WAM enjoys $130m from SMSFs in 2013

Founder and Publisher of the Switzer Report
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WAM Capital Limited is the latest investment house to ride the coattails of the increasingly prosperous self-managed superfund industry, with trustees investing over $130 million in the listed investment company (LIC) over the last 12 months.

Company results released earlier today show the LIC recorded operating profit before tax of $69.5 million – up 119% – in the half-year to December 2013, with SMSFs accounting for more than 40 per cent of the company’s issued capital.

The company invests in undervalued growth companies, offering investors returns of 14.2% over the last six months.

WAM Capital says it hopes these results will continue to attract do-it-yourself super trustees in 2014.

“The growth of SMSFs has been a major benefit for WAM Capital,” Chairman Geoff Wilson said.

“As this sector of the industry grows, so too will demand for well-managed, dividend-yielding listed investment companies.”

SMSFs are the fastest growing sector of the superfund industry, with more than 35,100 new DIY funds established in the 12 months to September 2013.

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