Full Year 2025 Wam Alternative Assets Ltd Earnings Call Transcript
Key Points
- WAM Alternative Assets Ltd (ASX:WMA) reported a portfolio performance increase of over 5% for the year ending June 2025.
- The company increased its dividend, exceeding market expectations, reflecting confidence in future dividend growth.
- Since Wilson Asset Management took over in 2020, the portfolio has delivered an annual return of 8.9% with less volatility than Australian equities.
- The company has successfully diversified its portfolio, reducing water entitlements from 40% to 10-15% and increasing real estate exposure to over 11%.
- The share register has significantly improved, with 70% of shareholders being new since Wilson Asset Management took over, indicating strong support for the company's strategy.
- The portfolio's performance in the last couple of years has been weaker due to initial strong private equity exits and water rights underperformance.
- The company is still trading at a discount to NTA, although the discount has decreased from over 30% to around 12-13%.
- There is uncertainty surrounding the upcoming AGM vote on whether the company should continue or be liquidated, which may affect investor confidence.
- The revitalization phase required a conservative cash management approach, impacting immediate investment opportunities.
- The company faces challenges in timing cash flows to meet capital commitments due to the unpredictable nature of private equity exits.
Good afternoon everyone, and thank you very much for joining us for the WAM Alternative Assets full year 2025 webinar. I mean, as you all know, this is your company, and we're pleased to provide you with the opportunity to ask any questions you want.
I'm Chairman of Wilson Asset Management, and I'm here in my capacity as that and a director of WAM Alternative Assets. I'm also here with my fellow workmate, Nick Kelly, who runs the portfolio, and also Olivia Harris, who works at the senior level in our communications and marketing team.
So I'll do a little bit of an introduction, then we'll pass over to Nick. And look, thank you already, we've had a lot of questions come in. Any other questions anyone has, please send them in, and we can try to answer them through the presentation.
If you look at -- we're here to report on the full year result to the end of June 2025, the year to June 2025. If you look at the portfolio performance, on the surface, you may not be overly excited. The portfolio was up a little over 5%, a
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