WAM Research Limited (ASX: WAX) has released its December 2025 investment update, revealing a decline in Net Tangible Assets and strategic portfolio repositioning. The WAX December 2025 investment update shows the Company’s NTA before tax fell to 100.80 cents per share from 103.87 cents in November 2025.
     
Figure 1: Wilson Asset Management office reception area. [Source: Office Snapshots]
The WAM Research December 2025 report highlights the Company’s continued focus on undervalued growth opportunities within the Australian market. The ASX listed investment company update confirms the payment of $1.0 million in tax during December, equivalent to 0.48 cents per share.
Dividend Framework Remains Intact
The ASX listed investment company update confirms WAM Research maintains its full-year dividend of 10.0 cents per share. The dividend is 60 per cent franked, providing attractive returns for shareholders.
Based on the 31 December 2025 share price, the dividend yield stands at 8.2 per cent. The grossed-up dividend yield, including franking credits, reaches 10.3 per cent based on a 30 per cent tax rate.
Figure 2: WAM Research dividend history since inception. [Source: Marketindex]
The Company has paid $164.0 in dividends per share since inception. When including the value of franking credits, total dividends paid since inception reach $230.0 per share.
The WAM Research December 2025 data shows the profit reserve per share stands at 46.8 cents. The Company’s ability to maintain dividends depends on generating additional profit reserves through positive investment portfolio performance in FY26.
Portfolio Performance Reflects Market Conditions
The WAX December 2025 investment update highlights the investment portfolio performance since the strategy change in July 2010. The portfolio has delivered 14.6 per cent per annum before expenses, fees and taxes.
This compares favourably to the S&P/ASX All Ordinaries Accumulation Index return of 9.2 per cent over the same period. The performance metric excludes expenses to ensure fair comparison with the benchmark index.
The WAM Research December 2025 figures show the investment portfolio decreased during the month. Market volatility and individual stock movements contributed to the monthly decline.
Maas Group Holdings Contributes Positively
The ASX listed investment company update identified Maas Group Holdings (ASX: MGH) as a key contributor to portfolio performance. The diversified construction materials and services provider strengthened during December 2025.
Maas Group Holdings announced a major project worth approximately $200 million for its electrical infrastructure subsidiary JLE Group. The project involves supplying and installing modular electrical infrastructure for an artificial intelligence factory builder.
Figure 3: Maas Group Holdings operational facilities. [Source: Maas Group Holdings]
Delivery is expected throughout the 2026 calendar year. The contract enables Maas Group Holdings to expand its addressable market into the fast-growing digital infrastructure sector.
If the initial contract value is extrapolated across the remaining pipeline, it implies substantial runway exists with JLE Group. This positions the company favourably for future growth opportunities.
Regis Healthcare Detracts from Performance
The WAM Research December 2025 report noted Regis Healthcare (ASX: REG) as a detractor from investment portfolio performance. The residential aged care provider experienced share price weakness during the month.
Regis Healthcare announced the sale of two residential aged care homes in Far North Queensland to Ozcare. The Company positioned this as portfolio optimisation and capital recycling.
Figure 4: Regis Healthcare residential aged care facility. [Source: Green Street News]
Selling two operating homes can reduce near-term recurring earnings and cash flow. Later in December, Regis Healthcare announced Chief Executive Officer Linda Mellors would resign to pursue opportunities outside the sector.
Given this uncertainty, WAM Research reduced its position in Regis Healthcare. The Company continues to monitor the situation closely following the management transition announcement.
Portfolio Composition by Sector
The WAX December 2025 investment update reveals the portfolio composition across multiple sectors. Consumer discretionary stocks represent the largest allocation at 21.3 per cent of the portfolio.
Financials comprise 16.6 per cent, while industrials account for 14.9 per cent of holdings. Communication services represent 11.4 per cent, and information technology stands at 11.0 per cent.
Figure 5: WAM Research diversified investment portfolio by sector as at 31 December 2025. [Source: Marketindex]
Health care holdings total 8.4 per cent of the portfolio. Real estate exposure sits at 6.0 per cent, with utilities and materials each representing 1.5 per cent.
Consumer staples account for 1.3 per cent of the portfolio. The ASX listed investment company update shows cash holdings of 6.1 per cent, providing flexibility for future opportunities.
Market Capitalisation Breakdown
The WAX December 2025 investment update shows 60.3 per cent of the portfolio is invested in ASX 101-300 companies. This aligns with the Company’s focus on compelling undervalued growth opportunities.
Stocks outside the ASX 300 represent 31.1 per cent of the portfolio. ASX 21-50 companies account for 2.5 per cent of holdings.
Figure 6: WAM Research portfolio composition by market capitalisation compared with benchmark indices as at 31 December 2025. [Source: Marketindex]
The Company has no exposure to ASX Top 20 or ASX 51-100 stocks. Cash represents 6.1 per cent of the portfolio, providing liquidity and opportunity for deployment.
This concentration differs significantly from the S&P/ASX All Ordinaries Index composition. The benchmark allocates 54.1 per cent to ASX Top 20 stocks and 16.8 per cent to ASX 21-50 companies.
Share Price Performance
WAM Research shares closed at $1.265, trading within the 52-week range of $1.105 to $1.360 per share. The Company’s market capitalisation stands at $263.69 million.
Figure 7: WAM Research (ASX: WAX) share price performance over the three months to January 2026. [Source: ASX]
Final Thoughts
The WAX December 2025 investment update demonstrates the challenges facing Australian small and mid-cap stocks during the final month of 2025. While the NTA declined from November levels, the Company’s long-term performance track record remains compelling.
The WAM Research December 2025 portfolio adjustments around Regis Healthcare show active management in response to changing circumstances. The positive contribution from Maas Group Holdings highlights the Company’s ability to identify emerging growth opportunities in digital infrastructure.
With a profit reserve of 46.8 cents per share and a diversified portfolio across sectors, WAM Research appears positioned to navigate market volatility. The ASX listed investment company update confirms the dividend framework remains intact, supported by the profits reserve and franking credit balance.
Also Read: Far East Gold Extends Bonanza Gold Grades at Sua Prospect with Fifth Consecutive High-Grade Hit
FAQs
Q1. What is the current NTA for WAX December 2025 investment update?
Ans. The WAX December 2025 investment update shows NTA before tax at 100.80 cents per share and NTA after tax payment at 100.32 cents per share.
Q2. What dividend does WAM Research December 2025 report confirm?
Ans. The WAM Research December 2025 report confirms a full-year dividend of 10.0 cents per share, 60 per cent franked, representing an 8.2 per cent dividend yield.
Q3. Which stocks contributed to the WAX December 2025 investment update performance?
Ans. Maas Group Holdings was a positive contributor following its $200 million AI infrastructure project announcement, while Regis Healthcare detracted due to asset sales and CEO resignation.
Q4. What is the portfolio composition in the ASX listed investment company update?
Ans. The ASX listed investment company update shows 60.3 per cent invested in ASX 101-300 stocks, 31.1 per cent in stocks outside ASX 300, and 6.1 per cent in cash.
