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I notice WAM Capital’s top holding recently was Hunter Hall. I have been a modest holder of HHL (as well as WAM) for a while and enjoyed its good franked yield. It has, however, been quite volatile leaving me wondering why.
Given the continuing slide in the Australian dollar, would you advise topping up our HHL holding?
A: Thanks for the question.
WAM’s top holding is in the listed invested company Hunter Hall Global, ASX Code HHV, not the fund manager, Hunter Hall International Limited (ASX Code: HHL).
I am guessing that the reason WAM has purchased shares in HHV is that it is trading at a considerable discount to its net tangible asset value.
According to its last filing, the NTA on 17 July was $1.427. HHV closed on the ASX on 17 July at $1.21 – meaning that it is trading at a discount of almost 15%.
