Brave of them to reference WAM ... which has been a dumpster fire in performance of late especially with the collapse of NTA + now rewarding (AU retail) shareholders with an effective -12% divi cut by chopping franking from 100% to 60%. They have been Hoovering up other funds & their franking credits to try and supplement the shortfall of WAM it feels like.
The 'grey haired Wilson SH' ... wont detect the franking cut until tax time .... they will only see the actual divi payment unchanged.
Tax time will see their franking refunds come up 12% short.
Any foreign investors / institutions that can't use franking ... are also kept happy as no divi cut. Mmmm.
It is the retail holder that gets body slammed -12%.
Meaning ... there is now precedent on how WAM manages its affairs to what the playbook may look like for other funds in the stable should they ever come up short.
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Brave of them to reference WAM ... which has been a dumpster...
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