Perhaps I'll also have a few comments around the share price and net tangible assets and how we're looking there, and then I'll pass it to Tobias, who will give an overview of reporting season. We'll then do our four stocks between us that we're quite likely over the next twelve to eighteen months or so, and then Bridget will conduct the question and answer session, so kicking off with a review of the twenty twenty-four financial year, and I'm pleased to report all four funds that we manage outperformed the market, and indeed, with WAM Capital and WAM Research, were probably the two standouts, with WAM Capital outperforming by 14% and WAM Research by 18%, and this is against the All Ordinaries Index or the broader market. Now, as we've said numerous times on these calls, the All Ordinaries Index, which is our benchmark, consists of around 50% banks and resources companies that traditionally WAM Capital never owned because that doesn't fit our investment process. So for us, we were extremely happy with our performance, and that is largely because small cap companies underperformed for the third financial year in a row. And if you look at how our performance was against the Small Ordinaries Index, which Tobias and I would view as a better proxy for the stocks we invest in, we actually outperformed by 17% and 21% for WAM Capital and WAM Research, respectively, which is our best performance in just over a decade. I think 2013 was the last time we had performed as good as that, so we're very, very happy. With WAM Microcap, we outperformed by 12%. It was, in fact, the seventh year in a row that we've outperformed since the IPO in 2017. Pleasingly, we deployed all of the proceeds from the AUD 90 million that we raised in April, and thank you again to all our shareholders that participated there. Appreciate it. And I guess the positive thing for us was the actual stocks that we invested in from that April capital raising performed very strongly through that June quarter, and that was our best quarter of the year, so we're very happy with that. Now, on the flip side, when we raised the money back in April, we told you all that we thought there'd be an influx of capital markets activity. Unfortunately, that hasn't happened to date. There was only one initial public offering that we invested in, and it's quite frustrating for us. We want initial public offerings and more capital markets activity at the moment because we're seeing a lot of takeover activity, which we talked about at the Investor Roadshow. So we're seeing our investable universe deplete somewhat and some of the good companies getting taken over. And last but not least, WAM Active. We had a very good year, outperformed the market by, or our benchmark by 26%. I think in the larger, in larger companies or larger small cap companies, we are actually seeing more capital markets activity, more discounted lines of stock, more acquisitions and so forth, and WAM Active has certainly been taking advantage of that with our market-driven process. Now, turning to small caps and our outlook, over the medium term, let's call it. I... Look, I must admit, I've been a broken record on these calls for the last three years, talking about the tide turning in small caps versus the market, the broader market. When we were here back in March, we thought we were seeing that turn. And indeed, that, that was largely because we'd seen the United States signal that potentially interest rate rises had capped, and we might be coming through a rate, rate-cutting cycle. And from around November to March, we had a really good period in small caps. Now, that's reversed since that point in time, unfortunately, and it has continued on into the 2025 financial year. So it's, it's been quite frustrating. We're, we are sitting here hoping one day that we will get at least a bit neutralized, not a, not a headwind. That would be fantastic. But we wanted to show you a chart in the pack today, which is... It's a very simple chart where you're comparing the Australian market since the first of July with the United States market. You can see in Australia that small cap companies have actually underperformed by around 5% since the start of July. Whereas in the U.S., on the other hand, it's outperformed by 4%. Now, why has that occurred? I think that we'll probably find this out tomorrow when we wake up. But you know, through that July period, it became more apparent that the United States is very close to a rate-cutting cycle. And as a consequence, you've seen small companies outperform. You've seen the Magnificent Seven, which has really driven the market over the last few years, come back. And so when we sit back here, you know, there's oftentimes we question ourselves, is this structural, this small cap underperformance that we see? Now, we think it's cyclical, and we just need to think it's a simple case of investors believing what, believing it when they see it. In other words, once the interest rate cuts do occur, or the Australian market is confident that they will occur, you will see performance bounce back in the small cap sector. Now, onto the share price, and you know, a lot of people listening today are probably wondering, you know, why are the guys here sitting here talking about how good their performance has been, when effectively the share price, or and we'll use WAM Capital here as an example, would be down over the last twelve months. Now, we're certainly frustrated as shareholders as well. But similar to the underperformance of small caps, we do think this is cyclical, and it's certainly something we've seen in WAM Capital over the last 25 years. We've had cycles of excessive premiums. We've seen discounts before. And we certainly think this is the case. Now, we've talked about this previously, but I thought it would be worth going through it once again. So we think there's broadly two reasons as to why the share price effectively is down, if you look at it on your screen over the last 12 months. The first one relates to the level of net tangible assets. Now, in 2020, the board made a decision to hold our dividend at AUD 0.155 per year. It's a very high dividend, but that was what the board decided at the time, and of course, that's before we take into account franking. Now, if you look at WAM Capital, we're trading at a fully franked dividend yield of around 10%, and this compares to the market around, I think, 4% at the moment. So it's a very high dividend. And what that means is that our portfolio must increase over 16% each year just to stand still. Now, of what's happened over since that board decision was made in 2020, is we've had two negative markets. We had 2020 with COVID, and we also had 2022 with the Russia-Ukraine war and the onset of inflation. Now, as you can see through our five-year numbers, we've actually outperformed the market despite those headwinds, yet our net tangible assets has declined by about 5% per year, and that's because we've been paying out so much to our shareholders. Now, on the flip side, and positively, in the last two years, because our performance has been strong, we've actually added to the net tangible asset base, and as we sit here today, we've got one and a half years of dividend coverage in relation to our profit reserve, and that is a lot higher than where we were this time last year, where it was only about 0.7. Now, look, finally, the other reason why the shares have fallen is the premium. Now, over WAM Capital's twenty-five-year history, we've traded an average premium, I think, of around 16% to our net tangible assets. Now, in the back end of 2020, it got as high as 30%. And today, I think if you look at the share price and our net tangible assets, we're sitting at around parity or in line with our NTA. So that's a 30% move. That's quite a lot. Now, that's been consistent across a number of listed investment companies, and when you look at one of the largest listed investment companies, AFIC, I was looking recently at their update. They're currently trading at a 10% discount, which is their lowest level in a decade. So probably the last thing I'll say there is that, you know, if Geoff was on the call, he'd say today that, you know, he prefers buying a dollar out of assets at eighty cents than buying a dollar of assets at a dollar twenty. We've seen many cycles of discounts and premiums within WAM Capital, and we do think in time, potentially as interest rates fall, you know, the share price may improve. So look, I'll pass it over now to Tobias to talk about our reporting season. Thanks, Oscar, and good afternoon, everyone. Look, the reporting season was quite mixed, and the larger companies actually outperformed the small cap companies. If you look at the broader market for the month of August, the market was up 40 basis points or 0.4%. However, the small cap companies was actually down 2%, so the delta or the headwind was around 2.4%. Now, softer than expected guidance has been the key reason of why many of these companies underperformed. If we look at small cap companies in general, I saw a pretty interesting stat. 8% of companies in the small cap index upgraded both FY 2024 numbers and also upgraded their FY 2025 outlook. However, on the other hand, 13% of companies did a double downgrade, which is downgrading the FY 2024 numbers and also the outlook. So that gives you a sense of some of the volatility that's happening in the small cap space. As Oscar mentioned, you know, we're pleased with how we're going, tracking broadly in line with the market, despite having that two-point or the headwind that we've had from the small cap companies. Now, the sectors that did well for us, you know, a couple of sectors, healthcare and financial services. In the healthcare space, many of these businesses have been trading at very depressed valuations post-COVID, due to the stop-start economy. However, in this reporting season, we saw the volume was better than expected for many of these businesses. So we benefited from companies that went up, such as Healius, which is a pathology player, Australian Clinical Labs, another pathology player, which we have in the WAM Microcap Fund, Capitol Health, which is a radiology business, and also Regis Healthcare, which is an aged care player. The other sector is financial services, specifically non-bank lenders. The trend we are seeing there is that the exit net interest margin is improving, and it's better than the group margin for the business. So the new business that these companies are winning is at a high profit, and that's coming out of a couple of years of headwinds. And so companies like Judo Bank, which is a challenger bank to the big four banks in the SME space, as well as AMP, which many of you will know, and also Zip Money, which is a buy now, pay later player in Australia and in the US, have outperformed for us. Another area of weakness was actually New Zealand. So I think if you dial into the Nick Scali call, I think they talked about, you know, as an example, a 30% decline in foot traffic in the New Zealand stores in the month of June and July. So that is very weak. However, they've had their first rate cut, and we're beginning to see, you know, a little bit of green shoots in there, and that's going to be an area where we're going to focus a lot of our our research efforts. Now, in terms of detractors for us during reporting season, a2 Milk was probably the biggest detractor for us, having missed consensus outlook. We also had Kelsian and Collins Foods. However, we've gone back and revisited our investment thesis and have adjusted the position size accordingly. Overall, though, we emerged from the reporting season with quite a few new ideas, and we're very excited about how we've set up the portfolio over the next twelve months to take advantage of what we believe are these high-quality businesses that can continue to grow. Now, next, I'll talk about two stock ideas, then I'll pass it over to Oscar. The first one is a company called HMC Capital. Now, HMC is an alternative fund manager. It's a family-led business, currently has around AUD 12 billion of funds under management. However, you know, we believe they can grow to around AUD 50 billion over the medium term, so that's a four to five X on their current fund size. The catalyst for this business would be as they continue to grow the funds under management, the operating leverage would be immense and actually beat market and analyst expectations, and that should re-rate the share price over time. ... The other stock is a company called Service Stream. Now, they are a maintenance services provider for critical assets in Australia. So think NBN, fixed wireless towers or your modems you have at home. So Service Stream has come out of what we'll say, an integration period, post the acquisition, and now, you know, we believe their pipeline is very full. They're also enjoying the tailwind of having labor wage inflation coming off, so for the first time in a couple of years, weather that's not a headwind for them. So we believe the catalyst for Service Stream over the next few years is margin expansion, which should beat market expectations. Yeah, thanks, Tobias. The two stocks I'll choose today are contrarian ideas. So, you know, and the first one I'll talk about is a company called Smartpay, which is listed in New Zealand and also Australia. We own about 12% of the company or so. Look, Smartpay has actually been quite a disappointing stock for us if you have a look at the share price over the last 12 to 18 months, and the reasons for that has been effectively that you've had a softening in the Australian and New Zealand consumer market. And I should say, what these guys do is they provide terminals, so you see them at the cafe, at cafes or restaurant when you tap your card. And it's been a softening consumer