WAM Capital bullish on equities markets
WAM Capital has posed the question of whether 2013 will be the year of the bull amid a strong start to equity markets, at the same time as announcing a strong half-year profit.
The company reported an operating profit after tax of $25,065,051, more than reversing the operating loss it incurred in 2011. It attributed the improved position to the positive contribution made by the WAM Capital Investment portfolio which returned 14.1 per cent over the six months.
Commenting on the result, WAM Capital chairman Geoff Wilson said more buoyant equity markets had been providing exceptional opportunities to deliver solid risk-adjusted returns for shareholders.
Further, he claimed the company was well-positioned to make the most of these improving market conditions because of its increased capital base.
WAM chief executive Kate Thorley said the company had welcomed a number of new shareholders and financial advisers.
"WAM Capital is now a sizeable listed investment company making it more relevant in the market, and we are already experiencing increased coverage by brokers and research houses," she said.
Discussing the outlook for the market, the company said the share market had made its best start for 33 years, having risen by over 26 per cent since June.
"This is the start of a new bull market in equities driven by lower interest rates," the analysis said.
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