Ann: April 2024 Investment Update, page-82

for last few years, WAM reserve only shows either a year or few month worth of reserve but somehow they come out with cash at the last minute.

As many said above, if the dividend stops or reduced then WAM won't trade at NTA and discount will be huge. Based on last 5 year performance they can't really do successful capital raise.

Stock picking is the real issue then anything and responsibility stays with portfolio manager and CEO who is supporting over all strategy.

When I last called them, they called back with a reason being a market not doing good for small caps and then their another argument was that they have paid high dividend all along and even after paying such high dividend they still have 10% + cash available in portfolio. I was very blunt in telling them to replace portfolio manager, hope more people call or email them asking them to change management.