environment, which has impacted their top line. You've also had a new competitor come into the Australian market in particular, that's coming in right now, which will potentially take some of their terminals. Now, we think this is factored in or into the share price and analyst expectations now anyway, but it has created uncertainty into the share price. But the real reason why we own this stock, other than at some point getting the benefit of an economic recovery, is what they've been doing in New Zealand. So in New Zealand, they are the dominant payments provider, payment terminal provider, and they have 40,000 terminals. They only have 20,000 in Australia. Over the last two years, they have been investing in the New Zealand business to change the economics, so it's in line with Australia. Now, if you actually have a look at that, a recent announcement showing the management long-term incentives, but if you have a look at that, it's actually anticipating a tripling of earnings over the next two years because that investment that they've been making in New Zealand completes, is pretty much finished in October. That this is the real reason why we own the stock. We're very bullish on that change. We're very bullish on the management team. The shares haven't done well, we acknowledge that, but it's at a very cheap valuation, and we're backing the team to deliver. We really like that one. And the final stock I'll talk about, which is a bit odd because we don't actually own it, but we're about to own it, and it's called Integral Diagnostics, and it's a healthcare company. Now, the reason why I'm talking about it is we own one of their competitors called Capitol Health, and again, we own a lot of this company. I think we're about 12% as well. They're in the radiology sector. Now, Integral Diagnostics is taking over Capitol Health, and we'll go from a 12% holding in Capitol Health to probably around a 4% or 4.5% holding in Integral Diagnostics. Now, we think this merger is being done right at the bottom of the weakness that we've seen in the healthcare space, in particular, radiology. We also think that the valuation of Integral Diagnostics is going to be shown to be quite cheap because the largest or the second largest player in Healius is in the process of selling their radiology business, and we think it'll get a higher valuation than what Integral Diagnostics is currently trading at. But there are significant synergies in this merger, and the management team's quoted AUD 10 million from Integral Diagnostics. We think it's more. So when we add in the acquisition of Capitol Health into Integral Diagnostics, the valuation's around 13 times earnings on a price-to-earnings multiple basis in the 2027 financial year when the merger is complete. If we go back prior to COVID, Integral Diagnostics used to trade at 22 times valuation. So if they get the merger right, you know, we think there's 40-50% upside there. So look, they're the four stocks. Hopefully, we've given you a good flavor of what we're seeing at the moment, but I'll pass it over to Bridget, who will do the Q&A session. Thanks, Oscar. And we'll start with a few questions that have come through to the investor inbox this morning. The first question is from Jill. She said: "Did WAM Capital manage to exit Megaport prior to the disappointing results announcement? We managed to exit around 60-70% of the holding, I think, at around AUD 12-AUD 13. We still had a small position going into the results, so that still, you know, was detractive, but we did sell, I think it was 70% of the entire holding at a much higher price. I think it's worth noting, like we did talk about at the roadshow at length, you know, nothing really has changed on the actual thematic at all. In fact, they're a massive beneficiary of what's going on in artificial intelligence. What the mistake that we made was, you know, they were in the turnaround phase, and they were investing into their sales team over the last, call it, 12-18 months, and that's all done now. I think what's happened is the softer consumer environment has actually hit a lot of their existing customers, and they've seen some churn, and that took us, us and the market by surprise. As Tobias said, we did our work, we sensed something was up. We did reduce our holding relative to where we were in May when we were talking to you all. But it still hurt us over reporting season, and we still own a little bit. We're still backing management and the company to get through this. Perfect. Thank you. And the next question is from Howard, and I think, Tobias, you touched on Kelsian earlier. But he says, "I understand that Kelsian is one of your holdings. Given the significant decline in the share price, is the market concerned about its future at all? Do you want me to do it? Oh, you can do it, yeah. ... Look, it was one of our holdings. That was probably the most disappointing result we had over reporting season, to be frank. Look, again, we're, you know, we're contrarian investors at heart, and the stock was trading very cheaply. I think the frustrating thing on this one is, you know, again, management and the board has probably misread what the market really wanted to see, and that was capital discipline, and they haven't shown any discipline really versus their capital expenditure. So look, that's why the shares got thumped, and to be frank, probably rightfully so. Now, in terms of the viability of the company, no, it's a good business. It's a dependable business. Management and the board, look, clearly I'm disappointed, but they are good, good people. They'll fix it up. They know what to do. So it's fine. And look, it, it's one of those stocks where it would not surprise me if a private equity bid, takeover bid happened at some point. So look, we did exit the stock. It was a small weighting, but look, yeah, having... Given that we're in the stock, yeah, various sizes over the last three or four years, it was a very disappointing result. So, yeah, so a frustrating one for us. Perfect. And the next one's from Karen. She said, "If you had Tabcorp Holdings, would you continue to hold it or sell it at a loss? Obviously, can't give you advice. All I can say is we were lucky enough to meet Gillon McLachlan, who's the new CEO, and for those who follow AFL, he's the ex head of the AFL, and he's one of the tallest people I've ever met. I'll tell you what, he's got one of the longest pauses I've ever met from someone who, when he talks, goes for, like, 10 seconds, but when he talks, you go, "Whoa," he talks with authority. I'd say Gillon, if anyone is to fix that company, it would be him. I think they need. It'll take time. It'll take a lot of time. Look, their balance sheet probably needs fixing, in our view. It looks like it's stretched at sort of over two times leverage, but you know, it's a very strong, dominant business. Like, there is just so much value that could be created from that business if it was run properly, but we think Gillon's the person to do it. So I can't tell you whether to buy or sell it. We've got a very, very, very small holding. Look, our opinion is they'll raise capital, and if they do, we'd gladly participate there. Fantastic. The next question is from Graham. He says, "Will you be buying shares in The Lottery Corporation? No, because that's a large cap stock. I feel like we're only talking about negatives so far in the question, but we did own Jumbo, which was one of their... We still own it. One is their key reseller online, and again, that was a tough result over reporting. Seems it's four in a row. So, that has been reduced. Again, like, you know, it's got a very strong balance sheet, and it's, you know, the reason why it fell effectively is, they're looking to branch out into another segment and that underperformed a little bit versus expectations, and probably that was... It was severely... It was harshly sold off too, in our view. We're still holders there. Thanks, Oscar, and another one from Graham: "Will you be investing in companies such as Charter Hall, Biome, and Southern Cross Gold? No. In summary, like, we view ourselves as industrial investors, and that's largely, you know, the vast majority of everything we're investing in, but in undervalued growth companies. In saying that, we're looking at Charter Hall, unfortunately, it has rallied, but our play there in that space would be Ingenia and also HomeCo, as Tobias pointed out. Perfect. And Oscar, we'll stay with you. A few questions on your stock pick, if you don't mind touching on this again. Yes. On Smartpay, Mark has asked what are your views on SMP with regard to the government's review into surcharging? Mark notes that WAM has been increasing its position. We have, and like anything. And so just for context here, I think I say this most conference calls, be very careful when you watch where our substantials are. Just because we've gone over 5% of the company, doesn't mean that it is our largest position in the portfolio. That's very, very important. You know, often our largest positions, you know, we might be 2% or 3% of the company, but it's a very large company. So it's very, very important. In saying that, Smartpay is a big position. Look, we've done a lot of work on that. The focus seems to be all on Smartpay, and the other peer is also Tyro. But when it comes down to it, someone's got to pay for the service, and, and these guys aren't rorting the consumer. It's actually the... It's the retailer or it's the end, end user of it, who's, who are putting on the surcharge. It's not Smartpay or Tyro that are putting on the surcharge. Now, all they can do is monitor those small businesses that they're providing services to, to make sure they're doing the right thing, and if they don't, then they can pull their services. So in our view, the review is right. Interestingly enough, the RBA looked at it, I think it was about three years ago, and they actually wanted surcharging. Look, there's clearly been some players out there that have been taking advantage of the rules, and that 100% needs to be regulated. But I think the easy. You know, as I said, it's a contrarian stock pick that we have. The easy thing to say is, "Oh, the payments providers, they're screwed, sell them." And that's quite frankly what's happened. But as I said earlier, like, the Australian business has been very important and still will be for Smartpay. But what's really going to drive the earnings of Smartpay in the next three to five years is New Zealand. And you know, getting New Zealand to the same economics as Australia, if you have a look at the management incentives, it will triple the earnings in two or three years, and that's why we own the business. ... Thanks, Oscar. And we'll stay with Mark, because he has just one more question: Do you think BSA is a logical acquisition target for Service Stream? Yeah. So I mean, it's hard for us to comment on, you know, what they're looking at exactly. I guess from an organic, inorganic perspective, you know, I, you know, we think that Service Stream will be focusing on the organic side, which is potentially winning work in the defense space. From an acquisition perspective, you know, they're probably looking at areas where they're not currently in. They can diversify their revenue base. I mean, that's sort of what we can comment on in terms of whether, you know, the areas that it could be looking at from an M&A perspective. They also compete quite heavily against each other in telco, so there might be some customers that have issues or dis-synergies, you'd call it, if they were to merge. BSA was an interesting result, actually, probably the best result it's had in a long, long time. So, it's a very cheap stock, so it might be one worth having a look at for our microcap fund. Great. And then Michael and George have similar questions. They said, "Are you still positive on EML Payments?" And Jeremy has also asked, "Did you view the result from EML Payments and as positive, and are you increasing your shareholding? At least every- Yeah. At least everyone knows on the call that we're not changing the questions to suit, because I think every question's been weighted to the negative. But anyway, EML, another. Oh, you go. Go, Oscar. Very frustrating. Yeah. So, I'll give him a break. We take a step back to EML. I mean, the original reason we invested in EML was, you know, they had new management come in. They had a problematic business in the UK, and they had a business called Sentenial, which they were paid for. And so the thesis or the strategy of the original management was to come in onto the board, to come in to stem the losses or to exit the UK business and to sell the US business and then focus back on their core business, which, you know, is digital payments and, you know, the cards which EML has been known for since prior to FY 2019. If you look at their track record, the board actually did exactly that, and they actually did it in a very short period of time, which to us was actually, you know, surprised us to the upside. Unfortunately, what happened as a result was prior to the new CEO coming into his position, the board has provided some, I guess, margin targets or outlook targets on FY 2026 numbers. The new CEO, rightly, you know, I guess, having come into the business, is now assessing those numbers and trying to work out, you know, what are the numbers that he believes to be, I guess, the correct numbers for FY 2026. We think it's probably going to be there or thereabouts, but obviously he, you know, he has the next couple of months to figure it out and come out in, I think, October, November at the AGM, to provide more color on these longer-term targets. So, it's disappointing for us. However, we think, you know, we, you know, probably turn the corner. We're getting there slowly, but it's probably