Investment Notebook
Wilson Asset Management Wilson Asset Management and their related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in this notebook in good faith. However, no warranty (express or implied) is made as to the accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in these materials (any of which may change without notice) and to the maximum extent permitted by law, the Disclosers disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from this notebook. This information has been prepared and provided by Wilson Asset Management. To the extent that it includes any financial product advice, the advice is of a general nature only and does not take into account any individual’s objectives, financial situation or particular needs. Before making an investment decision an individual should assess whether it meets their own needs and consult a financial advisor.
A diversified portfolio offering. Investment & social returns Future Generation Global small-to-mid-cap equities Australian microcap equities Mispricing opportunities Monthly income and capital growth Alternative assets Discounted asset opportunities Trusts Australian large-cap equities Australian small-to-mid-cap equities Wilson Asset Management
Established in 1997 by Geoff Wilson AO, Wilson Asset Management is an independently owned investment manager based in Sydney, Australia. As the investment manager for nine leading listed investment companies (LICs) and three unlisted funds, Wilson Asset Management Equity Fund, Wilson Asset Management Leaders Fund and Wilson Asset Management Founders Fund, Wilson Asset Management invests $6 billion on behalf of more than 130,000 retail and wholesale investors. Wilson Asset Management created and is the lead supporter of the first LICs to deliver both investment and social returns: Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG), as well as Future Generation Women. Wilson Asset Management advocates and acts on behalf of retail investors, is a member of the global philanthropic Pledge 1% movement, is a significant funder of many Australian charities and provides all team members with $10,000 each year to donate to charities of their choice. All philanthropic investments are made by Wilson Asset Management and not the LIC. $6bn Funds under management 130,000+ Shareholders 20+ Investment professionals 250+ Years’ combined experience Making a difference for our shareholders and the community for 28 years.
Franked dividends Our LICs have a proven track record of providing shareholders with a stream of 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 over 20 professionals who offer a combined experience of more than 250 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. Benefits of investing with us Subscribe to our latest news and insights Follow us on: Strong performance We offer a strong track record of performance based on our rigorous researchdriven and marketdriven investment processes. 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 Portfolio Managers and investment team, CIO and Chairman, timely market insights in the form of podcasts, articles and videos, in-person presentations, investor education materials and financial reporting.
ASX: WAM 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. Recommended+ Cooper Rogers Senior Investment Dealer BCom GradDip App Fin Chris Marsden Investment Dealer BBus (Fin & Econ) Sophia Mulligan Investment Analyst BAcc (Acc & Econ) Oscar Oberg Lead Portfolio Manager LLB BBus CFA Tobais Yao Portfolio Manager BBCom CFA Shaun Weick Deputy Portfolio Manager BBus (Fin) CA Investment team Our proven investment process 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. Diligent and deep research on undervalued 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. Research Driven Process Market Driven Process Catalyst Approved
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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. The WAM Leaders investment process combines a top-down macroeconomic analysis with Wilson Asset Management’s proven fundamental research and market positioning investment process. ASX: WLE Listed May 2016 Recommended Anna Milne Deputy Portfolio Manager BCom CFA Hailey Kim Senior Investment Analyst BEcon CA Matthew Haupt Lead Portfolio Manager BCom GradDip App Fin CFA John Ayoub Portfolio Manager LLB BA GradCert App Fin Damien Boey Portfolio Strategist BEc (Hons 1) LLB (Hons 1) Investment team Our proven investment process Investment Grade
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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 franked dividends, provide capital growth over the medium-to-long term and preserve capital. ASX: WGB Listed June 2018 Recommended 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. Identifying undervalued international growth companies with a catalyst. Takes advantage of mispricing opportunities in the global market. Catalyst Undervalued quality global companies Exposure to mispricing opportunities William Liu Deputy Portfolio Manager BCom MFin Will Thompson Investment Analyst BCom Laura Hargrove Investment Analyst BA (Hons) CFA Catriona Burns Lead Portfolio Manager BCom (Lib Studies) MApp Fin F FIN CFA GAICD Nick Healy Portfolio Manager BEng (Hons) MBA CFA Investment team Our proven investment process Approved Investment Grade
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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. ASX: WMI Listed June 2017 Approved Research and market driven process across undervalued micro-cap growth companies with a market capitalisation of less than $300 million. Investment team Recommended+ 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. Research Driven Process Market Driven Process Catalyst 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. Cooper Rogers Senior Investment Dealer BCom GradDip App Fin Chris Marsden Investment Dealer BBus (Fin & Econ) Sophia Mulligan Investment Analyst BAcc (Acc & Econ) Oscar Oberg Lead Portfolio Manager LLB BBus CFA Tobais Yao Portfolio Manager BBCom CFA Shaun Weick Deputy Portfolio Manager BBus (Fin) CA
