Have a look at the 3 charts on p15 of the Brisbane Presentation (23 May 2014). All three companies (and have, in particular, WAX) historically trade at a discount to asset backing, and only seem to trade above asset backing for brief periods (such as now). If the Aussie market were to cop a significant shakeout, I think the Wilson funds (along with other LICs trading above asset backing) could cop the double whammy of falling asset backing and a revision to trading at a discount to that asset backing.
This is not to detract from what seems to me to be a very effective, ethical and shareholder friendly group of companies, but it's undoubtedly their appeal to a lot of income seeking retirees that has driven their share price above asset backing.
WAX Price at posting:
$1.17 Sentiment: None Disclosure: Not Held
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