taken nine months longer than we thought. Yeah. But I think context is everything. At the start of January, I remember Tobias and I were having a good look at EML, and we were also having a good look at Zip. And, you know, payment sector at that point had been smashed, let's be frank. And then I think we went to 1% of the portfolio in EML, and yes, it comes up as a substantial holding, but it's only 1% in the portfolio. But we also went to 2% in Zip at, I think, around, 60, 70 cents, something like that. And Zip today is over AUD 2. So yes, we've gotten EML wrong, but Zip, we've got more than right. Yes, it hurts that we get EML wrong, trying to get everything right as we can, but you know, that decision we'd make every day of the week if given how well Zip's done. So yeah, it's a frustrating one. Management and board have done everything right over the last 12 months. It's just you know, it's a hard market for companies that have a low market cap. Thanks, Oscar. And then Jamie has said, "You mentioned Nick Scali's result. Where do you see it on the quality scale versus the other retailers? Got a positive one. Very much on the high quality. So I mean, it's a founder-led business. You know, balance sheet's excellent. It's got property on the balance sheet, minimal debt. You know, it's a great play on if you think interest rates are going to fall and, you know, housing turnover will increase as a result. And what we found over this reporting season, and just generally over the last few years, I think any retailer that's got scale has generally outperformed because there's a lot of smaller players that just don't have the balance sheet to compete. And certainly, Nick Scali's done that and become a category killer in its space. But you know, from here, to take the business from AUD 15 share price to over AUD 20, you've got to be bullish on what they're doing in the United Kingdom. We think they've bought that business very well. I think the week after they bought it, the largest player, called DFS, downgraded their earnings expectations by about 50%. And then about two months later, the central bank in England actually cut rates. So we think they've bought that at the perfect time. They've got a great balance sheet. They'll expand the rollout. They'll get buying synergies across the portfolio. So yeah, you know, Anthony and the team is certainly a company we like to back. I'd definitely put it at the top end of the quality scale in the retail sector. Fantastic. And then the next one, we've got Adam. He said, "You mentioned Collins, Collins Foods. Do you think that the market has overreacted to the latest results announcement? And do you think you'd compare this stock to GYG? I was about to use that analogy, too. So, yeah, 100%. I mean. What we're seeing in the market just generally, and it is frustrating because it doesn't fit into our investment philosophy. But, you know, and we've talked about quite a few stocks that have gone wrong in the last, at the start of the call. But I think that gives you a flavor of what we're trying to do here. There's a lot of value in the market right now. Now, what's happening is that a lot of those companies that are very, very cheap, right? They might be missing by a little bit, and they get slammed by the market. Now, on the reverse, any company that's got is big and is still outperforming, just keeps seeing the share price go up. Commonwealth Bank, great example. Look, it's not something we don't know, fantastic business. But I think it's trading at 25 times earnings right now. It's the most expensive bank in the world by some margin. It probably keeps going up for all we know. So I guess what we're trying to do is we're trying to find undervalued growth companies. So for context, Collins Foods, I think today, trades at a price-to-earnings multiple valuation of around 12, I think, looking forward. GYG doesn't even make a profit. So I guess for us, we would buy Collins Foods every day of the week, and that's what we did. Now, unfortunately, they missed expectations by a little bit and the stock got smoked, and it's down 15%. But we've been buying it because, you know, effectively it's all short term. Nothing's changed in the medium to longer term. Now, the market, other investors won't buy the company until they visibly see earnings be upgraded and we won't. That we don't think that's probably going to happen for another six to 12 months, but that's okay. We'll sit there accumulating stocks, so we think the stock is very cheap. Again, very good business, very dependable business, generates very strong cash flow. At Catalyst near term, why we didn't sell it was because we think they're going to make acquisitions, which all these franchisees globally really have struggled. Look at Domino's, Yum! struggled, Restaurant Brands in New Zealand, so it's a great time for the big player to be acquiring, and that's why we're still staying with them, so the answer, Bridget, is yes. Look, I mean, you know, it's materially cheaper than GYG, and that's why we're focused there. Fantastic. Now we'll turn to biotech stocks. Joseph has asked: Will your team start looking into buying biotech stocks like Dimerix? Hopefully, I didn't butcher that pronunciation. Ticker DXB, which will have its product in the latest phase of trialing soon. We're very selective in looking at biotech stocks. We've, you know, have companies like Telix. Typically, we're looking at these businesses after they have started to generate revenue, and so it's really de-risked from a, you know, FDA perspective in many of these cases. We don't have the exact domain expertise, so often, you know, it's very selective for us, and we don't have a huge part of the portfolio. In fact, we've only a very small part of the portfolio in biotech stocks. Fantastic. And, Tobias, we'll stay with you. Is Tuas still good value at its current level, Tuas? Yeah, we believe so. So, Tuas still remains as our largest position. I actually went to Singapore on a research trip a few weeks ago. What I... I mean, the key thing I learned over there was the fact that the three incumbents, so Tuas is the fourth player that's challenging and winning share from Singtel, StarHub, and M1. The three players actually have a capital call scenario where they have to pay additional money to the Singapore government for spectrum payments, which is, you know, the wireless spectrum payments, which they needed to commit to in 2017, I think 2018. And so between the three players, they need to pay around SGD 900 million to the government for those spectrum, and I think that's coming up over the next 6 to 12 months. And so if you are one of the big players, to offset the hit to your balance sheet and the hit to your earnings, which is extra interest cost, you know, I think, you know, a reasonable move is to put prices up. So put prices up for the mobile plans that they have. And so that is an advantage for someone like Tuas, who's challenging the market and disrupting the market on price and winning on value. So we're still very bullish to Tuas. They've recently launched their broadband plan, 10 gigabits for around SGD 30 a month versus many of their peers. They're at much slower speed, and it's, I think, when I last checked, around SGD 60, 70, 80. Again, disrupting now the fixed broadband space, which is very attractive and a very profitable part of the telco space as well. Thanks, Tobias. And a few questions have come through on dividends, I think from those who've just joined. Oscar, could you please address the dividends and franking again? The questions are around, will WAM and WAX return to fully franked dividends? And is there any chance of the WAM dividend increasing once inflation has, you know, brought into a more manageable position? Okay, so I'll probably spend a bit of time here. First thing I'd say is this is a board decision, so it's not something... I'm not on the board, so that's it's their decision to make on the dividend and the franking. But I'll talk to why, what's happened over this period. So it's hard to do without a diagram, so I'll try and do it in my hand. So if we go back in time, and we go back to 2020, I think the shares might have been trading at AUD 2.30-AUD 2.40, but our NTA was AUD 2. At that point in time, the board decided to hold the dividends, right? And then twenty twenty, we had COVID, which means the value of the assets fell, right? We then paid, kept paying you the dividend, the AUD 0.155. They fell again, right? Which you guys get back. So just remember, when you're looking at the share price, you must add back the dividends to look at the total shareholder return. Twenty twenty one occurred, it was a very positive time in the market. Portfolio went up, but then we kept paying you dividends, so it went down a little bit, but net-net went higher. Then in 2022, we had another sell-off, but we kept paying you the same dividends. So sell-off, portfolio falls, dividends, and our NTA gets to these levels. Now, since those last two years, as I talked about at the beginning, right? Our performance has been really good, and our performance effectively has offset the dividend. So our net and NTA has gone up a little bit, and then last year's went up. For context, if we hadn't outperformed, the dividend would have been cut about a year ago. So I think that's very important. Now, I'll come to franking, and franking, in terms of the franking, there is a mismatch between the franking that we pay out and also our dividend. The franking is largely due to the realized profits. So when we buy shares at a hundred and we sell them at two hundred, we physically sell them, that profit that we make, we can pass on because we pay tax, physically pay tax, we can then pass that on to you with franking credits. All right. Now, the fact that we dropped it from 100%, the board dropped it from 100% to 60% back in, I think it was November, was it February last year? February this year? I think it was February this year. Apologies if it wasn't. So that should have given you a flavor as to how close we were in terms of cutting the dividend. And if you can remember last year, you know, you, the United States came out around November, December, saying, you know, effectively, the interest rates had peaked, and the market went whoosh, and we went above the market in that period. So I'll put it this way: I think it's very lucky that the dividends didn't get cut, to be fair, like, because we were sitting here thinking they would be. And then we had a really good December, really good January, really good end to 2024. We added to the profit reserve again in July and August. So, you know, effectively, that's that. Now, so hopefully that's answered the franking. Now, the last thing the board would want to do is increase the franking and then decrease it again. We still need and as I said earlier, we've only got one and a half years of dividend coverage. All right? We had 0.7 this time last year, we've got one and a half, which means we can pay the next dividend in October, we can pay the April dividend, and we can probably pay half the October 2025 dividend. Right? So clearly, if we get more coverage, the market goes up, we perform in line with the market. If we get more coverage, that means more dividend certainty, and it probably means more franking, but we're not there at that stage yet. So hopefully that gives you that answer. Now, on the actual, if interest rates fall, would the dividend go up? Now, the answer is... Look, I can't answer for the board, but I can say all I can say is we are paying a very, very high dividend, extremely high dividend. Some may argue unsustainably too high dividend. It's at a 10% fully franked dividend yield. After franking 60%, it's about 12-13%. It's very high. Like, I think the broader market is 4%. I think Commonwealth Bank is 4%. We pay 10%, so it's got to come out from somewhere. As I said at the start of the call, just to stand still, as I said, we've got our net tangible assets at the start of the year. It has to go up 16% to offset the dividend that gets the AUD 0.155 that gets paid. The net tangible assets will only increase if it goes beyond 16%. So look, I think it's. I can't speak for the board, but I think it's, from my end, I think it's probably highly unlikely that the dividend will, will be increased. I think what potentially could happen, and I don't know, but it could, in my view, I think the, the. It's not just us across WAM Microcap, it's across the whole sector, the listed investment company sector. I think, you know, that period from twenty ten to twenty twenty-one, when interest rates were effectively zero, it was a very positive sector because you were getting fully franked dividend yields of 5, 6, 7, 8%. Now we've seen interest rates and term deposits go up to 4, 5, 6, well, 5%, let's call it, and there is now effectively competition that wasn't there over that period. So for me, if I look at the, the actual universe of listed investment companies, if we do go into a rate cutting cycle, potentially that could be better for the share price as a listed investment company. So look, there's a massive answer to that question. And look, if you've got any other questions, I'm only a phone call away, and the team's a phone call away, so please call. If it's really... I get it, it's complex, it's hard to answer, but I've tried to do it as simply as I can. But if you have any more questions, please call in. No, that was a great explanation, Oscar, and we've been telling shareholders as well to read the WAM Capital annual report, the chairman's letter and the PM report, as well, for a detailed sort of visual representation of that. So thanks, Oscar. This is sort of a leading question from Claire: If the dividend is going to sort of continue to reduce the NTA, should the board, like, cut