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Investor Presentation November / December 2014 For personal use only

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Page 1: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

Investor Presentation

November / December 2014

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Page 2: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

Agenda

• About Wilson Asset Management

• Market Overview and Outlook

• Investment Portfolio

• WAM Capital Limited

• WAM Research Limited

• WAM Active Limited

• Investor Communications

• WAM Bag Competition

• Community Investment

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About Wilson Asset Management

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Experienced Team

Geoff WilsonB Sc GMQ FAICD FFinsiaChairman / Portfolio Manager

Kate ThorleyB Com CPA Grad Dip ACGChief Executive Officer / Company Secretary

Chris StottB Bus Grad Dip App Fin Chief Investment Officer / Portfolio Manager

Martin HicksonB Bus B CompSenior Equity Analyst / Dealer

Matthew HauptCFA B Com Grad Dip App Fin Senior Equity Analyst

Tobias YaoCFA B ComEquity Analyst

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Page 5: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

WAM Capital(ASX: WAM)

WAM Research(ASX: WAX)

WAM Active(ASX: WAA)

Gross assets $621.0m $159.2m $35.2m

Share price* $2.00 $1.13 $1.20

Pre tax NTA $1.77 $1.09 $1.01

Premium to NTA* 13.0% 3.7% 18.8%

Fully franked FY2014 dividend yield* 6.5% 6.6% 8.0%

Investment strategy Research Driven / Market Driven

Research Driven Market Driven

Our LICs

As at 31 October 2014*As at 25 November 2014 5

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Investment strategy

Research Driven Investment Strategy

Market Driven Investment Strategy

Identifying undervalued growth companies

• Low portfolio turnover

Exploiting short term market mis-pricing opportunities

• High portfolio turnover

Flexibility to hold cash if no investment opportunities identified

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Page 7: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

Capital protection strategy

*Since the change in investment strategy July 2010

7

Average cash since inception

Cash at 31 October

2014

33.9% 45.5%

37.6%* 33.5%

47.3% 54.6%

Objective to deliver risk-adjusted returns and preserve capital

• Default to cash

• Closed pool of capital

• Nimble & flexible mandate

• Use of stop losses

• Weighting of investments

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-35%

-25%

-15%

-5%

5%

15%

25%

35%

2008 2009 2010 2011 2012 2013 2014

-35%

-25%

-15%

-5%

5%

15%

25%

35%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

-35%

-25%

-15%

-5%

5%

15%

25%

35%

2010 2011 2012 2013 2014

Our LICs trading at premiums to NTAShare price trading at premium/discount

to Net Tangible Assets (pre-tax)

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Future Generation Investment Fund

9

The team launched the Future Generation Investment Fund Limited (FGX)

• Donates 1% of assets to Australian children’s charities supporting children at risk

• Team supported $200 million capital raising

• Ongoing communication with shareholders, company secretarial and admin support pro-bono

Australia’s first listed company with the dual purpose of generating a social and financial benefit

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Submission to the Financial System Inquiry

10

• Lodged two separate submissions to the Financial System Inquiry (FSI)

• Sought to advocate for the rights of retail investors

• We believe all shareholders, retail and institutional alike should have the opportunity to participate in primary capital raisings equally

• Argued that retail investors should be on a ‘level playing field’ with institutional investors by participating in primary capital raisings without the requirement of a prospectus

Advocating a ‘level playing field’ for retail investors in primary capital raisings

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Market Overview and Outlook

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Equity Market Outlook

Quantitative easing globally

Equity valuations look full

Housing bubble?

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Chinese growth slowing

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Page 13: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

US Equities

13Source: Deltec International Group

0

10

20

30

40

1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020

S&P 500 PE on Trend EPS Average +/- 1 S.D.

US Equities are expensive on trend earnings from a long term perspective

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Australian Equities

14Source: Deltec International Group

5

10

15

20

25

30

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015

ASX 200 PE on Trend Earnings Average +/- 1 S.D.

Australian Equities are expensive on trend earnings from a long term perspective

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S&P500 performance post recession

15Source: Deltec International Group

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Investment Portfolio

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Page 17: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

Top 10 Research Driven Holdings

ASX Code Company

SGH Slater & Gordon Limited

CSV CSG Limited

AHE Automotive Holdings Group Limited

GXL Greencross Limited

RFG Retail Food Group Limited

IFM Infomedia Limited

CTD Corporate Travel Management Limited

MTR Mantra Group Limited

AAD Ardent Leisure Group

ENE Energy Developments Limited As at 31 October 2014

Held in WAM Capital

and WAM Research

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Top 10 Market Driven Holdings

ASX Code Company

CYA Century Australia Investments Limited

HHV Hunter Hall Global Value Limited

HVN Harvey Norman Holdings Limited

APO APN Outdoor Group

IPE IPE Limited

GMA Genworth Mortgage Insurance Australia Limited

WIC Westoz Investment Company Limited

IBC Ironbark Capital Limited

HIL Hills Limited

ALL Aristocrat Leisure Limited

As at 31 October 2014

Held inWAM Capital

and WAM Active

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Page 19: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

