$0.84 estimated NTA and 5.2 cents of dividends for WAM Active

October volatility weighs on estimated NTA

WAM Active Limited (ASX:WAA) has put a number on October’s market turbulence, estimating its pre-tax net tangible assets at $0.84 per share as at 19 October. The figure reflects portfolio performance only and is not yet the company’s final monthly NTA.

The listed investment company said selling pressure had been particularly pronounced across small-cap resources and technology companies. Weaker commodity prices and reduced appetite for risk have pressured resource valuations, while AI-related companies have faced concerns about the debt and equity funding needed to build infrastructure.

That marks a sharp change in the backdrop from the company’s recent run of strong portfolio performance. WAM Active’s FY2026 investment portfolio return rose 75.5%, according to its earlier full-year update, which also reported fully franked dividends totalling 9.4 cents per share. The current announcement makes clear that the same resource and technology exposures can amplify weakness when market conditions turn.

Firmus IPO withdrawal leaves valuation unchanged

WAM Active also addressed the withdrawal of Firmus Technologies’ proposed initial public offering during October. The unlisted investment has not been revalued as a result, because WAM Active said it had not uplifted the holding in anticipation of the IPO.

Firmus is currently valued by reference to the price of its most recent capital raising in July 2026. The valuation is reviewed monthly under WAM Active’s policy, leaving the next assessment as a point of interest if market conditions or the company’s private-market pricing change.

Fully franked dividends total 5.2 cents

Against that softer portfolio backdrop, the board has declared a fully franked final dividend of 3.2 cents per share and a special fully franked dividend of 2.0 cents, taking the announced distributions to 5.2 cents per share.

The shares are scheduled to trade ex-dividend for the final dividend on 17 November, with payment on 30 November. The special dividend is scheduled to go ex-dividend on 4 December and be paid on 17 December. The estimated $0.84 pre-tax NTA is stated before both payments, while the company reported a profits reserve of 25.0 cents per share at 30 September.

Final October NTA remains the next test

WAM Active said it remains positive on the long-term demand for AI infrastructure but expects near-term volatility to persist as higher interest rates and cautious investor sentiment weigh on small and mid-cap companies. The final October investment update, including the confirmed pre-tax NTA, is due on or before 13 November.