WAM ACTIVE LIMITED — Net Asset Value 2015

Sep 13, 2015

Investment Update & Net Tangible Assets Report AS AT 31 AUGUST 2015

Performance

Performance
							Since
Performance at		Fin			3 Yrs	5 Yrs	Inception %pa
31 August 2015	1 Mth	YTD	6 Mths	1 Yr	%pa	%pa	(Jan-08)
WAA Investment Portfolio*	-1.1%	2.8%	3.4%	5.3%	13.1%	11.6%	12.2%
S&P/ASX All Ordinaries Accumulation Index	-7.3%	-3.4%	-9.4%	-3.0%	11.0%	7.9%	1.7%
Outperformance	+6.2%	+6.2%	+12.8%	+8.3%	+2.1%	+3.7%	+10.5%
UBS Bank Bill Index	0.2%	0.4%	1.1%	2.5%	2.8%	3.5%	4.1%
Outperformance	-1.3%	+2.4%	+2.3%	+2.8%	+10.3%	+8.1%	+8.1%

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

Net Tangible Assets (NTA) figures

Net Tangible Assets (NTA) figures
NTA before tax 100.27c
NTA after tax and before tax on unrealised gains 101.44c*
NTA after tax 101.41c**

These figures are after the payment of $323k (0.93 cents per share) in tax during the month. *Includes tax assets of 1.17 cents per share.

**Includes the net effect of 1.17 cents of tax assets and 0.03 cents of tax liabilities per share.

Market overview

The S&P/ASX All Ordinaries Accumulation Index fell 7.3% in August, making it the worst performing month since the start of the global financial crisis. Australia followed the global sell off as China’s economic growth weakened and commodity prices continued to fall.

August also saw a poor 2015 financial year reporting season underscored by downbeat company outlook statements and short-term volatility around result announcements.

Despite the challenging conditions, we are well placed to act on opportunities in the market as they arise.

Final dividend key dates

The Company announced a fully franked final dividend of 2.5 cents per share on 27 August 2015. The key dates are:

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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WAM Active Limited

WAM Active Limited
ASX Code	WAA
Listed	Jan 2008
Gross assets	$35.5m
Market cap	$33.3m
Share price	$0.96
NTA before tax	$1.00
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

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AS AT 31 AUGUST 2015

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Investment Update & Net Tangible Assets Report

Diversified portfolio

Diversified portfolio
July 2015 Investment Type $m %	August 2015
	$m %
Listed Equities 31.0 84.2	24.8 69.3
Fixed Interest & Cash 5.8 15.8	11.0 30.7
Long Portfolio 36.8 100.0%
	35.8 100.0%
Short Portfolio (0.5) (1.4)
	(0.3) (0.7)
Gross Assets $36.3m
	$35.5m*
Total shares on issue 34,693,760
	34,693,760

*This figure is after the payment of $323k (0.93 cents per share) in tax during the month.

Top holdings

Top	holdings
		Market	Market Value
Code	Company	Value	as % Gross
		$	Assets
HHV	Hunter Hall Global Value Limited	2,585,855	7.3%
SRX	Sirtex Medical Limited	1,475,504	4.2%
CYA	CenturyAustralia Investments Limited	1,467,585	4.1%
BAP	Burson GroupLimited	1,376,555	3.9%
MYX	Mayne Pharma Group Limited	1,093,854	3.1%
PMV	Premier Investments Limited	1,078,750	3.0%
MMS BKL AOG	McMillan Shakespeare Limited Blackmores Limited Aveo Group	973,304 927,360 820,395	2.7% 2.6% 2.3%
SGF	SG Fleet GroupLimited	737,672	2.1%
ADH	Adairs Limited	718,181	2.0%
SDG	Sunland Group Limited	715,462	2.0%
OFX	Ozforex Group Limited	713,707	2.0%
GTY	GatewayLifestyle Group	713,177	2.0%
TGG	Templeton Global Growth Fund Limited	670,481	1.9%
GJT	Galileo Japan Trust	664,779	1.9%
HVN	Harvey Norman Holdings Limited	645,475	1.8%
SRF	Surfstitch Group Limited	640,600	1.8%
FXJ	Fairfax Media Limited	639,806	1.8%
HFA	HFA Holdings Limited	639,551	1.8%

Sector allocation

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30.7%
30.0%
-0.7%
0.4%
2.3%
15.0%
4.7%
7.2%
9.7%
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Financials 30.0% Consumer Discretionary 15.0% Health Care 9.7% Industrials 7.2% Consumer Staples 4.7% Information Technology 2.3% Materials 0.4% Short Stock -0.7% Cash and Fixed Interest 30.7%

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Investment Update & Net Tangible Assets Report AS AT 31 AUGUST 2015

Dividends

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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.

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.

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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