Market Driven Investment Strategy

Contributors % Detractors %

HHV Hunter Hall Global Value 4.9 HIL Hills -6.5

HVN Harvey Norman Holdings 4.7 IPE IPE -4.7

GMA Genworth Mortgage Insurance Australia 2.7 CRZ Carsales.com -3.8

Top Contributors and Detractors

Research Driven Investment Strategy

Contributors % Detractors %

IFM Infomedia 11.8 GXL Greencross -2.6

SRX Sirtex Medical 9.6 FXJ Fairfax Media -1.8

SGH Slater & Gordon 8.6 SWL Seymour Whyte -1.5

194 months to 31 October 2014

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0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14

Research Driven Investee Company

Overview • Designer and manufacturer of defence and commercial ships

Background • Market Cap $450m• Order Book currently sits at $2.8bn• P/E ratio of 8.5x with growth > 15% in FY15

Catalysts • Potential expansion of the LCS program to 52 ships• Service contract wins for the JHSV and LCS programs• Potential to win Australian Navy opportunities• International market opportunities for existing builds• Repayment of debt and the recommencement of dividends

Risks • The US congress delays or cuts funding to the current ship programs• Austal is unsuccessful in securing the service contract awards

Austal Limited (ASX: ASB)

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$

Started buying at $0.85

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Market Driven Investee Company

Overview • Real Estate Investment Trust, primarily office and retail properties in Japan

Background • Recapitalisation in September 2013• 9% dividend yield• NTA: $2.19, Share price: $1.68, Discount to NTA: 23%

Catalysts • Improving Japanese economy leading to increased demand for office/retail space

• Sale of non-core assets at premium at book value• Increases to NTA from improving market conditions• Debt refinancing

Risks • Declining demand for office/retail space or decline in asset prices• Increasing AUD/JPY cross rate

Galileo Japan Trust (ASX: GJT)

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1.351.401.451.501.551.601.651.701.75

Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14

Started buying at $1.48

$

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WAM Capital Limited(ASX: WAM)

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Recent Highlights

13.0c Full year dividend

6.5% Fully franked

dividend yield*

7.6% Investment portfolio

performance**

10.6%Total shareholder return**

45.5%Current cash weighting^

*As at 25 November 2014**12 months to 31 October 2014^As at 31 October 2014 23

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Page 24: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

0.02.04.06.08.0

10.012.014.016.018.0

Ordinary fully franked dividend Special fully franked dividend Equal access share buy-back

Dividend Growth

WAM Capital Dividends since InceptionCents per share

24

• Estimated profit reserve is 22.2 cents per share and the franking account has a balance of $6,735,248.

• The Company’s ability to pay franked dividends is dependent upon the size of the profit reserve and the level of franking credits derived from franked dividends received and tax payments.

As at 31 October 2014

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Page 25: For personal use onlyAs at 31 October 2014 For personal use only. Outperformance Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs Since change in investment strategy (July 2010)

Outperformance

Performance at 31 October 2014 (% pa) 1 Yr 3 Yrs 5 Yrs 10 Yrs

Since Inception(Aug 1999)

WAM InvestmentPortfolio* 7.6% 16.9% 14.0% 13.3% 17.9%

S&P/ASX All Ordinaries Accumulation Index

5.9% 12.9% 7.9% 8.3% 8.5%

Outperformance +1.7% +4.0% +6.1% +5.0% +9.4%

*Investment performance and Index returns are before expenses, fees and taxes

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Growth of $10,000 since inception

26

- Assumes reinvestment of dividends- As at 31 October 2014

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

$100,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014WAM Capital S&P/ASX All Ordinaries Accumulation Index

All Ords Accum: $35,703

WAM: $86,582

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WAM Research Limited

(ASX: WAX)

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Recent Highlights

7.5c Full year dividend

6.6% Fully franked

dividend yield*

12.4% Investment portfolio

performance**

5.9%Total shareholder return**

33.5% Current cash weighting^

*As at 25 November 2014 **12 months to 31 October 2014^As at 31 October 2014 28

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0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Ordinary fully franked dividend Special fully franked dividend

Cents per share

Dividend GrowthWAM Research Dividends since Inception

29

• Estimated profit reserve is 24.0 cents per share and the franking account has a balance of $2,558,695.

• The Company’s ability to pay franked dividends is dependent upon the size of the profit reserve and the level of franking credits derived from franked dividends received and tax payments.

As at 31 October 2014

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Outperformance

Performance at 31 October 2014 (% pa) 1 Yr 2 Yrs 3 Yrs

Since change in

investment strategy

(July 2010)

WAX InvestmentPortfolio* 12.4% 24.5% 22.9% 18.9%

S&P/ASX All Ordinaries Accumulation Index 5.9% 14.9% 12.9% 10.4%

Outperformance +6.5% +9.6% +10.0% +8.5%

*Investment performance and Index returns are before expenses, fees and taxes

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Growth of $10,000 since change in investment strategy

31

- Assumes reinvestment of dividends- As at 31 October 2014

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

2010 2011 2011 2012 2013 2014WAM Research S&P/ASX All Ordinaries Accumulation Index