the dividend to allow for capital growth? It's a great question. Again, I'm speaking for the board. The decision. If we go back to 2020, the decision, and I'm just giving my view, so please, this might be completely different from Geoff or the other board, but I'll give you my view. I actually think it was the right decision back in 2020 to hold the dividend. Now, what has actually hurt the share price and the net tangible assets, let's call it, was the 2022 sell-off, which I think we all were sort of blindsided by, because COVID fell so much, the share price, the market fell so much. We got the rebound, and I think we're all pretty positive at that point, and then this mass inflation hit, and that really hurt the market, and it hurt. We had a bad year that year in WAM Capital, if you can remember. So I think, look, that's the reason why the net tangible assets have really fallen, was the 2022 year, and we kept paying the AUD 0.15 and AUD 0.155. And then, of course, the premium, which we've always said, you know, you can. Geoff has always said consistently over the years, you know, he'd rather buy a dollar of assets at AUD 0.80 than AUD 1.20. Now, effectively, you're buying a dollar of assets at WAM Capital at AUD 1.20, at AUD 1.30, and unfortunately it was unsustainable. You know, we're frustrated as all hell around where the share price is, but that's unfortunately it's come back to our net tangible assets. Look, to answer your question on the dividend per se, the board needs to have a balance between capital growth and of course dividends. Clearly, it's not in balance at the moment. It's in favor of dividends. Look, while we've got the franking and while we've got the profit reserve, the board, you know, I'm speaking for the board here, you know, the decision will be that we will keep paying out as much as we can. I mean, Geoff said that publicly. But at some point it is inevitable, and hopefully it's not, but you know, our view is it will be inevitable that the dividend might get cut. And that's clearly one of the reasons we've gone from a 30% premium to trading at NTA now. You know, I gave the AFIC example. We've fallen. That premium to NTA, 30%, has fallen more than what AFIC has, and I think a lot of that is because our investors are looking forward and saying they've only got one and a half years of dividend coverage. How certain can I be in that dividend coverage? Now, I can tell you we're more certain now than we were a year ago, which is fantastic, and we're more bullish to the market, and we're bullish small caps. So if we have a positive market and small caps get back that 20% underperformance, you know, that certainty around the dividend can change very, very quickly. So look, hopefully, I've answered your question, Claire. It's a good question, but yeah, again, if you, if you need anything, please, please dial in. Thanks, Oscar. The next question is from Nigel. He says, "As a dividend investor, which of your funds is the best long term and has the sort of safest profit reserve for possible global unrest? For global unrest. Okay, so on that, the most... And this is not just us. So when you're looking to invest in a listed investment company, you should be looking at, probably three things. First one is their performance. Historically, has it been good or not? Is it trading at a premium or a discount to its net tangible assets? But thirdly, and I think most importantly, is their ability to keep funding dividends. So, to pay a dividend, you must generate profit. If you generate a loss and everyone sort of goes, "Oh, what's a loss?" All a loss is, is if the market is down 20% one month and say, our portfolio is down 5, we've outperformed by 15%. So as sitting here, Tobias and I are very, very happy. But that's a loss, right? So we can't, we can't. We don't have any profit to push into our what's called our profit reserve, to keep building these dividends up, right? So that's, that's effectively what that is. So when you're looking at a, at a company for dividends, for a listed investment company, you need to be sure that they've got a, you know, a big reserve that can continue to continue to keep paying that rate of dividends or potentially increase them. So if we look at sort of WAM Global, for instance, WAM Global, you know, similar to us, has had the impact of small caps underperforming. That's turned in the United States, in particular in the last few months, which is positive for them. They're trading at a discount. They also have a large profit reserve and have been steadily increasing the dividends. And you're talking about how to manage global unrest and so forth. Well, they're generally in the larger companies in globally, and very, very liquid companies, right? So they can buy and sell quite easily. So if there was, you know, a big event, chances are they could probably go to cash pretty quickly. And the same goes for WAM Leaders, who also have a very big profit reserve and have been steadily increasing the dividends over the last few years. Us, on the other hand, like we saw in twenty twenty-two, when you have a combination of a war in Ukraine, inflation, and also COVID lingering on, there's only so much we can do, because we are in small, small companies, limited liquidity, they're generally exposed to the economy at some point. They're not a big bank, they're not BHP, they're not Woodside, and so they get sold off more than what large cap companies do, so hopefully that answered the question. Yeah, definitely. The next question is from James, and he's asked about the profit reserve, and we often get this question. He said, "Is this money that's set aside somewhere, or is the money embedded in the NTA?" He's just, yeah, looking for a further explanation of how it works. And this is the complexity of it, and it's very, very difficult. Don't get me wrong, I find it difficult half the time, too, and we, we're in the game. But just think of the profit reserve as simply this: so if it starts at the beginning of every financial year and finishes at the end. So if we are, let's say, like we were this year, I think we were positive, maybe 3.5% for July. Think of that 3.5% is banked away. It's not cash that's banked away, it's just an accounting term, let's call it. That 3.5% is banked away. We put it to the reserve. As I said to you earlier, we need our portfolio to go up over 16% a year just to stand still. So think of it as, we need 16% to pay a dividend, and we just got 3.5, so therefore, we've got 12.5 remaining to fully fund those dividends, right? And now, if you have a really big year, like we did in 2021, say, I think we're up 35%, right? And we need 16, then clearly we've got this excess buffer, which is great. Now, we haven't had that since that point in time, but you got that excess buffer. Now, we don't just, in that scenario, you know, just increase your dividend as high as possible, 'cause who knows, the next year might be a negative year. But that will create more buffer in your profit reserve, where you can then keep paying dividends for a longer period of time. So it's just an accounting adjustment. Now, what the complexity of it is is. And so I'll give you an example. Say that we did positive 3.5% for July. That gets taken away the reserve. Then the next month, we are -4%, right? So that's a loss. So to actually build onto that reserve, September or the following months need to go above 4% and beyond, right? That amount needs to go to the profit reserve. That's the only way it can, that can occur. So look, the reality is that it is complex. Just watch. You can work it out at every NTA. Just work out how much every monthly NTA that's released on the ASX, how much has that NTA gone up or down for a month, right? You can compare it to the market, whether we're outperforming or underperforming. And that should give you a flavor as to what we've taken to the profit reserve and what we and how much more we need to get to that sort of, call it 16% level to, to standstill. So again, hopefully I answered that question. I'm trying to do it as simply as I can. Yeah, absolutely. Thanks, Oscar. And the next question is from Greg. He said: Why did WAM Capital do all of the acquisitions, instead of some of the other LICs? So this is in a period, so you're referring to, and this is a while ago, so Euroz, Wealth Defender. Mercantile? Mercantile? and a few others. Now, at that time, we were trading at a premium to our net tangible assets, and quite a substantial premium, 20-30%. The listed investment companies that we were acquiring may have been trading at below their net tangible assets. So what this means is, you know, we do this all the time when we're buying businesses, we want to see what's called an earnings accretive acquisition. It's a key catalyst, and it's the same thing in the listed investment company industry. Effectively, if you're trading at a premium and you're buying a listed investment company at a discount, it actually adds to your net tangible assets. It's positive. Net tangible assets increase, so therefore, if the share price holds and the premium to NTA at the time holds, the share price should increase. Now, when we were doing those acquisitions, we had sufficient profit reserve to do them. We had a premium. Today, we don't necessarily have that. You know, acquisitions were accretive to shareholders. If we were to do something today, it's likely it probably wouldn't be. It's not something we're certainly, you know, the board would be, you know, again, I'm on the board, but I'm not but it's not something they would be talking about in my view. Yep, perfect. And Joseph has asked: If a takeover happens to one of your holdings, what does the team do? And how does your team assess an IPO to determine whether it's worth investing in or not? I'll tell you what we do. We leave the office, and we go and have a thousand beers. No, just joking. No, when you get takeovers, look, they are very, they're great when they happen, to be fair. You know, there was one, the best one we've had, probably, I reckon, was that Estia Health one, which in hindsight, we probably shouldn't have sold because it's got its peer, Regis, has gone up a lot. But we actually got the money, and then we put it straight into Regis Healthcare, which is the other player that's listed, and we actually made more money off Regis than we have on Estia. But look, you, you've got to. You know, as a fund manager, that we invest in a lot of companies. You know, we have good ones, we have bad ones. I think generally when you have a takeover, it's pretty random and out of the blue, and you know, down the track, you will have a bad stock. So I think the view is if you've got a takeover and it's a, you know, 50% premium to the share price, like we had a few of them last year, and the shares might go up 30% because there's still risk of the deal not happening. You know, given the way we invest, you'd be bad not to take some profits at that point because who knows, the takeover might not happen. You know, I'll say we're pretty pragmatic as an investment team, so, you know, for us, you know, we back ourselves to deploy the capital, you know, into other sort of ideas. Yeah, that's a good point. Maybe, yeah, in terms of the other part of the question, in terms of the IPO, you know, a lot of it, it's actually just understanding the management team. I think initially we need to be able to buy into the strategy, buy into the management team. I mean, we're really backing founders and these teams to deliver for us. And so for IPOs, I think a very large part of making a decision on whether we want to invest or not is actually the management team. Yeah, and a lot of the IPOs, they, like, that one, one we invested in, Tasmea, which is a mining services company. It's, I would say, it's probably, you know, mining services companies are tough companies. They're trading low valuations. I'd say I'm selling it short, but it is a lower quality industry, let's call it. But, you know, on that one, the management team didn't sell down on the IPO, and in fact, the founder bought shares on market in the first couple of days of the of it listing. To us, that's a great sign, and that's what you want to see. You know, too many, too often we see IPOs as a way for a founder just to exit, and it shouldn't be like that, and this is one of the reasons why-... IPOs just haven't come back to the market, 'cause a lot of our investors and peers have had such a bad experience with them. Yeah, that's interesting. And so we're going back to Pro Medicus again. Tobias touched on this earlier, but do you think that the current share price is reasonable, and are you still bullish on its future? Yeah, so Pro Medicus is actually one of my all-time favorite stocks. If you look at the track record of Sam, who's the CEO and the founder, and what he's delivered over the last 10 years, it's actually. I think it actually ranks one of the top companies in the world, being able to grow the top line by 30% and still banking 50% earnings margins. So, you know, it's a favorite stock of ours. We, you know, we are shareholders. We're very bullish where it's heading. I think what gives us a lot of confidence is the fact that they're currently 7% of the market in the U.S., just in their core radiology software side of the business. You know, the addressable market or serviceable addressable market for them is actually 85% of the market in the U.S. This excludes the cardiology product and the AI product that's going to come out. I don't think, touch wood, they've ever lost a customer in the last 20 years. So the customers are very embedded. You know, they have a pretty good lead on their competitors, you know, with their cloud offering. You know, it's a, it's a very, very high quality company, and yeah, we're still shareholders and positive on the