Listed Managed Investment Reports

WAM Active Limited (WAA) - Absolute Return Focus - www.wamfunds.com.au
Wednesday, May 29, 2013
WAA invests predominantly in ASX-listed securities. Given the objective of the company, the manager has the ability to short sell securities. The manager uses a ‘Market Driven’ approach to investing, in which it aims to take advantage of short-term relative arbitrage and mispricing in the market.
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WAM Research Limited (WAX) - Focus on Undervalued Industrial Stocks - www.wamfunds.com.au
Wednesday, May 29, 2013
WAX aims to maintain a portfolio of between 30 and 50 securities. The manager focuses on small-to-mid cap stocks with most investments outside the top 100. Given the company focuses on industrial stocks, the portfolio has very little, if any, exposure to the resource sector.
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Westoz Investment Company (WIC) - Concentrated Portfolio - High Conviction - www.westozfunds.com.au
Wednesday, May 29, 2013
WIC has a concentrated portfolio, with the intent being to hold 10 to 25 stocks, of which the top ten stocks account for over 50% of the portfolio. The manager takes high conviction positions in stocks, with the two largest holdings being 10.1% in AHE and 9.4% in IIN.
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WAM Capital Limited (WAM) - Small to Mid Cap Stocks - www.wamfunds.com.au
Wednesday, May 29, 2013
WAM predominantly invests in small-to-mid cap stocks. The manager primarily maintains small positions in securities to minimise risk, however, there are no size restrictions on investments so the manager can take high conviction positions in a stock if they so desire. We note that smaller cap stocks tend to entail a greater level of risk; however, the upside potential can be considerable. The manager has the ability to short sell stocks.
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Contango MicroCap Ltd (CTN) - Small & Micro Cap Stocks - www.contangomicrocap.com.au
Wednesday, May 29, 2013
CTN uses a combination of top down and bottom up fundamental analysis to identify attractive investment opportunities in the small/micro cap universe. The manager focuses on stocks that have a market cap of between $10M and $350M.
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