WAM ACTIVE LIMITED — Net Asset Value 2015

Oct 13, 2015

AS AT 30 SEPTEMBER 2015

Investment Update & Net Tangible Assets Report

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Performance

Performance
							Since
Performance at		Fin			3 Yrs	5 Yrs	Inception %pa
30 September 2015	1 Mth	YTD	6 Mths	1 Yr	%pa	%pa	(Jan-08)
WAA Investment Portfolio*	0.5%	3.2%	3.0%	8.9%	12.8%	11.1%	12.1%
S&P/ASX All Ordinaries Accumulation Index	-2.5%	-5.8%	-11.7%	-0.2%	9.3%	6.3%	1.3%
Outperformance	+3.0%	+9.0%	+14.7%	+9.1%	+3.5%	+4.8%	+10.8%
UBS Bank Bill Index	0.2%	0.5%	1.1%	2.5%	2.7%	3.5%	4.1%
Outperformance	+0.3%	+2.7%	+1.9%	+6.4%	+10.1%	+7.6%	+8.0%

• Investment performance and Index returns are before expenses, fees and taxes.

Professional Planner / Zenith Fund Awards 2015

Wilson Asset Management won the Listed Investment Company category at the Professional Planner / Zenith Fund Awards 2015 on Friday 9 October 2015 for the second year in a row. We are delighted to be recognised for our work and would like to thank our shareholders for their ongoing support.

Net Tangible Assets (NTA) figures

The following NTA figures are before the 2.5 cents per share fully franked final dividend due to be paid on 30 October 2015. The shares will trade ex dividend on 19 October 2015.

dividend on 19 October 2015.
NTA before tax	100.54c
NTA after tax and before tax on unrealised gains	101.76c*
NTA after tax	101.70c**

~~*~~ Includes tax assets of 1.22 cents per share.

**Includes the net effect of 1.22 cents of tax assets and 0.06 cents of tax liabilities per share.

Market overview

The poor performance of the Australian equity market continued in September with the S&P/ASX All Ordinaries Accumulation Index falling 2.5%. The first quarter of the 2015-16 financial year was the worst quarter since 2011 with a 5.8% fall. The domestic resources and energy sectors lagged and the banks continued their fall after strong outperformance in recent years.

The Reserve Bank of Australia opted to hold the cash rate steady at its meeting on 6 October 2015. We believe over the next year we will see further reductions to the cash rate. There are growing calls for more interest rate cuts to drive corporate earnings growth and lift consumer confidence given the softness of recent economic data in Australia.

WAM Active Limited

WAM Active Limited
ASX Code	WAA
Listed	Jan 2008
Gross assets	$35.3m
Market cap	$34.0m
Share price	$0.98
NTA before tax	$1.01
Shares on issue	34,693,760
Fullyfranked final dividend(FY2015)	2.5c

Investment objectives

• Deliver a regular income stream via fully franked dividends

• Provide a positive return with low volatility, after fees, over most periods of time

• Preserve capital

Company overview

WAM Active Limited (ASX: WAA) is a Listed Investment Company managed by Wilson Asset Management Group. Listed in January 2008, WAA provides investors with exposure to an active trading style with the aim of achieving a sound return with a low correlation to traditional markets.

Investment & Management Team

Geoff Wilson Chairman/Portfolio Manager

Kate Thorley Chief Executive Officer/ Company Secretary

Chris Stott Chief Investment Officer/ Portfolio Manager

Martin Hickson Senior Equity Analyst/Dealer

Matthew Haupt Senior Equity Analyst

Tobias Yao Equity Analyst

James McNamara Communications Manager

Despite the heightened volatility and recent poor performance in equities, our cash levels will assist us in preserving capital while also providing the flexibility to act on opportunities as they emerge. We have been selectively adding to positions in recent weeks with the share market now 18% off the late April highs.

