31 October 2024
Listed: June 2017
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.
NTA before tax
$1.41
Fully franked full year dividend
10.5cps
Fully franked dividend yield
7.1%
Grossed-up dividend yield
10.1%
Dividends paid since inception
64.75cps
Dividends paid since inception, when including the value of franking credits
92.5cps
Assets
$403.8m
Investment portfolio performance (% p.a. since June 2017)
16.5%
Investment portfolio performance is before expenses, fees and taxes to compare to the relevant index which is also before expenses, fees and taxes.
Our proven investment process
Diligent and deep research on undervalued micro-cap growth companies that focuses on free cash flow, return on equity, meeting management and the quality of a company.
Takes 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 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 Staude Capital 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).
Jacqui has over 34 years’ funds management experience gained in a number of senior executive roles across the Australian and global AMP Capital businesses. In that time, Jacqui led global distribution of AMP Capital with a focus on expansion into Asia, North America and Europe. As Head of Product, Jacqui led the development of range of multi-manager products, listed funds, real assets and hedge funds. Jacqui holds a Bachelor of Science, MBA, Graduate Diploma of Applied Finance and Investment and is a Graduate of the Australian Institute of Company Directors (AICD).
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.
Adrian has 27 years’ experience in the financial industry. He started his career with the Goldman Sachs European investment banking team in London before moving to Hong Kong and Singapore as part of their mergers and acquisitions and corporate finance advisory teams. He later spent 11 years with The Carlyle Group as a Director of their private equity buyout investment team in Sydney and Singapore. Adrian was the Lead Portfolio Manager responsible for the alternative asset strategy of Wilson Asset Management (International) Pty Limited, and is now a board director and investment committee member of WAM Alternative Assets Limited, and a board director of WAM Microcap Limited. He is also the Chief Executive Officer of Wilson Family Office.
Linda has over 20 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 Microcap Limited in March 2017.
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 currently a non-executive director of the Listed Investment Companies & Trusts Association, 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 Microcap Limited in November 2020.
Fully franked dividends
Our LICs have a proven track record of providing shareholders with a stream of fully franked dividends.
Diversification
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.
Type
- Annual report
- Anti-bribery and corruption policy
- Appointment of Wilson Asset Management as Investment Manager
- Chairman's address
- Corporate governance charter
- Corporate governance statement
- Dividend reinvestment plan
- Entitlement offer booklet
- Entitlement offer fact sheet
- Fact sheet
- Financial report
- Independent research report
- Interim financial report
- Key dates
- Media release
- Modern slavery statement
- Monthly investment update
- Notice of meeting
- Option prospectus
- Presentation
- Prospectus
- Share purchase plan
- Share purchase plan announcement
- Share purchase plan booklet
- Term sheet
- Whistleblower policy
- Withdrawal form
Item
- WAM Microcap Chairman’s Address 2024pdf
- WAM Microcap Monthly Investment Update October 2024pdf
- WAM Microcap Notice of Meeting 2024pdf
- WAM Microcap Monthly Investment Update September 2024pdf
- WAM Microcap Monthly Investment Update August 2024pdf
- WAM Microcap Corporate Governance Statement 2024pdf
- WAM Microcap Corporate Governance Charter 2024pdf
