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WAM Strategic Value (WAR) investor relations material
WAM Strategic Value H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Portfolio delivered a solid performance, up 8.6% for the year, with notable gains from investments like Global Data Centre and active trading in discounted listed investment companies (LICs).
Operating profit before tax reached $12.4m for FY2025.
Fully franked dividends since inception total 15.75 cps, or 22.5 cps including franking credits.
Share price currently trades at a discount to NTA ($1.26 at July-end), while look-through asset value is estimated at $1.52.
Ongoing shareholder engagement and communication are prioritized to close the share price discount and potentially achieve a premium to NTA.
Financial highlights
Portfolio returned 8.6% for the year, trailing the market but outperforming during market downturns.
Cash position at end of June was 15.8%, rising to nearly 28% at the start of FY25/26.
Fully franked full year dividend yield was 5.3%, with a grossed-up yield of 7.6% based on a $1.13 share price.
Largest positions include WAM Global (about 20% of portfolio), with top five holdings making up around 60% of the fund.
Share price traded at a 13.2% discount to pre-tax NTA at 31 July 2025.
Outlook and guidance
Management remains cautious, holding high cash levels due to elevated equity markets and a higher hurdle for new investments.
Focus remains on identifying clear catalysts for value realization and maintaining a disciplined, bottom-up investment approach.
Dividend payment dates for the 3.0cps fully franked final dividend are set for October 2025.
Potential for monthly dividends is under consideration, but only if it benefits shareholders.
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