Ann: November 2024 Investment Update, page-20

Well, let's look at the fact vs fiction. To make exercise simple and importantly consistent let's use the end of the FY prices as base.

Second, the article by fool says, the fund has to generate 16% per annum (incl. fee) to pay 15.5c dividend per annum. Now, WAM is paying 15.5c since 2018 so let's look at how much yield it has paid based on closing price in past.

Basically, they are paying well almost or above 10% (excluding fees) and as share price going up the yield they need to earn goes down. So it is all relative, which means if share price goes up to $1.8 then yield fund need to generate will below. so this particular matrix is not reliable way to say WAM won't have enough reserve moving forward..

All I check is how much reserve they got on books and at the moment it is almost 1.5 year.

I don't endorse WAM neither see this as excellent fund manager anymore but as @rvajna said it is all about at what price point you enter and you enter for trading or long-term.