WAM Global Limited (ASX: WGB) has wrapped up December 2025 with a mixed performance. The Company’s investment portfolio faced headwinds during the month, though certain holdings delivered strong gains.
Figure 1: Reception area at Wilson Asset Management’s office. [Source: Office Snapshots]
The global investment manager reported a Net Tangible Asset backing of 239.71 cents per share before tax as at 31 December 2025. This represents a slight decline from November’s 242.66 cents per share, reflecting broader market movements and specific portfolio dynamics.
WGB Investment Update: Portfolio Performance Snapshot
The WGB December 2025 update shows the Company’s investment portfolio has delivered 9.3 per cent per annum since inception in June 2018. This figure is calculated before expenses, fees, taxes and the impact of capital management initiatives.
The benchmark MSCI World Index returned 13.5 per cent per annum over the same period. The performance gap reflects the Company’s selective approach to global equities and its focus on undervalued growth opportunities.
WAM Global’s month-end share price closed at $2.47 on 31 December 2025. The WGB investor update shoes the Company’s total assets under management stood at $860.8 million, providing scale for its investment operations.
The WGB investment update highlights the Company’s ongoing commitment to identifying mispricing opportunities across global markets. This strategy seeks to capitalise on temporary dislocations between share prices and underlying business value.
Dividend Strength and Shareholder Returns
The Company maintained its strong dividend profile through the period. WAM Global offers a fully franked dividend yield of 5.3 per cent based on the 31 December 2025 share price.
When including the value of franking credits at a 30 per cent tax rate, the grossed-up dividend yield reaches 7.6 per cent. This positions the Company as an attractive option for Australian investors seeking tax-effective income.
Figure 2: WAM Global Limited dividend highlights. [Source: WAM Global Investment Update]
The WGB December 2025 update reveals a fully franked full year dividend totals 17.0 cents per share. This includes a special fully franked dividend of 4.0 cents per share, demonstrating management’s confidence in the portfolio’s earnings capacity.
WGB investor update demonstrated that since its inception, WAM Global has paid 70.5 cents per share in fully franked dividends. When including the value of franking credits, this figure rises to 100.7 cents per share.
Figure 3: Fully franked dividends paid by WAM Global Limited since inception. [Source: WAM Global Investment Update]
The Company’s profits reserve stood at 75.1 cents per share as at 31 December 2025. This reserve provides a buffer for maintaining dividend payments through market cycles.
Portfolio Composition and Geographic Exposure
The WGB investor update reveals a well-diversified portfolio across sectors and geographies. Information Technology represented the largest sector allocation in the portfolio. Capital Markets holdings accounted for a significant portion of the portfolio. Industrials and Communication Services also represented substantial allocations.
Consumer Discretionary stocks made up a notable portion of holdings. Health Care and Financial Services rounded out the major sector positions.Cash holdings provide flexibility to act on emerging opportunities whilst managing portfolio risk.
Figure 4: WAM Global Limited portfolio allocation by geographical exposure as at December 2025. [Source: WAM Global Investment Update]
Geographic exposure remained heavily weighted towards the United States, representing the dominant portion of the portfolio. Germany accounted for the second-largest country allocation, followed by Australia, the Netherlands, and France. Sweden, Italy, and other countries made up the remaining exposure.
Top Holdings Reflect Quality Focus
The WGB investor update showed that the Company’s top 20 holdings demonstrate its focus on quality global businesses. These positions span technology, financial services, industrials and consumer sectors.
Technology names include Alphabet, Intuit, Marvell Technology, Synopsys and ASML Holding. Financial services exposure includes Visa, Intercontinental Exchange, Tradeweb Markets and MSCI.
Industrial holdings feature Quanta Services, Safran and CTS Eventim. Health care positions include Edwards Lifesciences and Thermo Fisher Scientific.
Other notable holdings include TransUnion, RB Global, SAP, AllfundsGroup, Amrize and Hemnet Group. This diverse mix provides exposure to multiple growth drivers across the global economy.
Investment Process and Strategy
The WGB December 2025 update reinforces the Company’s proven investment process. WAM Global focuses on identifying undervalued international growth companies with a catalyst.
The strategy takes advantage of mispricing opportunities in the global market. Management seeks quality businesses where the market has not fully recognised earnings potential or strategic value.
Figure 5: Overview of WAM Global Limited’s proven investment process. [Source: WAM Global Investment Update]
A catalyst is defined as a major event that alters market perception. This could include earnings momentum, strategic initiatives or industry developments that lead to a share price rerating.
The approach combines fundamental analysis with catalyst identification. This dual focus aims to generate returns through both valuation expansion and earnings growth.
Market Valuation and Trading Range
WAM Global shares last traded at $2.440. The Company’s market capitalisation stood at $882.18 million, reflecting its position as a substantial player in the listed investment company sector.
Over the 52-week period, WGB shares traded within a range of $2.070 to $2.640 per share. The current price sits in the middle of this range.
Figure 6: WAM Global Limited (ASX: WGB) share price performance over the past six months. [Source: ASX]
Final Thoughts
The WGB investment update for December 2025 reflects both opportunities and challenges in global markets. Synopsys demonstrated the potential of the Company’s approach, whilst Quanta Services faced near-term pressure.
WAM Global’s diversified portfolio and focus on quality businesses position it for long-term value creation. The Company’s strong dividend profile, supported by a substantial profits reserve, remains attractive for income-focused investors.
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FAQs
Q1. What was the Net Tangible Asset backing for WGB as at 31 December 2025?
Ans. The WGB December 2025 update showed Net Tangible Asset backing of 239.71 cents per share before tax, down slightly from 242.66 cents per share in November 2025.
Q2. What dividend yield does WAM Global offer?
Ans. WAM Global offers a fully franked dividend yield of 5.3 per cent based on the 31 December 2025 share price, rising to 7.6 per cent when including franking credits.
Q3. Which holding contributed positively to the WGB investment update for December?
Ans. Synopsys was a key contributor to portfolio performance during December, following strong full-year results and record backlog figures.
Q4. What is WAM Global’s largest sector allocation?
Ans. Information Technology represents the largest sector allocation at 24.1 per cent of the portfolio, followed by Capital Markets at 16.9 per cent.
