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WAM Research Limited (WAX) is a listed investment company primarily investing in small to medium sized industrial companies listed on the ASX. The investment objectives are to provide a growing stream of fully franked dividends and to achieve a high real rate of return, comprising both income and capital growth, within risk parameters acceptable to the Directors.
| Quick Facts as at 30 April 2012 |
| Fund Size (millions) |
$104.3m* |
| Net Assets per share (before tax) |
$0.85 |
| Share price as at 23 May 2012 09:36 AM |
$0.73 |
| Current Equity Exposure |
63.7% |
| Fully Franked Annualised Interim Dividend (cents per share) |
6.5 |
| Current annualised fully franked dividend yield |
8.90% |
*This is after the payment of the 3.25 cents per share fully franked interim dividend during the month.
| Perfomance as at 30 April 2012 |
1 Mth
% |
6 Mths
% |
Fin YTD
% |
1Yr
% |
3 Yrs
% |
5 Yrs
% |
Since
Incep
% |
| WAX Investment Portfolio |
+0.2% |
+9.3% |
+6.3% |
+2.0% |
+14.5% |
-1.6% |
+4.7% |
S&P/ASX 300 Industrials
Accumulation Index |
+2.0% |
+8.8% |
+6.2% |
+2.9% |
+11.7% |
-3.7% |
+6.9% |
| Outperformance |
-1.8% |
+0.5% |
+0.1% |
-0.9% |
+2.8% |
+2.1% |
-2.2% |
S&P/ASX Small Industrials
Accumulation Index |
-0.0% |
+12.4% |
+6.4% |
+2.5% |
+13.3% |
-6.7% |
+5.9% |
| Outperfomance |
+0.2% |
-3.1% |
-0.1% |
-0.5% |
+1.2% |
+5.1% |
-1.2% |
|
Top 10 Holdings as at 30 April 2012
|
| NAB |
National Australia Bank Ltd |
5.6%
|
MMS |
McMillan Shakespeare Ltd |
2.8%
|
|
APE
|
AP Eagers Ltd |
4.9%
|
ARP |
ARB Corporation Ltd |
2.7%
|
| BRG |
Breville Group Ltd |
3.8%
|
SKE |
Skilled Group Ltd |
2.5%
|
| LDW |
Ludowici Ltd |
2.9%
|
WEB |
Webjet Ltd |
2.3%
|
| RKN |
Reckon Ltd |
2.8%
|
AMM |
Amcom Telecommunication Ltd |
2.3%
|
Investment Strategy
- Research Driven investing, where we undertake extensive research (over 750 meeting with companies per year), focusing on the free cashflow then rating the company with respect to management, earnings growth potential, valuation and industry position. We buy when we can identify a catalyst or an event that will change the valuation the market gives to the company. We sell once teh company reaches our valuation.
- Investment Driven investing is where the investee company has a sustainable business model, a track record of profit making and dividends, generates positive free cash flow, acceptable financial strength and generates a sound return on equity.