When you Google “listed investment companies” the only two LICs that appear on the first page of results are Australian Foundation Investment Company (AFI), the oldest in the country, and WAM Capital (WAM). It’s no surprise these two are the only ones. AFI is as old as Methuselah and dominates the space with its $6 billion market cap, while WAM is the flagship of the most heavily marketed stable of LICs getting around by its front man Geoff Wilson. Wilson’s face is widely known by investors and he does a great job of promoting LICs as a whole as well as running three of his own with his team at Wilson Asset Management. He is also a great interview as I found out on my first Eureka Live and Interactive. He wasn’t short of a comment and even took care of my job by asking himself questions.
Wilson Asset Management run three LICs: the $833 million WAM Capital (WAM), $195m WAM Research (WAX) and the baby of the stable the $35m WAM Active (WAA). For this article I will be focusing on WAM Research.