- WAM Microcap FY2024 Annual Reportpdf
- WAM Microcap FY2024 Full Year Resultpdf
- WAM Microcap Monthly Investment Update July 2024pdf
- WAM Microcap Monthly Investment Update June 2024pdf
- WAM Microcap Monthly Investment Update May 2024pdf
- FY2024 Key Datespdf
- WAM Microcap Monthly Investment Update April 2024pdf
- WAM Microcap Monthly Investment Update March 2024pdf
- WAM Microcap Monthly Investment Update February 2024pdf
- WAM Microcap FY2024 Interim Financial Reportpdf
- WAM Microcap Monthly Investment Update January 2024pdf
- WAM Microcap FY2024 Half Year Resultpdf
- WAM Microcap Whistleblower Policy 2023pdf
- WAM Microcap Monthly Investment Update December 2023pdf
- WAM Microcap Modern Slavery Statement 2023pdf
- WAM Microcap Monthly Investment Update November 2023pdf
- WAM Microcap Monthly Investment Update October 2023pdf
- WAM Microcap Chairman’s Address 2023pdf
- WAM Microcap Monthly Investment Update September 2023pdf
- WAM Microcap Notice of Meeting 2023pdf
- FY2023 Key Datespdf
- WAM Microcap Monthly Investment Update August 2023pdf
- WAM Microcap Corporate Governance Statement 2023pdf
- WAM Microcap Corporate Governance Charter 2023pdf
- WAM Microcap FY2023 Annual Reportpdf
- WAM Microcap FY2023 Full Year Resultpdf
- WAM Microcap Monthly Investment Update July 2023pdf
- WAM Microcap Monthly Investment Update June 2023pdf
- WAM Microcap Monthly Investment Update May 2023pdf
- WAM Microcap Monthly Investment Update April 2023pdf
- WAM Microcap Monthly Investment Update March 2023pdf
- FY2023 Key Datespdf
- WAM Microcap Monthly Investment Update February 2023pdf
- WAM Microcap FY2023 Interim Financial Reportpdf
- WAM Microcap Corporate Governance Statement 2022pdf
- WAM Microcap FY2023 Half Year Resultpdf
- WAM Microcap Monthly Investment Update January 2023pdf
- WAM Microcap Monthly Investment Update December 2022pdf
- WAM Microcap Monthly Investment Update November 2022pdf
- WAM Microcap Monthly Investment Update October 2022pdf
- WAM Microcap Notice of Meeting 2022pdf
- WAM Microcap Monthly Investment Update September 2022pdf
- FY2022 Key Datespdf
- WAM Microcap Monthly Investment Update August 2022pdf
- WAM Microcap FY2022 Annual Reportpdf
- WAM Microcap Corporate Governance Charter 2022pdf
- WAM Microcap FY2022 Full Year Resultpdf
- WAM Microcap Corporate Governance Statement 2022pdf
- WAM Microcap Monthly Investment Update July 2022pdf
- WAM Microcap Monthly Investment Update June 2022pdf
- WAM Microcap Monthly Investment Update May 2022pdf
- WAM Microcap Chairman’s Address 2022pdf
- WAM Microcap Monthly Investment Update April 2022pdf
- WAM Microcap Monthly Investment Update March 2022pdf
- FY2022 Key Datespdf
- WAM Microcap Monthly Investment Update February 2022pdf
- WAM Microcap FY2022 Interim Financial Reportpdf
- WAM Microcap Monthly Investment Update January 2022pdf
- WAM Microcap FY2022 Half Year Resultpdf
- WAM Microcap Monthly Investment Update December 2021pdf
- WAM Microcap Whistleblower Policy 2022pdf
- WAM Microcap Modern Slavery Statement 2021pdf
- WAM Microcap Monthly Investment Update November 2021pdf
- WAM Microcap Chairman’s Address 2021pdf
- WAM Microcap Monthly Investment Update October 2021pdf
- WAM Microcap September 2021 Quarterly Reportpdf
- WAM Microcap Notice of Meeting 2021pdf
- WAM Microcap Monthly Investment Update September 2021pdf
- WAM Microcap Monthly Investment Update August 2021pdf
- FY2021 Key datespdf
- WAM Microcap full year results media releasepdf
- WAM Microcap FY2021 Annual Reportpdf
- WAM Microcap Corporate Governance Charter 2021pdf
- WAM Microcap Corporate Governance Statement 2021pdf
- WAM Microcap Monthly Investment Update July 2021pdf
- WAM Microcap Monthly Investment Update June 2021pdf
- WAM Microcap Investment Update May 2021pdf
- WAM Microcap Quarterly Planner Report March 2021pdf
- WAM Microcap Monthly Investment Update April 2021pdf
- WAM Microcap Corporate Governance Statement 2020pdf
