WAM ACTIVE LIMITED — Net Asset Value 2013

Oct 13, 2013

Investment Update & Net Tangible Assets Report AS AT 30 SEPTEMBER 2013

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Performance

WAM Active Limited

								Since
								Inception
Perform ance at				Fin		3 Yrs	5 Yrs	%pa
30 Sep WAA I Portfol S&P/A Accum tember 2013 nvestment io SX All Ordinarie* ulation Index s		1 Mth 4.2% 2.4%	6 Mths 6.1% 7.1%	YTD 11.6% 10.8%	1 Yr 23.0% 23.5%	% 13 8. pa .2% 6%	%pa 16.4% 7.0%	(Jan-08) 13.6% 0.8%
Outpe rformance		+1.8%	-1.0%	+0.8%	-0.5%	+4 .6%	+9.4%	+12.8%
UBSB Outpe ank Bill Index rformance		0.2% +4.0%	1.5% +4.6%	0.7% +10.9%	3.1% +19.9%	4. +9 1% .1%	4.2% +12.2%	4.7% +8.9%

ASX Code		W AA
Listed		Jan 2 008
Gross asse ts		$36 .2m
Market cap		$36 .9m
Share price		$1. 185
NTA before tax		$1 .14
Shares oni ssue		31,118, 811
Options on issue		1,920, 459
Fully franke d dividends (FY2 013)		9 .5c
Dividendyie ld		8 .0%

• The investment perf o rmance is bef o re expenses, f e es and taxes.

Investment objectives

Net Tangible Assets (NTA) figures

• Delive r a regular in c ome stream v ia fully fr a nked dividends

The f ollowing NT A figures ar e before the p ayment of the 4.75 cen t per share fully f ranked final dividend on 4 October 2013. The sh a res traded e x- divid e nd on 23 S e ptember 2 0 13.

• Provide a positive r e turn with low volatili t y, after fees, over most period s of time

NTAb efore tax 1 13.66c
NTAa fter tax andb efore tax onu nrealised gai ns 1 14.15c*
NTAa fter tax 1 11.14c**

• Prese r ve capital

Company overview

WAM Ac t ive Limited ( A SX: WAA) is a Listed In v estment Co m pany manag e d by Wilso n Asset Mana g ement Grou p . Listed in J anuary 2008, WAA provid e s investors with exposur e to an active trading s t yle with the a i m of achieving a sound re t urn with a lo w correlation t o tradition a l markets.

Inclu d es tax assets o f 0.49 cents per share. Includes the net eff e ct of 0.49 cent s of tax assets a nd 3.01 cents o f deferred tax l iabilities. The a b ove figures ar e after 4,040,27 3* options exercised during the month.

Market overview

In S e ptember, th e S&P/ASX A ll Ordinarie s Accumulation Index (‘I n dex’) rose 2.39 % , continuin g the market’s upward tr a jectory in r e cent month s . The Inde x ended the S eptember q uarter up 1 0 .8%, the str o ngest quar t erly performance sin c e the 2009 S eptember quarter, with f ive out of th e last six quar t ers closing i n positive te r ritory.

Investment & Management Team

Geoff Wilson

Chairma n /Portfolio Manager

Kate Thorley Chief Ex e cutive Office r Compan y Secretary

Although Republicans and D e mocrats re m ain deadlo c ked, prolon g ing the shut d own of the U nited State s governme n t, we expec t Congress w ill resolve its fiscal issues i n time restoring confiden c e to market s globally. T h e announcement b y the White H ouse that D r Janet Yell e n will be nominated by P r esident Ob a ma as the n e xt Chair of t he US Fed e ral Reserve is another posit i ve for mark e ts. Dr Yelle n is an advo c ate for usin g monetary p olicy to stim u late employ m ent which increases th e probability that the US gove r nment will c ontinue to s t imulate the e conomy th r ough its cur r ent prog r am of Quan t itative Easi n g (‘QE’).

Chris Stott Chief Inv e stment Offic e r/ Portfolio M anager

Martin Hickson Senior E q uity Analyst/ D ealer

Matthew Haupt Equity A n alyst

Mark Tobin Equity A n alyst

Corp o rate activit y has contin u ed to gathe r momentum in recent w e eks with a nu m ber of com p anies read y ing to list th e ir business e s including: Nine Ente r tainment ($ 3 billion); M e ridian Energy (NZ $3 billion); Veda ( $ 1.5 billio n ); and Dick Smith ($600 million). W e anticipate t h at between now and Chri s tmas the le v el of capital raisings will continue to i ncrease du e to vario u s strong fa c tors driving underlying i n stitutional demand.

