Wam Leaders (WLE) investor relations material

Executive summary

• Investment portfolio returned 5.9% in FY25, underperforming the S&P/ASX 200 Accumulation Index, but has delivered 11.8% annualized performance since May 2016, outperforming the index by 2.4% as of 30 June 2025.

• Fully franked full-year dividend increased to $0.94 per share, with a final dividend of $0.47 per share, and total dividends paid since inception at 58.05 cps (82.9 cps including franking credits).

• Portfolio performance rebounded strongly in FY26, up 7.9% YTD versus 5.5% for the index, with a 2.4% YTD outperformance.

• Portfolio construction has shifted to capitalize on changing market dynamics, with legacy underperformers removed and diversification across sectors.

• Overweight positions in Rio Tinto, Spark New Zealand, Orora, WiseTech Global, and Insurance Australia Group.

Financial highlights

• Grossed-up dividend yield stands at 10.1% based on recent share price, with a fully franked full-year dividend yield of 9.4 cps.

• NTA reported at $1.38, with pre-tax NTA per share at 30 June 2025 of $1.29.

• Year-to-date portfolio performance at 31 August 2025 is 7.9%, with a since-inception annualized return of 12.5%.

• Portfolio clawed back about 40% of last year’s underperformance in the first two months of FY26.

• Outperformance versus the index is 2.4% YTD and 2.6% since inception.

Outlook and guidance

• Market is considered expensive, with moderate earnings downgrades expected and short-term turbulence due to global liquidity tightening.

• Leverage in the system is suppressing bond yields and supporting market momentum.

• Anticipation of improved liquidity and equity market conditions in November and December.

• Australian economy remains resilient; only one more RBA rate cut expected, followed by a pause.

• Portfolio positioned defensively for near-term volatility, with increased cash weighting (5%) and readiness to add risk as liquidity improves.