well, the chart only shows capital growth and compare it with the index XAO on performance. XAO is all ordinary index which is benchmark for WAM based on morning star report and the performance of the management is poor as compared to the index based on chart. it doesn't take account for dividend paid in those years for sure.
has any shareholder received a document which says how PAF will add value to WAM? apart from statement which i read in news paper that "WAM buying $1 for $0.80 is bargain" ... lol. Before PAF there were other LIC taken over by WAM but what happened to share price? it continued down while index gone up over the last 5 year which shows something not right in the strategy or at-least not clear to me.. IMO.
Think of a situation where you paid $10,000 to the bank deposit in 2017 and bank gives you $700 every year for 5 years so basically 7% yield but when you go back to bank to withdraw what would you expect to get ? all $10,000 or less then $10,000? In WAM case you will not get full principal back if you withdraw now as price of WAM shares gone down hill in last 5 years this subject to you invested 5 year ago but if you had invested in 1999 then definitely you got more principal.
so don't just look at dividend in isolation of capital growth.... when voting in AGM as you need to look at whether the fund managed to achieve bare minimum capital growth of 1% if not more .... IMO.
In last AGM results as you can see only 10% voted against the remuneration report while 28.7% used "proxy's discretion" and Proxy used that to cast that in favour of the remuneration report. This shows that so many retail holder simply giving their vote to proxy without realising that every vote count and do not give to proxy but direct proxy to vote how you wanted it to be casted... IMO.
Not sure why resolution 2 & 3 for re-election got only 1% vote casted against the directors who failed share holders from capital growth perspective over last 5 years, as around 27% simply gave their vote to proxy which then casted in favour of re-election.... IMo.
So please even if you have 1 share in WAM or any other company do not give it to chairman for proxy voting but instead direct your vote how you wanted it to be casted.
I will be voting against remuneration report, any re-elections in next AGM based on performance so far.... obviously if i still hold it
(20min delay)