Wam Leaders (WLE) Investor Update summary

2025 outlook

• Global trade wars expected to dominate news flow in early 2025, impacting markets.

• Interest rates anticipated to shift from restrictive to neutral, influencing investment conditions.

• Chinese stimulus measures seen as a significant factor for the Australian economy.

• Market focus predicted to move from momentum trading to macro and fundamental analysis.

• Heightened volatility is viewed as an opportunity for portfolio outperformance.

Portfolio performance and dividends

• Since inception in May 2016, annualized investment portfolio performance stands at 12.8% before expenses.

• Fully franked full year dividend for FY2024 is 9.2 cents per share, with a grossed-up yield of 10.6%.

• Share price at 30 November 2024 was $1.25 per share; pre-tax NTA was $1.36 per share.

• Dividends paid since inception, including franking credits, total 76.2 cents per share.

• Profits reserve stands at 29.5 cents per share.

Historical performance vs. benchmark

• Outperformed the S&P/ASX 200 Accumulation Index in 2020 (+10.4%), 2021 (+9.2%), and 2022 (+16.2%).

• Underperformed the index in 2019 (-0.6%), 2023 (-1.3%), and 2024 (-9.3%).

• Performance figures are before expenses, fees, and taxes.