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WAM RESEARCH LIMITED — Net Asset Value 2010
Apr 8, 2010
66040_rns_2010-04-08_3ccbab67-2aad-412b-8647-cba6fef5359c.pdf
Net Asset Value
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WILSON INVESTMENT FUND LTD (WIL) ABN 15 100 504 541 INVESTMENT UPDATE & NTA – MARCH 2010
WIL is a listed investment company whose investment objectives are to achieve a high real rate of return, comprising both income and capital growth (within risk parameters acceptable to the Directors), deliver investors a secure income stream in the form of fully franked dividends and preserve the capital of the Company.
The NTA before tax as at 31 March 2010 was 90.5 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 March 2010 was 94.0 cents per share. WIL is a long-term investor and does not intend disposing of its total portfolio.
| NTA before tax | 90.5c |
|---|---|
| NTA before tax payable and after tax assets | 94.1c* |
| NTA after tax and before tax on unrealised gains | 94.0c* |
| NTA after tax (including unrealised gains tax) | 94.0c* |
- These figures include tax assets of 3.4 cents per share.
MARKET OUTLOOK
The Australian share market powered higher in March with a strong performance from the resources and banking sectors. The S&P/ASX All Resources Index shot up 11 per cent for the month, as investors became increasingly attracted to the world growth story lead by China and a recovery in the US. Bank stocks also posted a strong month following a string of operating updates from the major Australian banks in February. The sector is being buoyed by a reduction in bad debts and an expansion in interest margins. In contrast the general industrial sector has struggled to move higher since about October 2009, coinciding with the decision by the Reserve Bank of Australia to start lifting official interest rates.
We are becoming increasingly cautious as the market continues to rise. Valuations are fair, however, rising interest rates and a measure of exuberance appearing in the resources sector are reasons for our cautious approach. We believe that official interest rates in Australia will continue to rise throughout 2010. Other major global economies will also look to tighten monetary policy later in the year which will weigh heavily on shares as liquidity is removed from the system.
DIVIDENDS
On 12 March 2010 the Directors paid an interim fully franked dividend of 2.6 cents a share. The DRP price was $0.7103.
SHARE BUY BACK
The Board commenced a fourth share buy-back of up to 10% of issued capital being equivalent to 12,370,268 shares on 14 September 2009. As at 9 April 2010 a total of 6,987,626 shares have been bought back for a total consideration of $5,455,154.
PORTFOLIO STRUCTURE
| PORTFOLIO STRUCTURE | |||||
|---|---|---|---|---|---|
| As at 28 February 2010 | As at 31 March 2010 | ||||
| Investment Type | $m | % | $m | % | |
| Listed Equities | 93.29 | 86% | 95.33 | 89% | |
| Listed Hybrids | 1.35 | 1% | 1.28 | 1% | |
| Fixed Interest and Cash | 13.91 | 13% | 11.07 | 10% | |
| Total Assets | 108.54 | 100% | 107.68 | 100% | |
| No. | No. | ||||
| Total ordinary shares on issue |
117,561,636 | 117,949,775 |
PORTFOLIO STRUCTURE (continued)
As at 31 March 2010 the top listed equities and hybrids (value over $1 million) were as follows:
| CODE | COMPANY | MARKET VALUE $ |
MARKET VALUE as % of Long Portfolio |
MARKET VALUE as % of Gross Assets |
|---|---|---|---|---|
| NAB | National Australia Bank Ltd | 6,329,600 | 6.6% | 5.9% |
| WBC | Westpac Banking Corporation | 5,916,000 | 6.1% | 5.5% |
| BEN | Bendigo and Adelaide Bank Ltd | 5,370,770 | 5.6% | 5.0% |
| ASX | Australian Stock Exchange Ltd | 5,124,940 | 5.3% | 4.8% |
| TAL | Tower Australia Group Ltd | 4,478,368 | 4.6% | 4.2% |
| APE | AP Eagers Ltd | 4,379,912 | 4.5% | 4.1% |
| CBA | Commonwealth Bank of Australia | 4,328,701 | 4.5% | 4.0% |
| WBB | Wide Bay Australia Ltd | 4,317,702 | 4.5% | 4.0% |
| MTS | Metcash Ltd | 3,933,000 | 4.1% | 3.7% |
| PRY | Primary Health Care Ltd | 3,473,212 | 3.6% | 3.2% |
| ANZ | ANZ Banking Group Ltd | 3,360,200 | 3.5% | 3.1% |
| ARP | ARB Corporation Ltd | 3,287,690 | 3.4% | 3.1% |
| MMS | McMillan Shakespeare Ltd | 3,069,000 | 3.2% | 2.9% |
| SAI | SAI Global Ltd | 2,686,500 | 2.8% | 2.5% |
| CCP | Credit Corp Group Ltd | 2,589,521 | 2.7% | 2.4% |
| GNC | Graincorp Ltd | 2,478,403 | 2.6% | 2.3% |
| IFL | IOOF Holdings Ltd | 2,230,140 | 2.3% | 2.1% |
| PGA | Photon Group Ltd | 1,743,188 | 1.8% | 1.6% |
| CIW | Clime Investment Management Ltd | 1,687,903 | 1.7% | 1.6% |
| CIX | Calliden Group Ltd | 1,620,000 | 1.7% | 1.5% |
| TTS | Tattersall's Ltd | 1,503,921 | 1.6% | 1.4% |
| AVE | Aevum Ltd | 1,486,060 | 1.5% | 1.4% |
| PPT | Perpetual Ltd | 1,411,200 | 1.5% | 1.3% |
| TAH | Tabcorp Holdings Ltd | 1,380,000 | 1.4% | 1.3% |
| SHV | Select Harvest Ltd | 1,304,316 | 1.3% | 1.2% |
| SEVPC | Seven Network Ltd Prefs | 1,284,750 | 1.3% | 1.2% |
| CSR | CSR Ltd | 1,215,391 | 1.3% | 1.1% |
| EQT | Equity Trustees Ltd | 1,200,610 | 1.2% | 1.1% |
| REH | Reece Australia Ltd | 1,177,058 | 1.2% | 1.1% |
| IRE | IRESS Market Technology Ltd | 1,156,064 | 1.2% | 1.1% |
| TWR | Tower Ltd | 1,141,919 | 1.2% | 1.1% |
| BOQ | Bank of Queensland Ltd | 1,117,881 | 1.2% | 1.0% |
| MYS | MyState Ltd | 1,095,149 | 1.1% | 1.0% |
| WFL | Willmott Forests Ltd | 1,011,965 | 1.0% | 0.9% |
PORTFOLIO STRUCTURE - ASSET ALLOCATION
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LONG PORTFOLIO STRUCTURE - SECTOR ALLOCATION
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For further information please contact Mr Geoff Wilson or Mr Matthew Kidman on (02) 9247 6755
Level 11, 139 Macquarie Street, Sydney NSW 2000 | GPO Box 4658 Sydney NSW 2001 | ABN 15 100 504 541 Phone 02 9247 6755 | Fax 02 9247 6855 | [email protected] | www.wilsonassetmanagement.com.au