Ann: Investment Update & NTA November 2016, page-10

I'm looking at the November NTA, and waiting for the December NTA. What jumps out is the WAM sp premium to NTA. One other thing was the retail oversubscribed cr done at a generous discount to sp last year at $2.14. On a macro level there's chatter of a massive rotation from divvies to growth stocks because of a raising interest rate environment (we'll see how all that pans out). Finally, WAM's NTA may have been hit by some of its picks, eg. a previous poster citing SRX.

If the above dots are connectable a FAR more realistic sp is as much as 10% lower; which from the 52 week high is in the range of my bid. Ten per cent is a normal correction limit, 15% is a typical over correction, more is a gift.

It's about the yield for me. Its diminished percentage at this sp; its sp premium, and; potentially negative macro hits combine to make WAM a BUY at a lower sp.

OV