My biggest gripe with the WAM vehicles is that in the last year, most of them (microcap being the exception) have underperformed the index.
Arguably, it's been a tough year in the markets for any portfolio manager, but my sense is that there has been a focus on the corporate actions and consolidations of other funds plus the franking tax issue and the fundamentals are not front & centre. Add to that Chris Stott retiring and there are some question marks on whether they can continue to perform as well as they have done in the past.
I've been a huge supporter of WAM, but a little lukewarm at the moment.....I hope they get back to stockpicking and leave the tax and politics for others to deal with.
WGB Price at posting:
$1.92 Sentiment: Hold Disclosure: Held
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