If you are looking for capital growth in share price, a company...

If you are looking for capital growth in share price, a company like WAM Capital Limited is probably not the best place to look: you're likely to see the significant majority of returns from a company like this coming through dividends rather than capital growth.

Over the last 5 years, total shareholder return (including net dividends) has been around 38%, or 55% if you include franking credits. That's not that far off the total return over the same time in the ASX Small Ordinaries Accumulation Index (57%), and somewhat short of the return in the ASX 200 Accumulation Index (70%).

The gap in return compared to the ASX index can be reasonably expected based factors such as investment management fees the company pays, taxes incurred from turnover in the fund, and the share price trading at a premium to NTA (so many people end up buying $1 of assets somewhat more than $1 of cost).