WGB 0.26% $1.92 wam global limited

Its all down to profits and the % of those profits the fund...

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    Its all down to profits and the % of those profits the fund chooses to pay out. LIC's will bank profits and pay them out over time in order to "smooth" returns to shareholders (as opposed to trust which MUST distribute all profits to unit holders every financial year). See previous WAM funds presentations - as of late last year a few of the WAM funds had profit reserves that would allow healthy divvies to be paid out for 18 - 24 months. But they banked those reserves over years of strong outperformance.

    The other thing that artificially inflates the yield on the Pengana divvy is that the fund has traded under NTA for a long time. (In fact, it was previously the Hunter Hall fund, which was - and maybe still is the top holding of WAM Capital). The share price doesn't affect profits, so if an LIC trading well under NTA has a high dividend payout ratio it will look like a pretty slick yield.
 
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