I think part of the answer is already in your post. The current yield of 9% or whatever it is partly because of saving profits many years ago from "strong" years.
According to the WAM annual report their performance was 4.9% annualized for the 5 year period to June 30. That is BEFORE fees, so the actual performance is probably closer to 3% a year. As time goes on those strong years are becoming few and far between. I can only guess they need to improve performance and do so quickly, because assumedly if they only similarly returned 3% per annum over the next 5 years than I imagine it will be hard to keep paying out 9% fully franked dividends?
Ann: 15.5cps ff full year dividend, 2022 Full Year Results, page-47
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