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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.
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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.

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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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