WAM ACTIVE LIMITED — Net Asset Value 2015

May 12, 2015

AS AT 30 APRIL 2015

Investment Update & Net Tangible Assets Report

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Performance

Performance
							Since Inception
Performance at			Fin		3 Yrs	5 Yrs	%pa
30 April 2015	1 Mth	6 Mths	YTD	1 Yr	%pa	%pa	(Jan-08)
WAA Investment Portfolio* S&P/ASX All Ordinaries Accumulation Index	0.4% -1.5%	5.9% 7.1%	6.2% 11.1%	7.6% 10.2%	13.4% 13.7%	10.4% 8.2%	12.5% 2.9%
Outperformance	+1.9%	-1.2%	-4.9%	-2.6%	-0.3%	+2.2%	+9.6%
UBS Bank Bill Index Outperformance	0.2% +0.2%	1.3% +4.6%	2.2% +4.0%	2.7% +4.9%	3.0% +10.4%	3.7% +6.7%	4.2% +8.3%

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

Net Tangible Assets (NTA) figures

Net Tangible Assets (NTA) figures
NTA before tax 104.24c
NTA after tax and before tax on unrealised gains 104.46c*
NTA after tax 104.44c**

*Includes tax assets of 0.22 cents per share.

**Includes the net effect of 0.22 cents of tax assets and 0.02 cents of deferred tax liabilities.

Market overview

The S&P/ASX All Ordinaries Accumulation Index closed down 1.5% in April. The banking sector weighed heavily on the market late in the month, as it reacted negatively to news of potential regulatory tightening. This led to one of the sharpest falls in a day this calendar year, wiping $20 billion off the banking sector’s market capitalisation. Unsurprisingly Westpac Banking Corporation (ASX: WBC), Commonwealth Bank of Australia (ASX: CBA), Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank (ASX: NAB) were the biggest detractors from the index in the month.

US markets continued to rally with the S&P500 gaining 0.9% and the Nasdaq 0.8% higher at the end of the month. This came despite poor US economic data with employment, inflation and GDP data weaker than expected, leading investors to once again push out expectations of an interest rate rise from the US Federal Reserve. European equity markets experienced a positive month, with strong company earnings supporting the region. China’s markets surprised during the month, with the Shanghai composite posting a 18.5% gain despite slowing growth.

Our outlook for the remainder of the year is mixed as we believe valuations are full, notwithstanding the likelihood of further rate cuts. The market continues to experience increasing initial public offering activity and we are actively monitoring and participating in opportunities as they arise.

WAM Active Limited

WAM Active Limited
ASX Code	WAA
Listed	Jan 2008
Gross assets	$36.7m
Market cap	$37.8m
Share price	$1.09
NTA before tax	$1.04
Shares on issue	34,693,760
Capital return(1HFY2015)	4.0c

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 30 APRIL 2015

Investment Update & Net Tangible Assets Report

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Diversified portfolio

Diversified portfolio
March 2015 Investment Type $m %	April 2015
	$m %
Listed Equities 25.9 70.3	26.3 71.1
Fixed Interest & Cash 11.0 29.7
	10.7 28.9
Long Portfolio 36.9 100.0%
	37.0 100.0%
Short Portfolio (0.3) (0.7)
	(0.3) (0.7)
Gross Assets $36.6m
	$36.7m
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	2,439,108	6.7%
CYA	Century Australia Investments Limited	1,753,528	4.8%
TOL	Toll Holdings Limited	1,468,257	4.0%
MYX	Mayne Pharma GroupLimited	1,153,760	3.1%
EGP	Echo Entertainment GroupLimited	1,120,427	3.1%
BAP	Burson GroupLimited	1,033,570	2.8%
QUB	Qube Holdings Limited	835,884	2.3%
FXJ	Fairfax Media Limited	834,139	2.3%
MMS	McMillan Shakespeare Limited	829,702	2.3%
CSR	CSR Limited	809,745	2.2%
QAN	Qantas Airways Limited	770,150	2.1%
TWE	TreasuryWine Estates Limited	762,862	2.1%
HVN	Harvey Norman Holdings Limited	757,346	2.1%
SGF	SG Fleet Group Limited	755,012	2.1%
ALL	Aristocrat Leisure Limited	745,281	2.0%
IIN	iiNet Limited	723,155	2.0%
SDG	Sunland GroupLimited	700,907	1.9%
CDD	Cardno Limited	698,114	1.9%
GJT	Galileo Japan Trust	674,809	1.8%
IPE	IPE Limited	520,960	1.4%

Sector allocation

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25.1%
28.9%
-0.7%
1.1% 16.4%
2.0%
2.2%
3.6%
5.3% 15.4%
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Financials 25.1% Industrials 16.4% Consumer Discretionary 15.4% Health Care 5.3% Consumer Staples 3.6% Materials 2.2% Telecommunication Services 2.0% Information Technology 1.1% Short Stock -0.7% Cash and Fixed Interest 28.9%

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

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Capital Management – Return of Capital

On 26 February 2015, the Board of WAM Active announced the intention to pay shareholders a 4.0 cents per share Return of Capital. As at 31 December 2014, the Company’s net assets were less than issued capital. The Directors recognise investors have cash flow needs and therefore have declared a 4.0 cents per share Return of Capital, which is subject to shareholder approval at an Extraordinary General Meeting (EGM). The EGM will be held on 19 May 2015 at the Wesley Conference Centre, Wesley Theatre, 220 Pitt Street Sydney from 9.00am to 9.30am.

Key Return of Capital dates

EGM to approve Return of Capital: 19 May 2015 Ex date (subject to shareholder approval): 21 May 2015 Record date (subject to shareholder approval): 25 May 2015 Payment date (subject to shareholder approval): 1 June 2015

Dividends

The Board has not declared an interim dividend for the half year to 31 December 2014. While the Board is committed to paying an increasing stream of fully franked dividends to shareholders, this is dependent on the Company having sufficient profit reserves and the payment being within prudent business practices. When a dividend is declared, it is usually paid on a six-monthly basis.

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
Fully franked dividends
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Investment Update & Net Tangible Assets Report AS AT 30 APRIL 2015

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Upcoming investor presentations

Date	City	Location	Time
			EGM for Return of Capital
Tuesday 19 May 2015	Sydney	Wesley Conference Centre Wesley Theatre 220 Pitt Street	9.00am – 9.30am Presentation
			9.30am – 11.20am
Wednesday 20 May2015	Adelaide	The Playford 120 North Terrace	9.30am – 11.20am
Friday 22 May 2015	Brisbane	Brisbane Convention & Exhibition Centre Cnr Merivale & Glenelg Streets South Bank	9.30am – 11.20am
Tuesday 26 May2015	Melbourne	Rydges Hotel 186 Exhibition St	9.30am – 11.20am
Thursday 28 May 2015	Canberra	Belconnen Premier Hotel 110 Benjamin Way Belconnen	9.30am – 11.20am
Thursday 4 June 2015	Perth	Rydges Hotel 815 Hay Street	9.30am – 11.20am

If you wish to attend one of our investor presentations, please RSVP by email to info@wamfunds.com.au or call Mary-Ann on (02) 9258 4998.

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