WAM Alternative Assets (WMA) H2 2025 earnings summary

Executive summary

• Portfolio delivered a little over 5% return for the year to June 2025, with since-inception performance at 8.9% per annum and lower volatility than equities.

• Dividend increased above market expectations, reflecting board and manager confidence in future distributions.

• Portfolio has undergone a revitalization phase, shifting from legacy Blue Sky assets to a broader alternatives mandate.

• Share register now consists of 70% new investors since 2020, with strong alignment and support for the current strategy.

Financial highlights

• Portfolio return for FY25 was just over 5%.

• Since Wilson Asset Management took over, cumulative dividends paid are just under $0.30 per share.

• Dividend coverage exceeds two and a half years, with a healthy profit reserve.

• Discount to NTA narrowed from over 30% to around 12-13%.

Outlook and guidance

• Optimism for continued solid dividends and asset growth.

• Transaction activity in private equity and real estate is increasing, with more attractive opportunities expected.

• Water rights outlook is positive due to government buybacks and rising prices.

• Cash balance expected to trend down as commitments are called, with a treasury tool to enhance returns.