The Big Picture
Australian equities ended a volatile week lower, with resources under pressure as investors weighed higher oil prices and softer commodity sentiment. The S&P/ASX All Ordinaries recovered some ground on Friday, rising 0.5% as major miners rebounded from earlier weakness.
Geopolitical developments remained the key driver of sentiment, with oil prices rising mid-week as US-Iran tensions reignited and shipping risks through the Strait of Hormuz resurfaced. Markets steadied on Friday as oil eased and semiconductor and artificial intelligence (AI)-linked stocks supported US equities. However, reports over the weekend of an Iranian attack on a commercial vessel and further US strikes kept energy markets in focus.
Looking ahead, Australian investors will be focused on the latest Westpac Consumer Confidence Index, NAB Business Confidence Index and consumer inflation expectations data. Offshore, attention will turn to US economic data including inflation, producer prices and retail sales, alongside Federal Reserve commentary and China’s second-quarter gross domestic product (GDP) data. Markets are likely to remain sensitive to developments in the Middle East and any further disruption to energy supplies through the Strait of Hormuz.
Shareholder advocacy update on capital gains tax
The WAM Active (ASX: WAA) investment portfolio increased a record +75.5%1 in the financial year to 30 June 2026, outperforming the Bloomberg AusBond Bank Bill Index (Cash) and the S&P/ASX All Ordinaries Accumulation Index by 71.6% and 69.8% respectively.
The record investment portfolio performance has enabled the Board to today declare an increased fully franked full year dividend of 6.4 cents per share, with a fully franked final dividend of 3.2 cents per share. The Board has also declared a special fully franked dividend of 2.0 cents per share. Including the special fully franked dividend of 1.0 cent per share declared in January, shareholders will receive total fully franked dividends of 9.4 cents per share for FY2026.
The fully franked full year dividend of 6.4 cents per share represents a fully franked dividend yield of 5.9%2 and a grossed-up dividend yield of 8.4%2. Including the special fully franked dividends of 3.0 cents per share, total FY2026 dividends represent a fully franked dividend yield of 8.6%2 and a grossed-up dividend yield of 12.3%2. The investment portfolio performance, together with the fully franked dividends paid during the year, delivered a record total shareholder return of 40.2% for the year to 30 June 2026.
You can read the media release here.
The result was covered by The Australian Financial Review, The Australian and Livewire Markets.
Register for the WAM Active FY2026 Full Year Results Q&A Webinar a.
WAM Capital (ASX: WAM), WAM Microcap (ASX: WMI), WAM Research (ASX: WAX), WAM Active (ASX: WAA) and Wilson Asset Management Founders Fund Portfolio Manager Tobias Yao recently travelled to Asia to meet with company management and conduct on-the-ground research. In this second instalment of ‘Insights from Singapore’, he discusses stock picks the investment team believe will benefit from changing Asian consumer preferences.
Discussions with management teams across Singapore and the broader region highlighted a consistent set of demand trends shaping Asian consumption. Against that backdrop, several companies stand out for their ability to translate these shifts into earnings growth.
Higher-protein diets are becoming more visible across Singapore and Southeast Asia, with Singapore’s sports nutrition market forecast to almost double from US $362.8 million in 2024 to US $762.9 million by 2033. This is supporting demand for dairy products, particularly yoghurt and cheese, where provenance and quality matter. Australian consumer goods company, Bega Group (ASX: BGA) is positioned to benefit through its branded portfolio including Vegemite, Dairy Farmers, Dare Iced Coffee Yoplait and Daily Juice, provided it can continue to build distribution and maintain product relevance in export markets.
In China, coffee consumption is increasing specifically among younger, metropolitan cohorts. While in its infancy, as the beverage becomes commonplace as a takeaway offering, demand for at-home alternatives is also expanding. Consumers are increasingly able to distinguish between instant coffee and barista-style offerings, creating a pathway for premiumisation. Electronics company Breville (ASX: BRG), sits on the right side of that shift with its semi-automatic machines, which cater to consumers looking to replicate a cafe experience at home.
China’s aging population and policy focus on retirement savings are driving structural growth in pension products. AMP’s (ASX: AMP) 20% stake in China Life Pension Company provides exposure to this theme yet remains underappreciated. The business contributes a material amount in net profit after tax to the group and we believe will continue to demonstrate healthy growth over the next few years.
In agriculture, the opportunity is more operational. As crop protection patents expire, generic products can be brought to market more quickly, shifting the advantage towards manufacturers with scale and efficiency. Herbicide and fungicide manufacturer Nufarm’s (ASX: NUF) ability to leverage manufacturing capability and bring products to market efficiently will be central to capturing this trend.
These companies are all well placed to benefit from evolving consumer preferences and population dynamics in Asia. The catalyst for share price rerating will be their capacity for execution. The opportunity is in companies with the product quality, distribution, partnerships or manufacturing capability to convert Asian demand into earnings growth.
In the media
Shareholder advocacy update on capital gains tax
Last Friday, Wilson Asset Management lodged a submission in response to the consultation paper on the proposed Innovative Business CGT Concession (IBCC), a narrow carve-out for eligible start-up investors, founders and employees. Our submission argues that the proposed concession confirms the central flaw in the Government’s broader capital gains tax reforms: higher taxes on productive, risk-bearing capital discourage investment in Australian businesses, entrepreneurship, innovation and productivity. You can read our submission here.
Stock Watch
Firmus Technologies is an unlisted Australian AI infrastructure company building high density data centres. The rapid adoption of AI is driving significant demand for compute capacity, requiring substantial investment in supporting infrastructure. Firmus has attracted significant attention ahead of its potential IPO later this year, with recent reports highlighting its NVIDIA (NASDAQ: NVDA)-backed expansion into Indonesia. We view this agreement as materially positive and supportive of Firmus’ potential public market valuation. Having built our position over time, we continue to see valuation upside as the company scales and benefits from growing demand for AI infrastructure.
Portfolios Held In: WAM Capital and WAM Active
TEN Group (TEN) is Australia’s leading distributor of tools, equipment, materials and machinery for the energy sector, supplying utilities, contractors and infrastructure providers. The business is well positioned to benefit from long-term investment in electricity networks, as Australia’s energy system shifts towards renewables and ageing infrastructure requires ongoing upgrades. Since acquiring TEN in May 2023, our investment partner Fortitude Investment Partners has expanded the product offering, integrated the acquisition of a key supplier and strengthened the company’s sales and marketing capabilities. These initiatives have significantly improved earnings, while the business remains highly cash generative. WAM Alternative Assets sees further upside through international expansion, domestic market share gains and additional strategic acquisitions.
Portfolio Held In: WAM Alternative Assets (ASX: WMA)
Register for the Future Generation HY2026 Interim Results Q&A Webinars
Register for the Future Generation Australia (ASX: FGX) HY2026 Interim Results Q&A Webinar on Wednesday 29 July at 3:00pm (Sydney time), with Geoff Wilson AO, Founder and Director of Future Generation, Lee Hopperton, Chief Investment Officer, and Tom Richardson, Portfolio Manager at Paradice Investment Management.
Register for the Future Generation Global (ASX: FGG) HY2026 Interim Results Q&A Webinar on Friday 31 July at 2:00pm (Sydney time), with Geoff Wilson AO, Lee Hopperton and Nick Markiewicz, Portfolio Manager of Ellerston Capital’s Global Mid Small Strategy.
You asked, we answered
Q.When will you be announcing the FY2026 Full Year Results for your listed investment companies?
A. Today we released the first of our FY2026 Full Year Results, for WAM Active which you can read here. The remaining eight results will be released by 31 August 2026.
Index returns performance table
