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Announced today, established fund manager Geoff Wilson’s WAM Income Maximiser (ASX: WMX) has completed an oversubscribed $120.2 million placement to sophisticated investors and is now opening the door to more shareholders via a share purchase plan (SPP).
Under the SPP, eligible shareholders will be able to buy shares at $1.60 each, or at a 2.5 per cent discount to the average market price in the five days leading up to November 17, whichever is lower.
The WAM Income Maximiser is also offering existing shareholders the chance to buy up to $30,000 worth of new shares at a discounted price.
Those who take part will also be eligible for the company’s fully franked monthly dividends in November and December 2025, which are expected to be 0.35c and 0.40c per share, respectively.
The announcement comes six months after WAM Income Maximiser fell short of its $510 million fundraising target, raising about $150 million during a period in which the ASX 200 fell sharply and the US introduced new tariffs.
“The strong investment portfolio performance since the Company’s IPO in April 2025 contributed to the overwhelming demand from existing WAM Income Maximiser wholesale and sophisticated shareholders,” Wilson said.
“We greatly appreciate the support we have received from those who participated in the oversubscribed placement.”
Since its IPO in April 2025, the fund has fully deployed its proceeds ahead of schedule in May, building a portfolio of equities and corporate debt that aims to deliver shareholders consistent monthly franked dividends and long-term capital growth.
The portfolio is typically weighted 75 per cent to shares and 25 per cent to debt instruments, generating an average 4.6 per cent yield, including franking credits.
WAM Income Maximiser invests in a mix of equities and corporate debt with the goal of delivering shareholders consistent monthly franked dividends and long-term capital growth.
Top equity holdings include ANZ (ASX: ANZ), BHP Group (ASX: BHP), Challenger (ASX: CGF), CSL (ASX: CSL), National Australia Bank (ASX: NAB), Orora (ASX: ORA) and more.
In its September update, WAM Income Maximiser reported $6 billion in funds under management and more than 130,000 retail and wholesale investors on its books.
“Our recent ability to outperform a buoyant equity market while maintaining significantly lower risk has been pleasing,” lead portfolio manager Matthew Haupt said.
“We have achieved this by anticipating pivots in central bank policy, identifying key yield curve dynamics early and positioning the portfolio accordingly.
“Combined with our detailed fundamental research, this approach has driven the outperformance."
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