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AS AT 30 SEPTEMBER 2015

Investment Update & Net Tangible Assets Report

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Diversified portfolio

Diversified portfolio
August 2015 Investment Type $m %	September 2015
	$m %
Listed Equities 24.8 69.3	25.6 71.1
Fixed Interest & Cash 11.0 30.7	10.4 28.9
Long Portfolio 35.8 100.0
	36.0 100.0
Short Portfolio (0.3) (0.7)
	(0.7) (1.9)
Gross Assets $35.5m
	$35.3m
Total shares on issue 34,693,760
	34,693,760

Top holdings

Top	holdings
		Market	Market Value
Code	Company	Value	as % Gross
		$	Assets
HHV	Hunter Hall Global Value Limited	2,370,584	6.7%
CYA	CenturyAustralia Investments Limited	1,431,348	4.1%
BAP	Burson GroupLimited	1,116,904	3.2%
SRX MYX	Sirtex Medical Limited Mayne Pharma Group Limited	1,076,917 1,014,661	3.0% 2.9%
MYR	Myer Holdings Limited	1,011,197	2.9%
BKL	Blackmores Limited	922,842	2.6%
AOG	Aveo Group	790,884	2.2%
ALL	Aristocrat Leisure Limited	767,668	2.2%
GTY	GatewayLifestyle Group	747,231	2.1%
SGF	SG Fleet Group Limited	732,721	2.1%
SDG	Sunland Group Limited	729,584	2.1%
OFX	Ozforex Group Limited	724,312	2.0%
MMS	McMillan Shakespeare Limited	711,407	2.0%
HFA	HFA Holdings Limited	709,360	2.0%
ADH	Adairs Limited	699,562	2.0%
PMV	Premier Investments Limited	681,654	1.9%
GJT	Galileo Japan Trust	680,061	1.9%
TGG	Templeton Global Growth Fund Limited	652,903	1.8%
SRF	Surfstitch Group Limited	573,724	1.6%

Sector allocation

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28.9%
33.3%
-1.9%
1.0%
3.4%
3.6%
4.5% 17.4%
7.9%
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Financials 33.3% Consumer Discretionary 17.4% Health Care 7.9% Industrials 4.5% Information Technology 3.6% Consumer Staples 3.4% Materials 1.0% Short Stock -1.9% Cash and Fixed Interest 28.9%

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Investment Update & Net Tangible Assets Report AS AT 30 SEPTEMBER 2015

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Dividends

On the 27 August 2015, the Company announced a fully franked final dividend of 2.5 cents per share. The final dividend will be paid on 30 October 2015 and will trade ex dividend on 19 October 2015. The dividend reinvestment plan (DRP) will operate without a discount for the final dividend. The last election date for the DRP will be 22 October 2015.

WAM Active dividends since inception

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Cents per share
12.0
10.0
8.0
6.0
4.0
2.0
0.0
2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15
Return of Capital Fully franked dividends
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The Directors intend to pay an interim dividend in FY2016, which will be announced with the release of WAA’s half year results in February 2016, provided the Company has sufficient profit reserves and franking credits, and it is within prudent business practices.

Key dividend dates

Ex date: 19 October 2015 Record date: 21 October 2015 Last election date for DRP: 22 October 2015 Payment date: 30 October 2015

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Investment Update & Net Tangible Assets Report

AS AT 30 SEPTEMBER 2015

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Upcoming investor presentations

Date	City	Location	Time
Thursday 19 November 2015	Perth	Parmelia Hilton 14 Mill Street	10:00am – 12:00pm
Tuesday 24 November 2015	Sydney	Wesley Centre Auditorium 220 Pitt Street	WAA AGM 9:30am – 10:00am Presentation 11:00am – 12:30pm
Wednesday 25 November 2015	Adelaide	The Playford 120 North Terrace	10:00am – 12:00pm
Thursday 26 November 2015	Melbourne	Rydges Melbourne 186 Exhibition Street	10:00am – 12:00pm
Friday 27 November 2015	Brisbane	Brisbane Convention & Exhibition Centre Cnr Merivale & Glenelg Street South Bank	10:00am – 12:00pm
Monday 30 November 2015	Canberra	Belconnen Premier Inn 110 Benjamin Way Belconnen	10:00am – 12:00pm

If you wish to attend one of our investor presentations, please RSVP by email to info@wamfunds.com.au or call our office on (02) 9247 6755.

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