stock. Great. The next one's from Jamie. She says, "Given the upcoming rate cutting cycle, have you got a view on Vulcan Steel? Ooh, that's a good one. It should massively benefit if it actually happens. And actually, New Zealand's a very fascinating market at the moment, just generally. And I think I talked about this back in March, and it gives you a flavor of what potentially could happen. I mean, I think after the call with you in March, Shaun and I went to New Zealand, and it was apparent that things were really coming off. Companies we were meeting, Vulcan was one of them, started talking about all this cost inflation. We're starting to see people being retrenched, and employment's really freed up and cost inflation with input costs starting to come down. But then I think the next. I came back, I think we wrote an article in Livewire, didn't we? Yes. Say, "Oh, buy New Zealand stocks, they're so cheap." And, came back and lead to Tobias looking at me going, "What are you-- were you smoking over there?" Like, then the, I think the RBNZ, the central bank, just said, "Oh, the interest rates are on hold. They're going to be high for longer." ANZ said the next thing, I think the analyst or the economist there said, "Next, move will be a rate hike, not a rate cut." And I think Tobias looking at Shaun and I as if we're complete morons. Anyway, lo and behold, two months later, they're cutting rates. And, it shows you that really, you know, we're all in the dark here, as to what's happening, but it can happen really, really quickly. New Zealand was, you know, Tobias gave you the Nick Scali example, but every company talked about how bad New Zealand was. I'll tell you what, it was a close second, Victoria. That was almost as worse than New Zealand. It probably will become worse. So to answer your question in a long way, Vulcan, you couldn't get a worse environment for Vulcan right now, just generally. Economy, it's very, it's highly exposed to the economy in New Zealand and Australia. You've got China as well, that's where you're seeing sort of steel prices coming off, too. But this is the perfect time to buy the business. Because effectively, once you get the upturn, what generally happens is the share prices will start to rally before the earnings come through. In fact, Vulcan did a big earnings downgrade at the result, and I think the shares are flat since it did that, which is a very, very, very good sign. So we own a small position in Vulcan. We also own Steel & Tube, which is the number two player, in our microcap fund. We actually have quite a big holdings in a number of New Zealand companies. I think the market looks really cheap. And like I said, you know, the United States has outperformed in terms of small caps versus the market by around 5% since the start of July, and that's exactly what's happened in New Zealand as well. So that gives you a flavor of what might happen in Australia if we get an interest rate cut. To be fair, from our end, we think that will happen in February and March. Certainly, the companies, when we spoke to them over reporting season, you know, things were definitely softening. We, in general, we're happy to be early on stocks, as long as the investment thesis doesn't change. I think for us, it's just to size the positions accordingly to take advantage of, you know, the eventual sort of uplift in the share price. Perfect. The next question is from Colin. He says, "How would you evaluate the intrinsic value of a growth company like Telix? Telix is a great example, I think for us in from our catalyst-driven investment approach. So for many of these businesses, as you know, our investment process is to identify catalysts that could re-rate the share price. And Telix is I think example where we believe, you know, there are catalysts coming. Predominantly, you know, I think to build the Telix platform, they're looking for acquisitions, accretive acquisitions, and that's sort of the catalyst for us, that when they do deploy the capital to buy something and add to the Telix platform, the share price will get rerated. So it's an example of, you know, how we pick stocks in the active side of the portfolio, where, you know, the focus is on catalysts, you know, that could eventuate. Perfect, and this one's for Oscar, this next one. James has asked if you're still excited about Austin Engineering? Yeah, still excited, very much so. It had a really good result. You know, sometimes we often see this with companies, it's frustrating. A couple of the analysts had put their numbers way too high in the market, and the company did the right thing and guided and got them down. But you know, the company had high expectations going into it, so we've seen the share price fall as a result. But you know, it's been one of our best performing stocks in the last, you know, twelve months or so, and it's still very cheap. Its net cash. It means its cash is higher than the amount of debt that it has. Got a great outlook, production exposed, so it has fallen a little bit more since the result, given commodity prices have fallen as well. But we do think it's partly insulated. But, you know, it had, it has the potential to make an acquisition, which is what we like, so it's a key catalyst. So, yep, still like the business, still a holder in it. Great. And we're having a few questions come through on some large cap stocks such as Qantas, Star, AGL, and Woodside. Oscar, maybe this is a good time to remind listeners just where you invest. Yeah, and to everyone watching, we do have the Leaders, WAM Leaders webinar coming up next Tuesday, who will be discussing these stocks, I'm sure, in great detail. Yeah, I think, and I'm pretty sure, Tobias, I think the Leaders guys own all four of them. So yeah, definitely, go into the call next week. But I mean, maybe this is a good opportunity just to explain to investors what we invest in. So I touched on it in my remarks, but within the All Ordinaries Index, which is our benchmark, you've got the biggest exposures to the All Ordinaries Index are banks, the four banks, and BHP, Rio, Fortescue, and probably Woodside. That's probably around 50%, off the top of my head, of the market. Oh, and CSL as well. It's 50% of the market. We don't own those companies, and we never have. We focus on the undervalued small cap companies, largely in the industrial space. We don't generally do resources and real estate investment trusts or energy companies. We focus on industrial companies. That's been very consistent since Geoff started the business twenty-five years ago. And so, yeah, look, that's what we invest in. If you have a look at our net tangible assets, it shows you the percentage of companies that we own across the ASX or the All Ordinaries Index, and you'll see zero in the top 50 stocks. I think it's got maybe, like, 6 or 7%, potentially. I'm just doing it at the top of my head, in from the 50 to the 100. But then the vast majority are between the 100 and the 300. The top, call it between the top one hundred and the top three hundred stocks in Australia. That's our sweet spot, and we focus on industrial companies there. Great. Thanks, Oscar. The next question is from Cam, and he's asked: Why do you hold such small weightings in your top twenty stocks in WAM Microcap? Ooh, I'd say, on- Yeah. That's the way we invest, always has been. But I'd say if you compared Research is probably got the highest weightings, and that's because of the way we manage WAM Research, which is effectively if there's 1% in WAM Capital, there's 2% in WAM Research. But I'd say on the whole, look, with WAM Microcap, they're much higher weightings in what they are in WAM Capital. And you know, largely, you know, the reason why we outperformed last year was because in WAM Microcap, other than some takeovers, was effectively TPG Singapore, Regis Healthcare, Service Stream, the larger weights in the portfolio. So I'd say, yeah, look, on the whole, Microcap would be, have a greater weighting than what WAM Capital does. But just generally us versus other fund managers, we are a lot more spread in our portfolio, which is why, as I said earlier, it's a danger to be looking at our substantial shareholder notices and just assuming that because we're 12% of Smartpay, that must mean we're a material amount of Smartpay in our portfolio. That's not the case, so just be mindful of that. Great. The next one's from David. He's asked for your view on Fiducian Group. It's one we haven't looked at for a while, partly because of liquidity. Even for microcaps, even for WAM Microcap, it is relatively illiquid. I understand it's a founder-led business, you know, in the financial services space, you know, a vertically integrated financial, I guess, planning arm with products. It's one where I think liquidity probably prevented us from doing more work on Fiducian. Fantastic. And the next question is from Bernie and George. They're both, both have asked about G8 Education. They say the share price fell on its results announcement. Did it meet your expectations or disappoint? And then George has also asked, "What is your view on Embark Early Education? Yeah, G8 we're really bullish on. So, I was contemplating to do it on the call today, but we did it in March. But, what you, what you saw in G8 at the result was a classic... You know, we see this all the time. You know, the share price started to rally into the result, and it rallied very strongly. Would have been one of the best stocks in the market, really, in small cap market, leading into the results. So it went from about AUD 1.15 to AUD 1.40 really quickly. And, what happened was they slightly disappointed. They actually beat earnings expectations for the first half, but unfortunately, the June and July occupancy levels in the centers had declined, and they had delivered a pretty soft outlook for the top line into the second half. Now, it didn't change any earnings numbers, but we were this close from the stock really taking off, and it needed a very, very good result to go beyond that AUD 1.40, because it rallied very strongly in it. Now, has anything changed from our end? No, not at all. It is a tough consumer environment out there, there's no doubt about it. To my earlier points, it just gives us more confidence that rates will be cut at some point in Australia in the next sort of six to 12 months, and they're really at the pointy end of that. But as Tobias said, we want to be early in companies, and the real reason to own this stock is that it feels like childcare has become political in the same way that aged care has. We did really well out of Estia and Regis Healthcare, because effectively we own the stocks, and then the government said they were going to fund the wage increases in the industry. As it panned out, post the Royal Commission, they worked out that a lot of the aged care centers weren't making profits and needed to be propped up and actually needed more funding. Childcare is exactly the same. They've just gone from a-- They've had an ACCC review into the sector, they've had a Productivity Commission review into the sector. If you have a look at those reports, the conclusions are that a lot of the providers aren't meeting their cost of capital. You've just had the government come out of the budget, and there was a recent announcement about a month ago saying they're looking to fund the wage increases of the staff in the centers, and that's massive for operators, in particular, a company like G8, which is the number one scale operator in the market. This is probably the first time we've seen in a number of years that any sort of revenue increase really should drop to the bottom line. So all we need to see... We saw evidence of that in the result in the first half. Unfortunately, June slipped away, and so did July. But all that means is we've just got to wait another six months. We feel that if we get another interest rate cut, and who knows, maybe this is like what we've seen with the government funding wages, maybe that they actually support the sector through other means, whether it be subsidies and so forth, because it has become political, so in favor of the sector. So yes, it's a big waiting game for us. We also own Evolve Education. We're a substantial shareholder there, and that's in our microcap portfolio. Both stocks, we're playing in WAM Capital, we're playing in WAM Microcap, so we're bullish on the sector. We just need that occupancy. If we get that occupancy growth, it's going to be very positive for both those companies. Perfect. Thank you. And then James has asked, "Do you have a view on Tyro? Yep. No, we're bullish Tyro. Look, the management here has actually done a really good job- Really good job. ... during the reporting season. They took the feedback from many of the shareholders and actually came out with numbers that surprised us to the upside, particularly on the earnings part of the business. It's a bit like Smartpay, obviously more focused in Australia. You know, there's a few verticals like health, that's growing really strongly, and so that's sort of the key area that we believe could actually increase the EBITDA over the next few years as they grow the verticals that they're strong in and continue to expand the market there, so Tyro is one where we think the valuation is undemanding, and yeah, so we're still bullish Tyro. Fantastic. Next one from Michael. He says, "Do you still see more upside in Bravura's recovery? Yeah, we do. You know, I think management and the board there has done an awesome job, really. You know, they're returning money back to shareholders. They're doing a buyback. You know, all the right things that you want to see. Look, like any turnaround, it does take time, and for context, like if we were here, I think a year ago, you know, a lot of people were saying they needed to raise