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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 provides investors a unique investment solution, complementary to their traditional investment portfolios, by investing in alternative assets. The Company’s investment objectives are to consistently deliver absolute returns through a combination of dividend yield and capital growth, while providing diversification benefits. ASX: WMA Investment Grade Idea Generation Universe of managers Multiple research inputs Desk-based research Onsite meetings 200+ hours of research and analysis Engagement on investment terms including fees Due Diligence Investment Advisory Committee meeting Internal operational due diligence and legal review Investment Decision Commitment to investment Deployment of capital Implementation Nick Kelly Portfolio Manager BBus CFA Jacob Grover Investment Analyst BAcc CA Investment team Investment Advisory Committee • Geoff Wilson AO • Adrian Siew Our proven investment process Jasper Yeghiaian-Alvandi Investment Analyst BCom and BAdvStudies • Sally Box • Dania Zinurova
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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). ASX: WAR Listed June 2021 Investment team Martyn McCathie Investment Specialist Jesse Hamilton Chief Financial Officer BCom (Acc) CA Geoff Wilson AO Chairman and Lead Portfolio Manager BSc GMQ FFINSIA FAICD Our proven investment process securities and risk management and engage with boards, management and investors investment universe for discounted asset opportunities risk, return and liquidity when a catalyst is identified Recommended
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When a catalyst is identified When valuation is reached Qualitative management industry and position Quantitative forecast EPS growth valuation Investment universe for value and growth 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. ASX: WAX Listed August 2003 Recommended + Investment team Approved Our proven investment process Buy Sell Rate Screen Cooper Rogers Senior Investment Dealer BCom GradDip App Fin Chris Marsden Investment Dealer BBus (Fin & Econ) Sophia Mulligan Investment Analyst BAcc (Acc & Econ) Oscar Oberg Lead Portfolio Manager LLB BBus CFA Tobais Yao Portfolio Manager BBCom CFA Shaun Weick Deputy Portfolio Manager BBus (Fin) CA
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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. ASX: WAA Listed January 2008 Catalyst Generate market-driven investment idea Identify mispricing Analyse risk, return & liquidity 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. Takes advantage of short-term mispricing opportunities in the Australian equity market. Investment team Approved Recommended Our proven investment process Cooper Rogers Senior Investment Dealer BCom GradDip App Fin Chris Marsden Investment Dealer BBus (Fin & Econ) Sophia Mulligan Investment Analyst BAcc (Acc & Econ) Oscar Oberg Lead Portfolio Manager LLB BBus CFA Tobais Yao Portfolio Manager BBCom CFA Shaun Weick Deputy Portfolio Manager BBus (Fin) CA
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WAM Income Maximiser Limited (ASX: WMX) aims to provide monthly franked dividends and capital growth to shareholders by investing in Australia’s highest quality companies and corporate debt instruments. These companies are selected for their strong capital management and ability to sustain or grow its distributions over time, primarily in the form of franked dividends and share buybacks. The debt component of the Investment Portfolio focuses primarily on investment grade corporate debt, aiming to provide stable income and capital protection to the investment portfolio for shareholders. Investment team Market Positioning Macroeconomic Analysis Fundamental Research Equity Debt Our proven investment process ASX: WMX Listed April 2025 Recommended Investment Grade Anna Milne Deputy Portfolio Manager BCom CFA Hailey Kim Senior Investment Analyst BEcon CA Matthew Haupt Lead Portfolio Manager BCom GradDip App Fin CFA John Ayoub Portfolio Manager LLB BA GradCert App Fin Damien Boey Portfolio Strategist BEc (Hons 1) LLB (Hons 1)
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The Fund provides investors exposure to an actively managed investment portfolio, comprised of large-cap companies listed on the ASX predominately within the S&P/ASX 200 Index, and the investment management expertise of Wilson Asset Management. The investment portfolio consists of companies with compelling fundamentals, a robust macroeconomic thematic and a catalyst. Inception date: October 2023 Investment team Recommended Our proven investment process The Wilson Asset Management Leaders Fund investment process combines a top-down macroeconomic analysis with Wilson Asset Management’s proven fundamental research and market positioning investment process. Investment Grade Anna Milne Deputy Portfolio Manager BCom CFA Hailey Kim Senior Investment Analyst BEcon CA Matthew Haupt Lead Portfolio Manager BCom GradDip App Fin CFA John Ayoub Portfolio Manager LLB BA GradCert App Fin Damien Boey Portfolio Strategist BEc (Hons 1) LLB (Hons 1)
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Inception date: February 2025 The Fund provides investors with exposure to an actively managed investment portfolio, comprised of companies listed predominantly on the ASX. The investment portfolio consists of companies with compelling fundamentals, demonstrable alignment between founders or management and shareholders, and an identified catalyst which can contribute to a rerating of the share price. Founder owns more than 10% or $20 million of the company Founder holds an executive or Board position Founder has not sold more than 25% of the holding in the last 12 months Aligned interest with minority shareholders Alignment of interest with founder Wilson Asset Management Founders Fund utilises Wilson Asset Management's proven investment process of identifying undervalued growth companies with a catalyst for medium-to-long term rerating of the share price. 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. Investment team Our proven investment process Cooper Rogers Senior Investment Dealer BCom GradDip App Fin Chris Marsden Investment Dealer BBus (Fin & Econ) Sophia Mulligan Investment Analyst BAcc (Acc & Econ) Oscar Oberg Lead Portfolio Manager LLB BBus CFA Tobais Yao Portfolio Manager BBCom CFA Shaun Weick Deputy Portfolio Manager BBus (Fin) CA
