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WAM Microcap (WMI) investor relations material
WAM Microcap H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary10 Sep, 2025
Executive summary
All funds outperformed their benchmarks in FY2025, with WAM Capital and WAM Research exceeding the Ordinaries Index by 9% and 9.2%, and the Small Ordinaries Index by 9.9% and 10.1%.
WAM Microcap outperformed the Small Ordinaries Index by 6.5%; WAM Active delivered a 26.4% portfolio return.
The investment process remains focused on undervalued growth companies with catalysts for re-rating.
The team is optimistic about small-cap outperformance, citing early signs of a rotation driven by RBA rate cuts and improved economic outlook.
Portfolio positioning is overweight in consumer discretionary, tech, and domestically focused companies.
Financial highlights
WAM Active returned 26.4% for the year; strong dividend yields across all LICs (9–11% grossed-up).
WAM Capital and WAM Research maintained partially franked dividends (~50%), with progress on rebuilding franking credits.
WAM Microcap started FY2026 positively, with WAM Active up 18.1% in the first two months.
Outlook and guidance
Positive outlook for small caps, expecting continued outperformance as interest rates fall and economic indicators improve.
Cash levels at 12% provide flexibility for new opportunities; deal and IPO activity is accelerating.
Small caps seen as attractively valued relative to large caps, with stronger earnings momentum.
Guidance for maintaining current dividend levels requires ~15% pre-fee returns annually.
Small-cap outperformance drivers and portfolio positioning
Board's dividend and franking policy rationale
AI investment strategy: Why Megaport?
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Next WAM Microcap earnings date
H1 20265 Mar, 2026
Next WAM Microcap earnings date
H1 20265 Mar, 2026
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Frequently asked questions
WAM Microcap Limited is an Australian investment company that focuses on investing in small and microcap companies listed on the Australian Securities Exchange (ASX). The company employs a research-driven, active management approach to identify undervalued or high-potential companies across various sectors. WAM Microcap seeks to deliver capital growth and income for its shareholders by building a diversified portfolio of emerging Australian businesses. The company is headquartered in Sydney, Australia, and its shares are listed on the ASX.
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