equity, and now they're all suddenly giving capital back. So the turnaround, I've never seen a quicker turnaround, to be frank. Now, the shares have gone up because of that, which is great. But now the market's simply just got to see some revenue growth, see some new contract wins. If we get that, you know, that's a AUD 2 share price really quickly. It's currently trading at AUD 1.30. So yeah, it's a big holding for us in WAM Research, WAM Capital, and WAM Micro. Perfect. The next one's from John. He says, "Do you hold Johns Lyng Group?" He can't understand why the share price has been whacked so much, even after reading all the brokers' reports, and he still can't see a clear answer. Can you share your view? Yeah, we can, very simply. So, we don't own it. It used to be a big holding of ours. It was probably one of our biggest holdings, probably top five around two years ago. And the reason why we sold it was because, firstly, management sold a lot of stock, and they're really good guys. We like them. They'll get it right. But at that time, the shares were, for context, like AUD 7 a share or something. And so they obviously sold at the highs, and you always worry about companies like that. When it comes down to it, it is a services company, almost a construction company that was trading at a huge valuation, like over 30 times, which is a big number. And the second reason is that they started to go a little bit off strategy, and that to us is always a bit of a red flag. So it was always a very simple story about Australia and effectively increasing their market share, being the largest player there with all the insurers. There was obviously a lot of natural disasters, so they benefited from that. But then they went into the United States, and then we went over to the U.S. to check it out. Again, we just thought it'd take a little bit longer there, and then they bought a, I think, a smoke alarm business and something else, and I think for us, it was just the story was becoming a little bit complicated and a bit. You know, in the back of their minds, we're like, "Well, if management and the board have been selling shares at AUD 7, that probably should be a sign for ourselves." We exited the business, I think at probably around AUD 6.50, AUD 6.60, something like that. Now, if you go to the result, the result had the outlook was weaker than expectations. The cash flow conversion was weakened, about, like, the business traditionally had been in net cash, so it has more cash than its debt, and it gone, looked like it was going into a debt position. That's why it's been whacked really harshly. Now, on the flip side, management's been buying back stock over the last couple of weeks or so since the result, which is, again, a positive sign. Johns Lyng will be a business that we really like the guys. They're a great bunch of people. Again, founder-led business, which we always love. We'll be meeting them over the next, call it, couple of months, to see whether it's an opportunity, because whenever you're seeing management buying back stock, that's usually a good sign. Hopefully that gave you a good summary. Perfect. The next question is from Ian. He says, "Do you have any cover in place for movements in the New Zealand dollar AUD exchange rate? No, we don't. When, yeah, when there's a. There are companies like a2 Milk that's traded both in Australia and in New Zealand. So we would be buying, in most cases, the ASX-traded stock. Another question from Greg. He said that all the acquisitions with WAM Capital have sort of diluted the share value with over a billion shares on issue. Can you comment on this, and you did sort of earlier. Yeah. Okay. So if we go back and have a look at the acquisitions, a lot of them were very small. And then we did Euroz, which was Westoz and Ozgrowth, and that completed in April twenty twenty-two. That now, at the time when we announced, I think it was the back end of twenty twenty-one, it was highly accretive to shareholders because they were trading at a discount, and we were trading at a big premium. And then what happened was we had the Russia-Ukraine war in March. The market fell, and certainly our portfolio fell. And if you go back and have a look at the directors' interest notices, like, I think you'll see that Geoff sold some stock back in March, I think it was, around that time, which might have given you a sort of a shareholders, if they'd noticed it, sort of a feeling as to how he was feeling about the share price, which is overvalued, given he sold some. And then, of course, we completed the merger, and the shares on issue increased, and there's no question that the additional shares and the Euroz and Westoz and Ozgrowth shareholders probably sold the stock. So it probably magnified the selling and the share price losses that we saw from that point, you know, over that period, like, call it, there might have been a three-to-six-month period because it was a decent-sized acquisition. So to answer your question, again, I feel like I'm talking like I'm on the board. I think, like, in hindsight, look, it was a. It was probably a tough acquisition, let's call it. The market changed at the point in time when we got the portfolio, but in reality, you know, we would never do the acquisition if it wasn't accretive to the net tangible assets. And when we did the acquisition, even after it closed, it was accretive to net tangible assets, so it's positive for shareholders. So look, whether or not the board, you know, if they had the time again, would have done the acquisition, I don't know. I guess from my end, what I can say is, you know, we've answered this question numerous times over the years, that acquisition probably did add to the selling that we saw from, sort of, call it April, you know, to, I don't know, June, July of that year, in a bad market. But for the most part, that was all washed out now, long gone. So we just, as I said, we're just, you know, hopefully that a better market for small caps and interest rates, potentially, maybe we see the share price rally in time because of that. And just to clarify, other WAM LICs have done acquisitions as well, so it's just not WAM Capital. So WAM Global and WAM Leaders have acquired other LICs as well. Thank you. Now we have a couple of questions that are fairly similar. So first off, David has said, "When do you think the WAM Capital share price will reach AUD 2 again?" And Donald says that he had, well, he has bought 57,000 WAM Capital shares, having acquired them through the Westoz acquisition, and he's been waiting for the WAM shares to recover to its former glory of around AUD 2.35. Can you see an improvement in the share price in the future? Yeah. So, David, unfortunately, you know, and again, I sort of touched on it before, when we made the acquisition, we were trading at AUD 2.35. That was a massive premium to our net tangible assets. And if you go back and have a look, it took about one or two months, really, for the share price to fall, even though our portfolio was falling when the war occurred, and obviously inflation started. So there was a lag, and that was in that lag when the acquisition occurred. So today we're sort of at AUD 1.60. So that was in April 2022. Since that point, you've received quite a lot of dividends and franking. So, I won't bother calculating the franking, but the AUD 1.60 you do today, you've got to add AUD 0.155 times three. What's that, Tobias? You're smarter than me. Forty-six and a half cents. So, you know, look, we're not going to sit here and say that that's a great outcome. Yes, you're down from the AUD 2.35, but you do need to take into account the dividends that you have received. And look, you know, clearly from Tobias and I's perspective, you know, we would love to see the share price back to where it was at some point. But, you know, we'd also like to see it back at that point, probably not at the premium it was back then, because it was so unsustainably high at that point. I'll go back to, as I said at the start, Geoff's on this call. He's saying he likes buying a dollar of assets at eighty cents. He likes. You know, he doesn't like buying a dollar of assets at a dollar twenty. And so you've just got to be mindful of that. So anyway, hopefully that answered your question there. And we're all shareholders- Yeah ... of our LICs in the team as well. So, you know, we do want the share price to be higher than where it is. ... Perfect. And this one's from Mark. He says, "Do you think Generation Development, ticker GDG, will or should drop their push into annuities and focus on the investment bond and Lonsec businesses? So I'm glad someone has pointed out a company we own above 5% that's actually done well. Finally! I feel like we've gone through the ones that have all been bad. We've got. We do have a few that have gone well. That's one that's gone well. Good question. We toss it up with them all the time. Look, we feel that you get two scenarios here, right? It's a 3.5-4 million-dollar investment, and they're currently, I think, this year, post the Lonsec acquisition, probably going to do AUD 20 million of profit, let's call it. So clearly, if you just stop the investment tomorrow, there's AUD 4 million extra profit, which is fantastic. That's a 20% upgrade to earnings, right? So in that scenario, that's probably positive. Now, the second scenario is that they're successful. Now let's say they're successful, then that's a third pillar to this business that probably no one's putting any value at all and probably putting negative value on right now. So for us, we're happy to let it, let management and the board do what they need to do. I've got to say, like, that, you know, full credit to them. Like, and we'll be. I'll be the first person to put my hand up, 'cause I wasn't happy with the Lonsec acquisition for you. When was it? Was it before COVID, twenty nineteen? We owned, we've owned GDG since 2017, and we had a lot of it. And they did their Lonsec acquisition, this is when they took 40% of it. And I didn't like, we didn't like it very much because we were like, "We're waiting for this acquisition," and we're like, "Oh, you've taken a non-controlling... You know, you've taken... you haven't taken a controlling stake of this business. The market won't value it properly." And so we actually sold quite a hefty amount of the stock. Turns out we were completely wrong, and Lonsec has just been this behemoth. And, you know, we bought back, which is great, and it's been a great stock for us. And we still think there's more to go there. So the point I'm making here is the management and board have made some great decisions. We think buying the remaining holding of Lonsec that they don't own has been a tremendous acquisition and with potential to be even better. So you back them to get the annuities right. Thanks, Oscar. And we've touched on this before, but just so it's really clear for shareholders, Robert has asked about WAM, and WAM in particular. Yep. He says, "WAX is down over 30% over the last three years. Why? Okay, so very similar to WAM, and that 30% you're calculating there, I think if you just looked at the share price, I think it got to a high of AUD 1.70. Does that sound right, Tamara? 40% premium. That was at like. No, it was, I think it was higher. It was over like a 50% premium. 50% premium, yeah. It could have even been 60, which is crazy. Anyway, so unfortunately, that has now fallen. Now we're still at a premium in WAX. I think today it's about 10? Yeah, 10% premium- Ten -today. Mm. So, if you look at it, today's share price of AUD 1.12, I think. So again, you need to add back the dividends that you have received, which I think is AUD 0.05 every half. So call it about a three-year period, another AUD 0.30. So you're sitting there back at a, let's call it AUD 1.40 or so once you add back dividends, but yes, you're down. And the simple reason is the premium has shrunk. So you've gone from a fifty-odd% premium to the assets to now a 10% premium to the assets, and that's a big reason why the unfortunately the shares have fallen. Thanks for that, Oscar. Then, a question from Chris. He says, "That performance could improve if there were greater transparency in the actual composition of the portfolio. So similar to what AFIC does. Can you please comment on this? Performance in the share price? Look, on the stocks that we hold, we do give the top 20. At the half year report and the annual report, you can see the weightings of these holdings. A number of years ago, I think it was like 2017 or 2018, we used to show you the percentage of the fund in these holdings, but the reality is, we invest in small cap companies. We're generally a very large investor in these companies. We're a big fund, and if we give the weightings every month, we're sort of telling our companies... If a weighting goes from, say, 2% to 1.5%, then all the investment banks will look at that and they'll go, "Oh, WAM's been selling that company." So that was something we didn't want to do. And that's why we took those weightings out of the portfolio. But look, you get it every half in the reports if you want to see the weightings. But look, generally, the top 20 weightings of the portfolio within WAM Microcap and WAM Capital are probably around 35%-40%, let's call it, of the portfolio. So you know, generally, if that top 20 is going well, then we're going well. Perfect. The next one's from Ian. He says, "When the Integral Diagnostics and Capitol Health merger completes, what will happen to Healius? So we own Healius. It's been a good one for us. This year wasn't a good one last year, so I've got to put that in perspective. But look, the sale of their radiology business is imminent, probably in the next few weeks. Look, we do get the feeling it's gonna be a pretty good valuation. So that