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Australia’s first listed investment companies that offer both investment and social returns. Blending best-in-class investment management with best-in-class philanthropy, Future Generation gives you access to leading fund managers, who waive management and performance fees, so you can support Australian non-profits – without compromising your investment returns. Highly diversified investment portfolios Lower volatility Stream of fully franked dividends Lower concentration risk
Invest with leading Australian fund managers while supporting young children facing adversity Invest with leading global fund managers while supporting the mental health and wellbeing of young Australians Invest with leading women fund managers while supporting economic equality for Australian women and their children ASX: FGX ASX: FGG TRUST Partnering with CommSec to rebate brokerage on Buys through the CommSec platform Do well. Do good. Join us and invest. $175 million+ Total savings on management fees, performance fees and service provider fees forgone $1.4 billion Assets under management $100 million+ social investment since inception Subscribe to our latest news and insights: Scan the QR code or visit futuregeninvest.com.au Follow us on:
ASX: FGX Listed September 2014 Diversified Australian equities Future Generation Australia gives investors access to an actively managed, diversified Australian equities portfolio, with lower volatility and concentration risk than the Australian market while supporting not-for-profit organisations helping Australia's most vulnerable children to overcome adversity and thrive. Provides exposure to leading Australian fund managers: Supports social impact partners helping Australia's most vulnerable children: Research Ratings Investment Grade Recommended Highly Recommended
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Supports social impact partners that promote wellbeing and prevent mental ill-health in young Australians: Research Ratings Provides exposure to leading global fund managers: Recommended Recommended+ Investment Grade ASX: FGG Listed September 2015 Diversified global equities Future Generation Global gives investors access to an actively managed, diversified global equities portfolio, with lower volatility and concentration risk, while supporting not-for-profit organisations that promote wellbeing and prevent mental ill-health in young Australians.
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Australian equities: Global equities: Eligible Investors: For wholesale and sophisticated investors only. Future Generation Women is open for investment, with a minimum investment amount of AUD $250,000. For further information please contact Future Generation by emailing: info@futuregeninvest.com.au or calling +61 9247 9202. Diversified Australian and global equities Future Generation Women is an unlisted investment trust that aims to deliver solid investment returns, while making tangible strides towards gender equality in Australia. The first of its kind in Australia, the Fund focuses on achieving a combination of income and capital growth over the medium-to-long term by investing in Australian and global equities. The Fund is managed exclusively by women portfolio managers who, by waiving their usual management and performance fees, enable Future Generation Women to donate 1% of assets annually to non-profits that advance economic equality and opportunity for women and their children in Australia.
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Bear market, “Bearish” Pessimistic market sentiment, characterised by falling share prices. Bear markets often predict an economic downturn. Benchmark A standard against which performance can be measured, usually an index that averages the performance of companies in a stock market or segment of the market. Bull market, “Bullish” Optimistic market sentiment, characterised by rising share prices and investor confidence on the expectation that strong returns will continue. Dividend reinvestment plan (DRP) The opportunity for shareholders to invest all or part of their dividend in new shares in a company. By participating in a DRP, shareholders will receive shares instead of a cash dividend without paying any brokerage fees. Shares can be offered at a discount to the current market price of the company. Dividend yield The annual dividend amount expressed as a percentage of the share price at a certain point in time. This is calculated as follows: Annual dividend amount per share ÷ share price Ex/cum dividend Shares trade cum dividend when the dividend of a company is announced, but not yet paid. If you purchase shares during this period, you will be entitled to receive the dividend. If you purchase shares on or after the ex-dividend date, the previous owner of the shares is entitled to the dividend. A company’s share price usually falls on the exdividend date by an amount equal to or near the dividend. Key investment terms
Key investment terms Franking credits Franking credits (also known as imputation credits) are tax credits attached to franked dividends that companies distribute to their shareholders. These credits represent the tax the company has already paid on its profits, which helps to avoid double taxation of those profits once distributed to shareholders. Shareholders can use franking credits to offset their income tax liabilities. Grossed-up dividend yield Grossed up dividend yield includes the value of franking credits and is based on the corporate tax rate (generally 30.0%) assuming the dividend is fully franked. This is calculated as follows: Annual dividend yield ÷ (1 - the corporate tax rate of 30.0%) Investment grade corporate notes and bonds Debt instruments issued by corporations with a high credit rating (BBB- or higher by Standard & Poor’s). They offer regular interest payments and return the principle at maturity and are generally considered lower risk compared to high-yield bonds. Investment portfolio performance Investment portfolio performance measures the growth of the underlying portfolio of investments and cash before expenses, fees, taxes and capital management initiatives, to compare to the relevant benchmark which is before expenses, fees and taxes. Leverage The use of debt as a funding source. A highly leveraged firm has a higher ratio of debt-to-equity or debt-to-earnings. Listed investment company (LIC) LICs are corporate entities in a ‘company’ structure providing a permanent and stable closed-end pool of capital, 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 code, also known as a ‘ticker’.
