Wam Leaders (WLE) Investor presentation summary

FY2026 financial highlights

• Investment portfolio delivered a 14.0% return for the year to 30 June 2026, outperforming the benchmark by 7.9%.

• Total shareholder return, including franking credits, reached 24.7% for FY2026.

• Fully franked full year dividend increased to 9.6 cents per share, with a grossed-up yield of 10.3% on the issue price.

• 96.5 cents per share in dividends paid since inception, including franking credits.

• Placement of up to $200 million at $1.325 per share, a 5% discount to the latest share price.

Long-term performance and portfolio positioning

• Since inception, the portfolio has outperformed the S&P/ASX 200 Accumulation Index by 2.9% per annum.

• Active sector allocations overweight materials, real estate, and consumer discretionary, underweight financials and utilities.

• Top holdings include BHP, Commonwealth Bank, Rio Tinto, Wesfarmers, and Goodman Group.

• Portfolio held 5.2% in cash as of 31 July 2026.

• Investment approach is disciplined, repeatable, and focused on capital growth, preservation, and fully franked dividends.

Market outlook and investment strategy

• Policy uncertainty and government intervention are seen as sources of valuation dislocations and opportunities.

• Reporting season expected to catalyze a rotation to value stocks as valuation dispersion remains high.

• Preference for value and dividend exposures over growth stocks amid inflation and rate uncertainty.

• Cautious on growth stocks trading like cyclicals and wary of momentum trades in high-uncertainty environments.

• Real estate investment trusts (REITs) favored if Australian rates fall, with development and retail REITs most sensitive.