Meredith Hemsley Corporat e Affairs

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Investment Update & Net Tangible Assets Report AS AT 30 SEPTEMBER 2013

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Portfolio structure

Por tfolio str ucture
August 20 13	Septembe r 2013
Invest ment Type $m %	$m	%
Listed Equities 22 .6 74.0	2 3.2	64.1
Fixed Interest & Ca sh 8. 0 26.0	1 3.0	35.9
Long Portfolio 30 .6 100.0%	3 6.2	100.0%
Short Portfolio (0. 0) (0.0)	( 0.0)	(0.0)
Gross Assets $30.6m	$36.2 m
Total shares on issu e 27,078,5 38	31,118 ,811
Total options on iss ue 5,960,73 2	1,920, 459

Top holding s	Top holding s					Sector
Code	Company	Mar ket Value as% Gross Asse ts
GNC	Graincorp Li mited		4.7%
CYA	Century Aus tralia Investm ents Limited		4.0%
CLO	Clough Limit ed		3.7%			35.9%
HIL	Hills Holding s Limited		3.6%
WIC	Westoz Inve stment Comp any Limited		2.6%
MFG	Magellan Fin ancial Group Limited		2.6%
ELI	Emerging Le aders Investm ents Limited		2.4%			0.1%
IPE	ING Private Equity Access Limited		2.4%			1.1 0.9% %
MQA	MacquarieA tlas RoadsG roup		2.0%			1 .8%
CYG	Coventry Gr oup Limited		2.0%			6.8% 2.3%
FKP	FKP Propert y Group		2.0%
SDG	Sunland Gro up Limited		1.9%
CSR	CSR Limited		1.8%			Financials 30
BKW	BrickworksL imited		1.8%			Industrials 21
PRT	Prime Media Group Limite d		1.6%			Consumer St
VLW	Villa WorldL imited		1.6%			Materials 2.3
TSE	Transfield S ervices Limite d		1.5%			Consumer Di
DVN	Devine Limit ed		1.4%			Energy 1.1%
WCB	Warrnambo Co.Hold.Ltd ol Cheese &B utter Factory		1.3%			Health Care Information T
INA	Ingenia Com munities Gro up		1.1%			Cash and Fix

Sector allocation

Financials 30.1% Industrials 21.0% Consumer Staples 6.8% Materials 2.3 % Consumer Discretionary 1.8% Energy 1.1% Health Care 0 .9% Information Technology 0. 1 % Cash and Fixed Interest 3 5 .9%

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Investment Update & Net Tangible Assets Report AS AT 30 SEPTEMBER 2013

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Dividends

The B oard is co m mitted to p a ying an incr e asing strea m of fully franked divide n ds to share h olders, pro v ided the Com p any has su f ficient profit reserves and franking c r edits and it i s within pru d ent busine s s practices. Dividends a r e paid o n a six-mo n thly basis a n d the divid e nd reinvest m ent plan is available to s hareholder s for both th e interim an d final divid e nd.

WAM Active Dividends since Inception

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Ce n ts per share
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
2008/09 2 009/10 2010 / 11 2011/12 2012/13
F ully franked di v idends
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On 4 October 20 1 3, the Com p any paid s h areholders a fully frank e d final divid e nd of 4.75 c ents per sh a re, an incre a se of 5.6% on the prev i ous corresponding peri o d. The final d ividend bri n gs the total dividend for FY2013 to 9 .5 cents pe r shar e and repres e nts a fully f r anked annual dividend y ield of 8.0 % , based on the last closi n g price.

Key dividend dates

Ex d a te: 23 Sept e mber 2013 Rec o rd date: 27 S eptember 2 013 Pay m ent date: 4 O ctober 2013

Option issue – exercise at any time before 12 December 2013

On 4 May 2012, t he Board a n nounced a o ne-for-one b onus issue of options to acquire ordinary share s in the capit a l of the C ompany. The options h a ve an exerc i se price of $ 1.08 per sh a re and can be exercise d at any tim e on or befor e 12 Dec e mber 2013. The options give shareholders the ri g ht, but not the obligatio n , to subscri b e for share s in WAM A c tive at $1.08 per shar e . The optio n s can be e x ercised in f u ll or in part. The options are currentl y trading on t he Australi a n Securities Excha n ge (‘ASX’) u nder the code WAAO.

As at 30 Septem b er 2013, 14,389,486 op t ions had been exercise d for a total c onsideratio n of $15,540 , 645, with th e remaining balance of outstan d ing options being 1,920,459.

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