Key investment terms Net tangible assets (NTA) The aggregate of a company’s assets (i.e. cash and investments) less its liabilities and current and deferred income tax. The NTA represents the value of the company and is announced on the ASX to shareholders each month. NTA after tax The NTA of a company, inclusive of current and deferred income tax assets or liabilities. NTA before tax The NTA of a company, exclusive of current and deferred income tax assets or liabilities. The NTA before tax represents the investment portfolio of the company, i.e. cash and investments, less any associated liabilities excluding tax, and is themost comparable figure for a LIC to an exchange traded fund (ETF) or managed fund. Share price discount or premium Listed investment company shares are traded on the ASX and a LIC has a fixed amount of capital. At times, the LIC’s share price can fluctuate above or below its NTA value. When the share price is above the NTA of the company, the LIC is trading at a premium to NTA. When the share price is below the NTA, the LIC is trading at a discount to NTA. This is calculated as follows: (Share price - NTA before tax) ÷ NTA before tax Total shareholder return (TSR) Total share price return to shareholders, assuming all dividends received were reinvested without transaction costs and the compounding effect over the period. This measure is calculated before and after the value of franking credits attached to dividends paid to shareholders. This is calculated as follows: (Closing share price - starting share price + dividends paid + franking credits) ÷ starting share price Note: TSR reported in the Annual Report and media release is calculated monthly, using the above formula, and includes the effect of compounding over the period.
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Lonsec Disclaimer The Lonsec Ratings presented in this document are published by Lonsec Research Pty Ltd (Lonsec) (ABN 11 151 658 561, AFSL 421 445). The Ratings are limited to "General Advice" (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial products. Past performance information is for illustrative purposes only and is not indicative of future performance. They are not a recommendation to purchase, sell or hold products, and you should seek independent financial advice before investing in these products. The Ratings are subject to change without notice and Lonsec assumes no obligation to update the relevant documents following publication. Lonsec receives a fee from the Fund Manager for researching the products using comprehensive and objective criteria. For further information regarding Lonsec's Ratings methodology, please refer to our website at https://www.lonsec.com.au/fund-manager/investment-product-ratings. Zenith Disclaimer The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) ("Zenith") ratings referred to in this piece is limited to "General Advice" (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant products). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the RDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith's methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines. Independent Investment Research (IIR) Disclaimer The rating ascribed by IIR is provided under the Annual LIC Research Participation Scheme whereby the LIC Manager provides information and IIR rating is monitored on a monthly basis to ensure its currency. The manager is a participant and as such this rating is current. Please note an ascribed rating does not constitute advice in any form. We recommend to any reader that no investment decisions are made on this fund without seeking advice from your Wealth Manager. Equity Trustees Limited Disclaimer Equity Trustees Limited (“Equity Trustees”) (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for each of Future Generation Women, Wilson Asset Management Founders Fund and Wilson Asset Management Leaders Fund. Equity Trustees is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This booklet has been prepared by Future Generation Women, Wilson Asset Management Founders Fund and Wilson Asset Management Leaders Fund to provide you with general information only. In preparing this booklet, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Future Generation Women, Wilson Asset Management Founders Fund and Wilson Asset Management Leaders Fund, Equity Trustees nor any of their related parties, employees or directors, provide and warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statements and target market determination before making a decision about whether to invest in these products.
Wilson Asset Management +61 2 9247 6755 info@wilsonassetmanagement.com.au wilsonassetmanagement.com.au Future Generation +61 2 9247 9202 info@futuregeninvest.com.au futuregeninvest.com.au
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