Ann: April 2024 Investment Update, page-19

For some who have already been in WAM for what SEEMS like 10 years, your comments offer little support ? When I look back and see that I sold some WAM in 2021 for $2.20 and more recently at $1.69, the current price indicates both the lack of investment success, possibly exacerbated by the large dividend and displaying a distinct lack of investor support. The old adage of being able to fool some of the investors all and some of the time is relevant, and even though the current SP is low, investors don’t see it as a bargain or as Geoff frequently touts “ buying a dollar of shares for 80 cents”. WAM is NOT WMI, so no excuse can be made for holding out of favour microcaps. in fact WAM is currently trading at very close to NTA, so is no bargain. In fact WAM Management state that WAM the fund has a performance of approx 5.7% per annum over the last 3 years. Statistically that may be able to be substantiated, but from personal experience a loss from $2.20 to $1.46 not including dividends falls a long way short of a successful longer term investment. WAM appears to be a dividend trap; and WLE is merely following the 200 day moving average, so there doesn’t appear to be too much value adding over what would appear to be ETF averages…. Without the extra management fees ! Wilson’s have great analysts and have had some great success stories, but it appears that the overall portfolio results have not kept pace with the winning picks. Maybe they need to have less stocks and focus more closely on specific picks. Even when shooting at a flock of ducks, a shotgun will miss most if not aimed at a specific target. A previous fan of Wilson’s, but a lot of gloss has gone off my ardour !