WAX - WAM Research

[Bellcose]

I'm no expert but it has been listed for 20 years and applying the investment strategy of hope doesn't seem to be working unless one views the management fee and performance fee paid to the external manager as a positive. For that retail holders appear to actually enjoy an effective reduction in their gross income.

Seems to be pretty typical of these 1%/20% entities.

 

[divs4ever]

well i invested in WAX ( and not the other Wilson offerings despite various opportunities ) strictly because they took opportunities in the small/mid. cap. space ( most of which i would not invest directly in )

WAX in the original mandate ( when i bought in during 2011 ) was a highly active LIC turning over the equivalent of the entire portfolio each year ( sometimes more ) kept back around 20% in cash for sudden opportunities

as i have said elsewhere i don't mind the high fees ( and over-performance fees ) IF they produce the goods most years ( the active managers will always have some poor years in raging bull markets because all the rivals will be riding the same wave )

remember these fundies are going to the presos , looking for rumors , talk of IPOs etc etc looking for the next quick spike in share price

and the great opportunities don't come that often

i bought into these back in 2011 @ just under 70 cents so am not unhappy with them over the last 12 years , but equally i am NOT ready to back up the truck should they drop to 80 cents

WAX still scratches an itch for me but are not a major holding , nor even in my top 3 LIC holdings , they cover a small area i am not good at ( and return ME more than 10% a year plus franking , and i am comfortable with that

times will get rocky again and give them a chance to shine again