Key Highlights

  • Operating profit after tax rose to A$11.2 million in FY26, up from A$6.2 million in FY25, with a gross portfolio return of 9.1%
  • Portfolio Standard Deviation was 2.7% for FY26 compared with 10.2% for the S&P/ASX All Ordinaries Accumulation Index
  • Full-year Dividend of 6.0 cents per share with the final 3.0 cents ex-dividend on 16 November 2026, 60% franked
  • Profits reserve stood at 15.5 cents per share at September 2026, covering approximately 2.3 years of dividends before the final payment

WAM Alternative Assets (ASX:WMA) gives ordinary investors a listed route into private-market assets, and its FY26 numbers show why it has kept lifting its dividend. The company reported operating profit after tax of A$11.2 million for the year to 30 June 2026, up from A$6.2 million, and declared a full-year dividend of 6.0 cents per share.

How the company is structured

WMA is a listed Investment company with ordinary shares. Wilson Asset Management has been its investment manager since October 2020, and the company describes itself as investing predominantly in alternative asset classes.

Rather than buying shares in listed companies, it commits Capital to unlisted funds and assets across private equity, infrastructure, real estate, water, private Debt and agriculture.

What the FY26 results showed

Operating profit before tax was A$16.6 million, up from A$8.3 million in FY25. Net profit after tax was A$11,189,725, compared with A$6,231,630. The portfolio returned 9.1% for FY26 before expenses, fees and taxes, and 8.9% a year since October 2020.

The company reported a standard deviation of 2.7% for FY26, against 10.2% for the S&P/ASX All Ordinaries Accumulation Index. Low measured Volatility partly reflects that unlisted holdings are valued periodically rather than priced every day.

Total assets were A$235.4 million at 30 June 2026, and net tangible assets per share were A$1.18 before tax and A$1.15 after tax.

The dividend and its backing

The final dividend of 3.0 cents, 60% franked, has an ex-dividend date of 16 November 2026, a Record Date of 17 November and payment on 30 November. Together with the interim payment, the full-year dividend of 6.0 cents was an increase on FY25.

At 27 August 2026 the profits reserve stood at 13.6 cents per share, which the company said covered about 2.3 years of dividends before the final payment. By the September 2026 investment update, the reserve was 15.5 cents.

Dividends are paid from realised and accrued profits, so they depend on distributions and valuation gains from the underlying funds. Franking credits depend on the tax the company pays.

Where the portfolio sits now

At 30 September 2026 pre-tax NTA was 119.82 cents per share, with a deferred and current tax Liability of 3.03 cents. Total assets were A$239.2 million.

Private equity was 38.4% of the portfolio, infrastructure 15.2%, real estate 14.9%, water 11.3%, private debt 8.1%, agriculture 6.5%, fixed income 4.3% and cash 1.3%.

The update singled out a valuation uplift in Slater and Gordon, held through the Allegro Fund IV Private Equity fund, as a September contributor.

Risks and dates ahead

Cash fell from A$39.8 million to A$4.0 million over FY26 which suggests capital was deployed into funds. Commitments to new and existing investment partners were 21.0% of the portfolio at 30 June, and 19.0% at 30 September, funded by fixed income and cash.

Valuations of unlisted assets rely on managers' estimates, and they can lag market conditions. Unlisted assets are also hard to sell quickly, so WMA cannot easily raise cash if it needs to.

The management fee is 1% a year of portfolio value, which was A$2,556,432 including GST in FY26. That cost reduces the return that reaches shareholders.

Listed investment companies can trade away from asset value for long periods, and the gap can narrow.

The Annual General Meeting is on 18 November 2026 at 12:00pm AEDT at the Museum of Sydney, with online access. Shareholders will vote on the remuneration report (an advisory vote), the re-election of Michael Cottier and the election of Torty Howard and Bruce Tomlinson, who joined the board in October 2026. The next monthly investment update will show whether portfolio gains continue.