hopefully should be good for Integral Diagnostics, particularly if it's a higher valuation than Integral Diagnostics is trading at the moment. So for context, Healius is the second largest operator in Australia. Following the acquisition of Capitol Health, Integral Diagnostics will be the third.... it will be the only, well, with Sonic Healthcare, you know, call it the only pure play, let's call it radiology player in the market, given Sonic has a much larger pathology business. We think, you know, once the merger completes, management will give an update of where the synergies are. Assuming that the momentum these guys have had, particularly in the last half of the last financial year, continues, we think that a bigger company that's listed as a small cap company in Australia will have a large share price rerating, and so we think it'll be quite positive for the company. Fantastic. And the next one's from George. He says, "Given the state of the Australian airline industry, are you still holding, Alliance Aviation? We are. We own it in the micro cap portfolio. Again, a small weighting. I've actually been lucky enough to read their book, which sometimes you get lucky when you get close to management, and you know, remember we had a beer with them, and it was like at 11:00 A.M., but they, I'll probably sound like an alcoholic now after saying there's beers twice now on the call, but they had their. They started their own beer on the plane, and they said, "What, you know, do you want to have one? And have a try," and we did, and then they said, "Oh, we just published this book on the business," and I read it, and it was an awesome book. And it basically showed you how entrepreneurial these guys are. And they started the business in the GFC, after... Oh, sorry, what am I talking about? In September 11, after September 11 happened, and then in the GFC, when a lot of planes were grounded. And they built the business up like that. And, you know, I think it's the old phrase, never waste a, what's the-- never waste a downturn? Yeah. What's the saying? Something along those lines. Yeah, I always forget the sayings. I'm hopeless like that. But anyway, COVID was an, you know, obviously planes were grounded, and they took that opportunity to use their balance sheet and buy some planes from, some struggling airlines. And at the same time, Qantas owned 20% of the register. So effectively, what they're doing now is supplying these planes into Qantas, and Qantas use their own brands. Alliance will actually operate the aircraft. It's good for Qantas because it, it means that they don't have to spend money on planes. It's Alliance that's doing that. But Alliance has been doing this for the last couple of years, and the peak level of expenditure will occur, I think, by about, I'll call it Christmas this year. So the debt levels have been increasing. So the reason why we own it is we think in a small way, but it probably will be a big position hopefully next year, is that your debt levels are going like this, and suddenly they're coming like down like this. At the same time, the planes are going up like this, which will increase your earnings. And so you get that beautiful scenario where your debt's coming down, that's the first catalyst, and the second catalyst is earnings upgrade. So we like that one. Yeah, the airline industry is tough, but a lot of these guys' customers are BHP mining customers. They need it for fly-in, fly-out operation. So it's very much a recurring service. So yeah, we're positive on Alliance. Great. The next one's from Russell. He says, "Do you have any exposure to Mineral Resources, and what do you think of their new airline?" I'm going to hope that one- They pulled the airline, didn't they? I think when a resources company is telling you that they're going to invest in an airline, that's the top. But look, I shouldn't say that because Chris Ellison is a hard man, he's a very good operator. We don't own shares in it. You know, it is in free fall at the moment because of iron ore prices, and weakness in China and lithium prices as well, and like what you always see in resources in cycles, you know, they get overbought and then they get oversold. So, you know, that is a really good business. Really, you know, well-operated, founder-led, everything that we'd like in a company. So, you know, we're keeping an eye on it, so, we don't own it at the moment. We definitely could in the near term, if things get silly. Great. And another one from Jamie. She says, "You own Service Stream. Have you got a view on competitor, Ventia? Yeah. So Ventia is the larger competitor to Service Stream. We actually want Ventia to do really well. Ventia trades at a significant premium to Service Stream. I think it's around 30%-40%. So, you know, our view is that Service Stream, over time, should get rerated up as well. So yeah, I mean, they are experiencing very similar macro sort of macro benefits or tailwinds from the amount of work that's coming to them. I guess the difference is, you know, they have a large part of the portfolio that's in defense. A lot of these defense contracts are coming up for renewal and Service Stream, very much like a few other players, are trying to go after that sort of part of contract. So, you know, for us, you know, we have Service Stream. We think if they do win a defense contract, it's positive. If they don't, they can, you know, focus back on the current, the telco and utilities business. So for us, it's a bit more of a asymmetrical payoff for us and Service Stream. Perfect, and then, Tobias, what is your view on Nanosonics? Is it held in the WAM Microcap portfolio? Yeah. So Nanosonics is a company that I think we debate every six months. You know, in the heydays, it has a very good product, which they have rolled out extensively overseas, the Trophon product, and, you know, they're looking to launch another product, which is the first big product called CORIS at the back end of this financial year. So the reason we debate it is just trying to work out what are the catalysts to invest in Nanosonics. The product's good, the momentum has come back a little bit at this result. The CORIS launch, I guess, which is the next catalyst, will be the end of this second half of twenty twenty-five. The ramp up profile, we think, wouldn't be as quick, 'cause there's a few nuances with CORIS that's different to Trophon. But, you know, we are monitoring Nanosonics pretty closely and just trying to work out, I guess, the best time to enter the stock. Great. And the next one's from Neil. He says, "Do you have opinions on ACE and TRJ? Probably no strong views there. Perfect. And, the next one's from Greg. He says, "Do you have a view on social media company, Life360? Yep, definitely a strong view there, which is we are positive, Life360. I think the thing that's really changed, I think over the last twelve months, has been the advertising platform they're looking to launch, and they had some news flow overnight on the partnership with Uber. I think one of the things that we realized with Life360, firstly, it's a family-led business, but also the penetration rates for many of the states that they're in, in the US, once it reaches a certain point, it sort of just goes on autopilot, and the growth actually accelerates as they get to critical scale within different states. And so that's actually given them a massive tailwind of, you know, subs growth or members growth, over the last period, and we believe that can continue as they're sort of coming out of critical scale for many of the states in the United States. The ad platform is, was a, is a game changer. You know, they're bringing on partners that value the data that they have. And so I think with the Uber partnership, think, you know, you have a Life360 app, you land in the Los Angeles, Los Angeles Airport. Uber gets that data, they know you've landed, and then they'll serve you an ad going, "Hey, would you like to book an Uber? You've just landed." So, you know, there is a lot of value, inherent value, intrinsic value in the data, and, you know, we believe that the business can benefit from being able to monetize that data. Yeah, that's really interesting. The next one's from Jeremy: "What's your view on Appen, and are you a shareholder? A very small shareholder. Appen was a stock we used to own quite a bit. It was, I guess, the pre-AI era, where the business was effectively helping Google and other search engine companies improve and optimize the data by overlaying a human interpretation element to the data. Then they went through, I guess, a few years of very tough period, 'cause a lot of the contracts got pulled. You know, with ChatGPT, you know, if you think about sort of 12 or more than 12 months ago now, you know, the thought process was that, hey, look, the human interpretation of the data is unnecessary because guess what? The AI can actually effectively do what humans, what the humans were doing. I think fast-forward to now, the last few months, they've actually begun to get a lot of the AI, large language model work that's coming through. I think, more and more companies are realizing, hey, actually, we do need an element of the human interpretation. So think about Appen as a business with a platform, with a lot of people signed up that is ready to do interpretation work and get paid. So a software or an AI company will engage Appen, you know, to find a thousand people around the world to interpret, you know, specific languages or models. And that, the result of that data goes back into the software company to optimize their own AI software. So we think that's coming back. We're not completely sure yet, so we're doing a bit more work just to understand whether that is the case and how sustainable is the business. They have typically, I think, three months of visibility, forward visibility on their revenue. So for them, you know, it is, it's not something. It's not a contract that they sign for the next twelve months, and that gives them the ability to see forward twelve months. So that's something we're always a bit wary about, that things can turn for the better or for the worse, or for the worse very, very quickly. Fantastic. Thanks, Tobias. The next one is from David. He says: "Bank of Queensland seems to have bottomed and is recovering from its longer-term woes. Is this your view? So Bank of Queensland is a large cap company, one for the Leaders, guys. I mean, one thing I will say is that, the stock has recovered, as has Bendigo Bank, and as I'm sure a number of our listeners will know, the bank sector generally has been very, very good over the last, call it year and a half. AMP has a bank in it, that I think everyone's forgotten about. We actually think, see a positive outlook for the AMP Bank that's probably not factored in it at all, from analyst numbers or expectations in the market. So we're actually quite-- That's another reason why we're positive on AMP. But yeah, on Bank of Queensland, no view, sorry. Too easy. The next one's from Jeremy. He says, "Do you have a view on IDP Education? Are the regulatory risks currently priced into the share price? We're getting close. We are. It's a stock we don't wanna miss, 'cause we know it really well. We don't own it. It's very hard. It's hard. Two elections. It's political. It's very political, and it's really hard to ascertain exactly what's gonna happen, and there's gonna be a lot of political noise. So it's one that gets debated a lot. It's very hard to, I guess, give a firm answer on whether that's completely been priced in. I think what we haven't seen since it spun off out of Seek was that Canada, U.K., and Australia are all saying the same thing, which is, you know, impacting effectively international students, and that's very unusual. Usually, it's the opposite. You had the complete reverse coming out of COVID. So we need that political atmosphere, let's call it, to swing back the other way. And I think once one of them does that, then I think that would be very positive for the sector. But like we see with all these government intervention and regulatory change, they always go too hard. You know, we've been impacted for one of our companies last year. That was a bad one called NextEd. That's been impacted massively. In aged care, coming out of the Royal Commission, the financial services industry coming out of the Royal Commission. Look, we think they've gone too far, and ultimately we do think that at some point the restrictions will be lessened and that will benefit IDP, but we just think it's not, not now. Great. The next question is from Joseph. He says, "What's the team's view on the data center industry after the big news in the market the last few days, with the AirTrunk-Blackstone deal? Yep. Look, we're very bullish, the data center space. So the company we've had in the portfolio for probably two years now is NextDC, which is the listed player. And, you know, Australia is a key strategic, geographic location for, AI and data center compute. The amount of, contracts that's going around, that these guys are bidding on, you know, they're very large. It used to be single-digit megawatts, then, you know, the last few contracts have demonstrated it's around 20-30 megawatts per contract, and we think the next contract will be close to, closer to 100 megawatts or even higher. And so NextDC has very strategic locations, around Australia. They've also gone into Malaysia, they've gone into Japan, and potentially Thailand, to over time, become a regional data center operator. And they have a very strict or a very disciplined approach to return on invested capital, which has meant that they've been, I guess, more slow and steady in how they've progressed and built data centers and won contracts from the hyperscale guys like Microsoft, Amazon, Google, et cetera. So