Live WAM Global Ltd ASX: WGB

OnMarket: Geoff Wilson, CEO discusses WAM Global Ltd (ASX: WGB)

Fixed Priced IPOType of Offer
02 May 18Offer Open
08 Jun 18Pay By
$2.20Price
Up to $550mSize of Offer
$2,200 Minimum Investment
Taylor CollisonLead Manager
38
6997

Introduction

WAM Global Limited (ASX: WGB) will be a listed investment company which will use the same proven investment strategy that has delivered for investors over the past 20 years.  WAM Global’s proprietary research-driven process enables them to narrow the global investment universe and construct a core portfolio of high-quality companies. Their market-driven process allows them to take advantage of a wide range of mispricing opportunities.

Investment objectives

The Company’s investment objectives are to provide capital growth over the medium-to-long term, deliver a stream of fully franked dividends and preserve capital while providing Shareholders with exposure to global equities.

The Manager

The Investment Manager is Wilson Asset Management, a boutique fund manager established in 1997. Wilson Asset Management has a 20-year track record of making a difference for shareholders and the community. As the investment manager for six leading listed investment companies, Wilson Asset Management is responsible for investing almost $3 billion on behalf of more than 55,000 retail investors.  Wilson Asset Management’s 10 investment professionals have more than 100 years’ collective equity market experience.

Investing with Wilson Asset Management provides investors with:

  • Risk-adjusted returns;
  • Deep diversification;
  • Experienced experts;
  • Full market access;
  • Transparency;
  • Shareholder advocacy; and
  • A positive impact to the community.

Wilson Asset Management will be conducting a number of shareholder presentations throughout the major cities in Australia during May.  Please click here to reserve your place.

Investment Strategy

The Company aims to provide Shareholders with exposure to international undervalued growth companies identified using Wilson Asset Management’s proven research-driven and market-driven investment processes. The Company will invest in undervalued international growth companies with a bias to small-to-medium sized companies.

The research-driven investment process involves extensive research, focusing on free cash flow, return on equity and the quality of the potential investee company. Each company is rated with respect to management, earnings growth potential, valuation and industry position.

The market-driven investment process takes advantage of short-term relative arbitrages and mispricings in global equity markets.

Research driven investment process

Comparative performance of WAM Capital

Wilson Asset Management has managed WAM Capital Limited since its inception in 1999. WAM Capital is a LIC with a broad Australian equities mandate and that employs the same proven investment processes as the Company (namely the research-driven and market-driven investment processes). The Investment Manager believes that WAM Capital’s long-term performance demonstrates the ability of Wilson Asset Management to employ its proven investment processes, manage investments and their extensive experience in managing LIC’s. The performance of WAM Leaders, WAM Microcap, WAM Research, WAM Active, Century Australia and the Wilson Asset Management Equity Fund are not directly relevant to the Company because of the key differences set out on page 37 of the prospectus.

The following table illustrates the historical performance of WAM Capital, compared against the S&P/ASX All Ordinaries Accumulation Index. The S&P/ASX All Ordinaries Accumulation Index has been used as a comparison because it is the benchmark that WAM Capital has historically used. WAM Capital’s broad investment mandate allows investments across all Australian equities. WAM Capital has chosen the S&P/ASX All Ordinaries Index as the benchmark as it is a commonly used measure of Australian equities performance. The below table shows that WAM Capital delivered a gross return of 17.5% per annum since its inception in August 1999 compared against S&P/ASX All Ordinaries Accumulation Index which delivered a 8.1% return per annum over the same period.

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For the reasons set out on page 37 of the prospectus, the Company believes that the performance history of WAM Capital is most relevant to investors in the Company. The investment returns of WAM Capital described in this Section are historical and do not represent the expected or actual future performance of the Company or its Investment Strategy.  For more detail see pages 37-39 of the Prospectus

Directors and Key Personnel

The Wilson Asset Management Investment Team will dedicate its time to the management of the Company and WAM entities. Lead Portfolio Manager Catriona Burns and Global Equity Analyst Nick Healy will dedicate 100% of their time to the Company. Key personnel include:

  • Catriona Burns, has rejoined as the Lead Portfolio Manager has more than 14 years’ investment experience and began her career with Wilson Asset Management in 2003 before relocating to London to work with Hunter Hall.
  • Nick Healy, Global Equity Analyst, previously worked as an analyst with Fidelity International in London covering US industrial companies.
  • Geoff Wilson, Chairman has over 37 years’ experience in domestic and global investment markets having held a variety of senior rolls in Australia, the UK and the US.  Geoff
  • founded Wilson Asset Management in 1997.
  • Kate Thorley, Chief Executive Officer, has over 13 years’ experience in the funds management industry and more than 18 years of financial accounting and corporate governance experience.
  • Chris Stott, Chief Investment Officer and Portfolio Manager, has more than 14 years’ experience in the funds management industry. Chris joined Wilson Asset Management in 2006 after being employed with Challenger Financial Services Group in research roles specialising in Australian equities.

Fee structure

  • Management fee: 1.25%
  • Performance fee: 20%
    • Only paid after outperforming the MSCI World Index Net in $A.
    • Any underperformance must be recouped.

Risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. The performance of the Company will be dependent on the Manager’s ability to deliver on the investment objectives. As the Company will predominantly invest in listed securities, the Company will always be subject to market risk as the market price of these listed securities can fluctuate. It is particularly important for potential investors to review carefully the risks associated with an investment in the Company. As set out in Section 5 of the prospectus, WAM Global Limited is subject to a range of risks, including but not limited to investment strategy, market stability, short selling risk, investment managements performance and economic risks.

 

Section 734(6) disclosure: The issuer of the securities is WAM Global Limited ACN 624 572 925. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).‚Äč

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