LIC & LIT WAM Research Limited (WAX)

Zenith Product Assessment:

http://wilsonassetmanagement.com.au...AM-Research-Limited-PAR-Final-6-June-2016.pdf

 

i hold WAX ( at no cash risk )

i bought in Sept. 2011 @ 70c and although this has been a wonderful yield play

Balance Date Dividend Type Cents per share Ccy Franked % Ex-Dividend Date Books Close Date Pay Date
30/06/2016 Final 4.250 AUD 100.00 17/10/2016 18/10/2016 28/10/2016
31/12/2015 Interim 4.250 AUD 100.00 13/04/2016 14/04/2016 29/04/2016
30/06/2015 Final 4.000 AUD 100.00 12/10/2015 14/10/2015 23/10/2015
31/12/2014 Interim 4.000 AUD 100.00 18/05/2015 20/05/2015 28/05/2015
30/06/2014 Final 3.750 AUD 100.00 13/10/2014 15/10/2014 24/10/2014
31/12/2013 Interim 3.750 AUD 100.00 11/04/2014 17/04/2014 30/04/2014
30/06/2013 Final 3.500 AUD 100.00 18/10/2013 24/10/2013 31/10/2013
31/12/2012 Interim 3.500 AUD 100.00 08/04/2013 12/04/2013 19/04/2013
30/06/2012 Final 3.250 AUD 100.00 08/10/2012 12/10/2012 19/10/2012
31/12/2011 Interim 3.250 AUD 100.00 10/04/2012 16/04/2012 23/04/2012

it has done so by taking higher risks ... so i reduced my cash risk , but let the profits run ( via the DRP )

like my splurge in MQG take the risk ( but rescue that cash if successful )

WAX is a high turn-over LIC and may not have a single holding left from when i entered ( 5 years back )

( DYOR )

 

I thought WAX was lower turn over than the rest of the Wilson stable. Can't quantify as I haven't looked closely.

 

***Given Wilson AM's absolute return approach, WAX has the flexibility to invest across the full sector and market capitalisation spectrum. WAX will naturally tilt towards small/micro cap stocks and may hold significant levels of cash if opportunities cannot be found. WAX will typically hold between 20 to 60 stocks and exhibit portfolio turnover of between 40% p.a. to 90% p.a. ***

from the Zenith report

WAX As at 31 Aug 2016

Code Company % Portfolio
SIQ Smartgroup Corporation Limited 4.4
NCK Nick Scali Limited 4.2
CCP Credit Corp Group Limited 3.4
RCG RCG Corp Limited 3.4
SGF SG Fleet Group Limited 3.2
AAD Ardent Leisure Group 3.0
VTG Vita Group Limited 3.0
ECX Eclipx Group Limited 2.9
CL1 Class Limited 2.9
PME Pro Medicus Limited 2.6
HLO Helloworld Limited 2.5
ONE Oneview Healthcare PLC 2.3
PSI PSC Insurance Group Limited 2.2
SXL Southern Cross Media Group Limited 2.1
SDF Steadfast Group Limited 2.0
WEB Webjet Limited 1.9
FAN Fantastic Holdings Limited 1.7
SLC Superloop Limited 1.7
CVW ClearView Wealth Limited 1.6
BBN Baby Bunting Group Limited 1.3

courtesy of Paterson's

**** Wilson Asset Management LICs (ASX: WAM, WAX & WAA) attributes its low standard deviation to holding a significant amount of cash, in its investment portfolio; ***
courtesy of Bell Potter

Top 20 Holdings % as at 30-Jun-16
Smartgroup Corp 4.2
Mayne Pharma 3.8
Nick Scali 3.4
Reliance Worldwide Corp 3.3
Class 3.1
Eclipx Group 3.1
Credit Corp Group 3.0
Southern Cross Media 3.0
RCG Corp 3.0
Steadfast Group 2.8
Vocus Communications 2.8
SG Fleet Group 2.8
Vita Group 2.7
Ardent Leisure Group 2.7
The Reject Shop 2.2
Pro Medicus 2.2
PSC Insurance Group 2.0
Helloworld 1.9
Austal 1.6
ClearView Wealth 1.5
% of Total 55.1

courtesy of Bell Potter

that said the approach has been successful ( but logic suggests a poor choice is possible by the increased stock transactions .)

i also hold
CCP ( at no cash risk )
RCG ( at no cash risk )
PME ( at no cash risk )
TRS ( at reduced cash risk )