- WAM Microcap Monthly Investment Update March 2021pdf
- WAM Microcap Modern Slavery Statement 2020pdf
- WAM Microcap FY2021 Half Year Resultpdf
- WAM Microcap Monthly Investment Update February 2021pdf
- WAM Microcap December 2020 Quarterly Reportpdf
- WAM Microcap FY2021 Half Year Resultpdf
- WAM Microcap Monthly Investment Update January 2021pdf
- WAM Microcap Anti-Bribery and Corruption Policypdf
- WAM Microcap Monthly Investment Update December 2020pdf
- WAM Microcap FY2021 Interim Financial Reportpdf
- WAM Microcap Monthly Investment Update November 2020pdf
- WAM Microcap Chairman’s Address 2020pdf
- WAM Microcap Monthly Investment Update October 2020pdf
- WAM Microcap Notice of Meeting 2020pdf
- WAM Microcap Monthly Investment Update September 2020pdf
- WAM Microcap Monthly Investment Update August 2020pdf
- FY2021 Key Datespdf
- WAM Microcap FY2020 Full Year Resultpdf
- WAM Microcap FY2020 Annual Reportpdf
- Oversubscribed WAM Microcap Share Purchase Plan and Placementpdf
- WAM Microcap Share Purchase Plan issue price and deadlinepdf
- WAM Microcap Share Purchase Planpdf
- WAM Microcap FY2020 Full Year Resultpdf
- WAM Microcap Monthly Investment Update July 2020pdf
- Bailleu Holst Listed Investment Company Research – July 2020pdf
- WAM Microcap Investment Update June 2020pdf
- Bailleu Holst Listed Investment Company Research – June 2020pdf
- WAM Microcap Investment Update May 2020pdf
- WAM Microcap Corporate Governance Charter 2020pdf
- WAM Microcap Investment Update April 2020pdf
- WAM Microcap Investment Update March 2020pdf
- FY2020 Key Datespdf
- WAM Microcap Investment Update February 2020pdf
- WAM Microcap FY2020 Interim Financial Reportpdf
- WAM Microcap FY2020 Half Year Resultpdf
- WAM Microcap Investment Update 2020pdf
- WAM Microcap Investment Update December 2019pdf
- WAM Microcap Whistleblower Policy 2019pdf
- WAM Microcap Investment Update November 2019pdf
- WAM Microcap Investment Update October 2019pdf
- WAM Microcap Investment Update September 2019pdf
- WAM Microcap Investment Update August 2019pdf
- WAM Microcap Corporate Governance Statement 2019pdf
- WAM Microcap FY2019 Annual Reportpdf
- WAM Microcap FY2019 Full Year Resultpdf
- FY2019 Key Datespdf
- WAM Microcap Investment Update July 2019pdf
- WAM Microcap Investment Update June 2019pdf
- WAM Microcap Investment Update May 2019pdf
- WAM Microcap Corporate Governance Charter 2019pdf
- WAM Microcap Chairman’s Address 2019pdf
- WAM Microcap investment update April 2019pdf
- Zenith Annual Report – WAM Microcappdf
- WAM Microcap March 2019 Investment Updatepdf
- WAM Microcap February 2019 Investment Updatepdf
- WAM Microcap January 2019 Investment Updatepdf
- WAM Microcap December 2018 Investment Updatepdf
- WAM Microcap FY2019 Half Year Resultpdf
- WAM Microcap November 2018 Investment Updatepdf
- WAM Microcap FY2019 Interim Financial Reportpdf
- WAM Microcap October 2018 Investment Updatepdf
- WMI September 2018 Investment updatepdf
- Independent Investment Research WMI, September 2018pdf
- WAM Microcap Corporate Governance Charter 2018pdf
- WAM Microcap FY2018 Full Year Resultpdf
- WAM Microcap FY2018 Financial Reportpdf
- June 2018 Investment updatepdf
- WAM Microcap May 2018 Investment updatepdf
- WAM Microcap Corporate Governance Statement 2018pdf
- WAM Microcap Chairman’s Address 2018pdf
- April 2018 Investment Updatepdf
- March 2018 Investment updatepdf
- February 2018 Investment updatepdf
- WAM Microcap FY2018 Half Year Resultpdf
- January 2018 Investment updatepdf
- December 2017 Investment updatepdf
- WAM Microcap FY2018 Interim Financial Reportpdf
- November 2017 Investment updatepdf
- WAM Microcap Corporate Governance Statement 2017pdf
- October 2017 Investment updatepdf
- September 2017 Investment updatepdf
- WAM Microcap DRP rulespdf
- August 2017 Investment updatepdf
- July 2017 Investment updatepdf
- WAM Microcap Prospectuspdf