institute of Australia. Linda was appointed Company Secretary of WAM Capital Limited in October 2017.

Fully franked dividends

Our LICs have a proven track record of providing shareholders with a stream of fully franked dividends.


Our LICs offer investors exposure to different market sectors and asset classes through their various underlying investments.

Experienced team

The investment team is comprised of 19 professionals who offer a combined experience of more than 200 years in Australian and international equity markets as well as in alternative assets.

Superior structures

The LIC structure allows us to invest for the long term, without being subject to the impact of applications and redemptions. LICs also adhere to strict corporate governance requirements and act in the best interest of shareholders.

Strong performance

We offer a strong track record of performance based on our rigorous investment process.

Risk-adjusted returns

Our flexible investment mandate allows above-average cash holdings and strong, risk-adjusted returns.

Full market access

We hold over 4,000 company meetings each year, and our knowledge of the market and extensive network continually provides valuable intelligence and investment opportunities.

Transparency & engagement

We provide email updates from our Lead Portfolio Managers and investment team, Chairman and CIO, timely market insights in the form of podcasts, articles and videos, in-person presentations, investor education materials and financial reporting.


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