Full Year 2025 Wam Global Ltd Earnings Call Transcript
Key Points
- WAM Global Ltd (ASX:WGB) reported a fund increase of 19.4% for FY 2025, outperforming the MSCI World and MSCI Small Mid index.
- The company achieved a total shareholder return of 22.1%, including dividends, which is considered a pleasing result.
- WAM Global Ltd paid fully franked dividends, including a special dividend, resulting in a grossed-up dividend yield of 9.8%.
- The company successfully reduced the discount between its share price and net tangible assets (NTA) from 18% to around 1%.
- The portfolio is well-positioned with significant exposure to AI and tech sectors, including companies like Google and Intuit, which are expected to benefit from future growth in AI applications.
- The US housing market is experiencing low turnover due to many homeowners locked into low-rate mortgages, creating a supply problem.
- The consumer sector is facing challenges due to tariffs and inflation, impacting retailers and requiring selective exposure.
- The economic backdrop in China is mixed, with challenges in the property market and cautious consumer and business spending.
- The Japanese and Korean markets face demographic headwinds, with a shrinking workforce impacting certain industries.
- The market is currently narrow, with a significant portion of returns driven by a small number of stocks, indicating potential frothiness.
Good morning and welcome to the FY 2025 full-year results webinar for WAM Global. This is your company, and we're pleased to provide you with an update, and the opportunity to ask us questions. I'm Catriona Burns, Lead portfolio manager for WAM Global. With me today is Nick Healy, Portfolio Manager; William Liu, Deputy Portfolio Manager; Will Thompson, Investment Analyst, and Olivia Harris from our Corporate Affairs team who will be facilitating the Q&A.
Before we begin, a disclaimer is displayed on screen. What we talk about today is general in nature and should not be considered financial advice. In terms of the format for today, I'll start by running through the FY 2025 results before the team and I discuss recent insights.
We've been on the ground in every region around the world talking to hundreds of companies post reporting season and conference season across the world, so I have lots of insights there, and then we'll turn to Q&A, and we'll answer any of your questions.
I'd like to perhaps lead off -- by
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