WAM Global IPO (ASX: WGB)
Wilson Asset Management, needing no introduction with over 20 years’ experience in the funds management industry are launching a new fund WAM Global under the ticker code WGB.
It is expected that the new WAM Global IPO will employ the same investment methodology as their flagship fund WAM Capital, targeting undervalued global growth companies which are generally found in the small to medium sector.
WGB will be benchmarked against the MSCI World Index which currently includes an investment universe close to 1,653 different companies.
Small and medium global stocks can often have market capitalisations closer to our larger caps in Australia. A larger investment universe and bigger companies might translate into more opportunities and more reliability when forecasting EPS Growth.
WAM Capital has considerably outperformed, has a long history of doing so and has paid a regular stream of dividends. The fund has returned 17.7% p.a since August 1999, outperforming the benchmark by 9.3%.
Investors will be asking the question; will Wilson’s proprietary rating process stack up in Global Markets? Time will tell, however their long track record and ability to generate alpha across their other local funds covering small, mid and large cap stocks speaks volumes.
The WAM Global IPO prospectus is due for release later this month, however it’s expected that the offer will be strictly limited to $550 million which includes a $330 million raising and oversubscriptions of $220 million. This in our opinion is surprisingly small, which potentially could lead to secondary market support if investors don’t receive their full allocations through the IPO.
In fact, their recent listing WAM Microcap was oversubscribed and the LIC traded at a 10% premium to NTA soon after listing. Several of Wilson’s other funds are also well known for trading at premiums to NTA. WAM Capital currently trades just over a 20% premium.
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