All Ords Accum: $15,567

WAX: $25,586

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Capital Management

• 1 for 2 Bonus Option Issue announced 28 October 2013

• Exercise price: $1.20 Exercise by 17 June 2015

• Options trading at: $0.015* (ASX: WAXO)

• Share price: $1.13* (ASX: WAX)

• $2.4m received to date from options exercised

*As at 25 November 201432

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WAM Active Limited(ASX: WAA)

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9.6c Full year dividend

FY2014

8.0% Fully franked

dividend yield*

3.3% Investment portfolio

performance**

15.0%Total shareholder return**

54.6%Current cash weighting^

Recent Highlights

*As at 25 November 2014**12 months to 31 October 2014^As at 31 October 2014 34

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Dividend Growth

WAM Active Dividends since Inception

35

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2008/09 2009/10 2010/11 2011/12 2012/13 2013/14

Fully franked dividends

Cents per share

• Estimated profit reserve is 1.8 cents per share and the franking account has a deficitbalance of $406,058.

• The Company’s ability to pay franked dividends is dependent upon the size of the profit reserve and the level of franking credits derived from franked dividends received and tax payments.

As at 31 October 2014

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Positive Performance

Performance at 31 October 2014 (% pa) 1 Yr 3 Yrs 5 Yrs

Since Inception

(Jan 08)

WAA InvestmentPortfolio* 3.3% 12.8% 9.3% 12.5%

S&P/ASX All Ordinaries Accumulation Index 5.9% 12.9% 7.9% 2.1%

Outperformance -2.6% -0.1% +1.4% +10.4%

UBS Bank Bill Index (cash) 2.7% 3.3% 3.9% 4.4%

Outperformance +0.6% +9.5% +5.4% +8.1%

*Investment performance and Index returns are before expenses, fees and taxes36

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Growth of $10,000 since inception

37

- Assumes reinvestment of dividends- As at 31 October 2014

$0

$5,000

$10,000

$15,000

$20,000

$25,000

2008 2009 2010 2011 2012 2013 2014

WAM Active S&P/ASX All Ordinaries Accumulation Index UBS 90 Day Bank Bill Index

UBS Bank Bill:$11,125

WAA: $20,262

All Ords Accum: $12,033

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Investor Communications

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Investor Communication

Weekly emails including market

update

Half yearly national investor

presentations

Half & full year financial results

Independent research Website wamfunds.com.au

Monthly NTA announcement & investment

update

Media

39

Industry conferences

Winner of the Listed Investment Companies category at the Professional Planner / Zenith Fund Awards 2014

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WAM Bag Competition

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Thank you to all of our entrants

41A token of our appreciation will soon be in the post

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And the winners are…

42

Phil Wharton, NSW Denzil Griffiths, VIC

Jeffrey Wilmer, QLD John Warner, NSW

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43

Community Investment

Corporate Volunteering Day with Variety• Participated in music therapy to children

with special needs at Wairoa School, Bondi

Toronto High School, Student Leader Project• Hosted 15 students, talking to them about

our journey into the workplace and providing tours of the ASX, CNBC Studio, and stockbroker offices

Geoff Wilson shaved his head • $58,000 raised to buy 16 wigs for children

with alopecia

“We are passionate about making a difference”

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DisclaimerThis presentation has been prepared for use in conjunction with a verbal presentation and should be read in that context. Information

for the graphs, charts and quoted indices contained in this presentation has been sourced from IRESS Market Technology, WAM

Capital Ltd, WAM Research Ltd and WAM Active Ltd unless otherwise stated. The information in this presentation is only intended for

Australian residents. The purpose of this presentation is to provide information only and the contents of the presentation does not

purport to provide investment advice. We strongly suggest that investors consult a financial advisor prior to making any investment

decision. The presentation does not take into account the investment objectives, financial situation or particular needs of any person

and should not be used as the basis for making investment, financial or other decisions. The information is selective and may not be

complete or accurate for your particular purposes and should not be construed as a recommendation to invest in any particular

investment or security, or Fund offered by Wilson Asset Management. The information provided in the presentation is given in good

faith and is believed to be accurate at the time of compilation. Neither Wilson Asset Management, WAM Capital Ltd, WAM Research

Ltd and WAM Active Ltd nor its directors or employees make any representation or warranty as to the accuracy, reliability, timeliness

or completeness of the information. To the extent permissible by law, Wilson Asset Management, WAM Capital Ltd, WAM Research

Ltd and WAM Active Ltd and its director and employees disclaim all liability (whether arising in contract, tort, negligence or otherwise)

for any error, omission, loss or damage (whether direct, indirect, consequential or otherwise). Performance figures quoted in the

report are past performance. Past performance is not an indicator of future performance. Neither Wilson Asset Management, WAM

Capital Ltd, WAM Research Ltd and WAM Active Ltd nor its directors or employees guarantee or make any representation as to the

performance of the Funds, the maintenance or repayment of capital, the price at which shares may trade or any particular rate of

return.

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Contact us

45

Email: [email protected]

Phone: (02) 9247 6755

Fax: (02) 9247 6855

Website:www.wamfunds.com.au

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Investor Presentation

November / December 2014

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