we are very bullish the data center space, you know, we think demand still far outstrips supply, and the beneficiaries are those with current assets in the ground that can actually receive the demand. So NextDC is the stock we have in the portfolio. Thanks, Tobias. Tony has said, "Do you hold either, Mesoblast or Imugene?" Hopefully, I've pronounced those right. "And do you see either of those on a similar trajectory as Telix? We don't own them. Yeah. I'd say Mesoblast, unlikely on Telix. It's just... I mean, who knows with that company? It's a black box. Imugene? No strong, yeah, no strong views on Imugene either, so we have PYC in microcaps, and, you know, again, spoke about this earlier, you know, we, we're actually pretty selective on- Biotech. The biotech space. The biotech as well. Sorry. Yeah. And so we are very specific, so we're looking for shorter term catalysts to decide when to enter these businesses. And we've had, like, Neuren in the past as well. So it's very selective when we do participate in the biotech space. Thanks, Tobias. And Anthony has asked, "When do you believe that the WAM Microcap shares will recover and reach the dollar eighty per share? Phew! Similar to the-- this is very similar to the WAM Capital question. You know, obviously, Tobias and I, like, there's only so much we can do on the performance and, you know, we are massively-- we're big shareholders across all the funds. So it's, you know, we're frustrated, too, and we want the share price to be as high as, high as it can. But WAM Microcap, similar to WAM Capital, we're paying out a lot of profits in dividends. And yes, the performance has been good, but, you know, effectively, that dividend is impacting the capital base, and it's one of the big reasons why we've held the dividends constant despite having quite a substantial profit reserve. So look, we, we... You know, hopefully, with a different interest rate environment, a better market for small caps, who knows? But yeah, obviously, you know, we are massively motivated to try and get, you know, to work as hard as we can for those share prices to go up. But I think we need a few other factors to go our way to see that happen. Yep, agree. And then, Graham has asked on WAM Microcap again, "It has four point two years of dividend coverage. Why so much? Isn't three years cover sufficient? Three years coverage is sufficient. So then you would, the next question would be, well, why don't you increase the dividend? Well, the reason why, and speaking for the board again, the reason why we haven't increased, the board hasn't increased the dividend is we don't want an issue like WAM Capital, where we keep depleting our net tangible assets every year because we're paying out such a big dividend. And I think WAM Microcap is on a fully franked dividend yield before franking of 7%. Like, I mean, Commonwealth Bank is on 4%, I think. Like, so it's paying a very good yield, and that's before I take into account, we take into account franking. So if we increase the dividend, yes, your dividend yield will increase. That's great, but then it's potential, the share price will decrease because the capital base is decreasing to pay that dividend. So it's about finding the right balance, and we feel like with WAM Microcap at the moment, it's probably at the right balance. So yeah. So look, I'm speaking for the board again. But look, I think you know, as it stands today, I think you know, dividends are probably about right. Yep, great. And another question from Jamie. We've had a few from Jamie: Do you own NIB Insurance? I think that one's potentially for the large cap team as well. We don't. No, that's one we- No, we don't, we don't have NIB Insurance. I think generally that health, look, private health space probably has benefited through COVID because they weren't seeing many claims. And so we did own it for a period and did quite well out of it. We haven't owned it for about a couple of years, but it got to about AUD 9 a share, I think, Tobias. Yeah. And we sold it, largely because it was fairly a big valuation, and our view was, well, it's got artificially- Margin ... high profits and margin because you're not seeing claims from COVID because people weren't going to hospital. So, that's starting to reverse now. And, yeah, I think the share price has been hurt as a result, but it's not one we've looked at for a while, so it might have gone down for other factors. Perfect. And the next one's from Michael: Do you have a view on Stealth Group, ticker SGI? We don't. The business is quite small. I think one of our directors is actually a director, yeah, on Stealth Group. So we've talked about it briefly in the past, but not something. It is a very small, very micro-cap company, and it's a very small, even for a WAM Microcap. Great. Thanks, Tobias, and Geoff said, "Since you mentioned it, Oscar, what's your view on NextEd? Oh, thanks, Geoff. Didn't need to be reminded of that one. Oh, look, it's a, you know, sometimes you get some things wrong, and we got them wrong. Now, in saying that, it looks interesting here. It's been so bad. It went from about a market cap of 200 at the high or maybe even higher than that. And it was a great stock for us in the 2023 financial year. Then what happened was what? Exactly the same as IDP Education. The government basically put a cap on international students, and these guys do English language teaching and also do vocational courses for people coming into Australia. And of course, that handbrake got put on, and their revenues effectively disintegrated in that period. Although I will say it was magnified by some of the management's and the board's actions through that process, but that's another story. You know, the share price has been hit so hard that I think, you know, before its result, it was trading at a... Its market cap was, I think, AUD 25 million, which is crazy. They came out with the result, and they actually beat earnings expectations, and it did AUD 15 million of EBIT, earnings before interest, taxes, depreciation, and amortization. It had AUD 20 million of cash, so their shares went up a lot, but lo and behold, they've been drifting since, which is always what we see in micro-cap stocks. You know, and that's why we're very proud of our performance over the last couple of years, because it's been such a hard sector. If you get something wrong, they get smashed. So anyway. But look, at the moment, this next year should be the worst year. It should recover from here. I think given it was trading so low before the result, there was probably a feeling out there they had balance sheet problems. It appears they don't now, which is great. So it's up to the management team and board to get it right and, you know, to really prepare themselves for when the market settles. Because if they have a good balance sheet, and if they get their earnings right, then it might give them opportunities to buy acquisitions and at a very discounted price and be better for it as they come out of it. So, look, I can't sit here today and tell, say we're very positive on the stock. We're not, but at least it's sort of, you know, feels like the worst is behind it. I think would be the conclusion. Great. And then we've had another question from Peter on Megaport and IPH. He might have joined late. You are able to provide, yeah, a quick update on your view on those two stocks. Yeah. So just echoing what Oscar was saying in terms of Megaport, you know, the CEO and the management team, we still rate very highly. We still rate the business very highly. They have some short-term issues with the back book or the base business that they need to address. You know, we believe they've put in place the strategies to address these issues, so the next six months for Megaport is quite critical to see whether the base business can get back to its previous momentum, and just to clarify, the base business didn't go backwards. It just wasn't growing as quickly as what it used to grow in the past, due to decisions made a couple years ago when they had to try to get to profitability as quickly as possible, to stave off a potential capital raise. So some of those, I guess, drastic measures have impacted the base business, which previously was just on autopilot and growing at around 115%. That's probably come back, around to about 105%. So it's still growing. It's just not growing as quickly. The product is really good. They have scale, and as the largest player, largest independent player, they do have leverage, and economy, economies of scale to what they do, and it's very hard for competitors to come up, and compete with them. So for them, it's really just setting in, putting in the right pricing, the right products, the right sales guys on the ground to execute. And so the next six months, I guess, will be the key period for them to see whether they can actually come out the other end, a much stronger business. And we will back the CEO to achieve this. You know, his background is quite good at ThousandEyes, which is a Cisco subsidiary. IPH, a company that worked quite well for us during reporting season, they did do a cap raise to buy another business in Canada to complete the picture in Canada. For us, you know, we think the business is severely undervalued. You know, it used to be a market darling for a very long time. You know, has an Australian business, had an Asia business which, had to go through a period of, I guess, a pretty tough macro backdrop. However, the Canadian business and something they've expanded into the last few years is actually doing really well, and that's the second largest part of the business. So it's a very diversified business now. The Australian PCT filings, we believe it's pretty much close to bottoming, and so we should see that come out the other end, next calendar year, if not the year afterwards, which provides the business with a tailwind. And then you have the Canadian growth story. You have the synergies that they can achieve from integrating three businesses in Canada and potentially, over time, expanding to other regions, and the management team has actually done pretty well given the headwind they've faced, so IPH is a stock that we have in the fund and, you know, we're positive on. Great. Thank you, Tobias. We've got a few more stock questions coming in. The next one's from Warren on MoneyMe, ticker MME. What's your views on the stock? No real view, but in that sector, I would. We really like Humm, which is the old FlexiGroup. That had a really good result, and that's been. It's undiscovered. Well, it's a stock that's been around for a long time. It's been completely forgotten about. Very, very cheap. So we really like that one, and also. Well, we talked about Judo, I think, earlier as well, and the, and WAM Capital. So, they're probably our two exposures there. Great, and Laurie is asking for your view on Clinuvel Pharma, ticker CUV. Oh, no real view. Sorry, Laurie. Yeah, we don't view sort of biotechs as our wheelhouse, let's call it. Yeah, perfect. Eden has asked for your view on Duratec, ticker DUR. Look, it's cheap. It's had a tough year. It had a really good year a couple of years ago. Look, we probably should see them. We haven't seen them for a while. It's definitely a takeover target, certainly, given it's exposed to a sector that certainly Service Stream and Ventia want to be in, which is defense. So potentially looking interesting. So yeah, we should go and see them. It's very cheap at the moment. Great. And then Anthony has asked for your view on Adairs, ticker ADH. Yeah, look, I mean, it was an okay result, Adairs. And Mark Ronan, who we really respect and always liked, who's the CEO, has actually resigned. He'd been there for seventeen years? Yep. Really good guy. So it's probably going through a period where it has a bit of management change and sort of, you know, who knows what's happening there. So I think there's probably better retail exposures at this point. Like, we like Harvey Norman, Temple & Webster, Nick Scali. So yeah, we're out of Adairs. But yeah, we like it. It's. There's nothing wrong with it. Pays good dividends, good suite of businesses. So yeah, who knows? We might be back there again at some point. Great. And the next question is from George. He said, "What has been your worst stock investment ever? Yeah, I'll go first. I reckon my worst stock investment is a company called Bubs, BUB. It's a, it was an infant formula business. The reason we went, invested into Bubs was, in the US, one of the key, infant formula providers had an issue. They ran out of stock, and, because the US was quite a closed market, they had to effectively air freight Bubs formula into the US, which gave them a, I guess, footing to be able to expand into the US. So we, you know, I guess. The mistake I made was thinking, you know, that advantage or the luck component, I guess, is strong enough to allow them to expand as quickly as quickly. You know, the... You know, what did I learn? Management is everything. If you don't have the right management, even if you have a bit of luck, you know, you still can't actually monetize it. You can't benefit from the luck. In fact, so they actually mis-executed, and the share price went down, I think, 40%. And, you know, it was quite funny because I think the three previous capital raises, we've never participated because, you know, I was iffy about management, and, you know, I thought, "Oh, maybe with a bit of luck in the States, you know, that might change." It didn't. So that was, you know, probably the worst stock for me. I think probably NextEd's up there for me, and probably my lesson there was probably got a bit too greedy when it started going and was doing really well and didn't sell enough. Although, I will say it was pretty random what happened to them, like with the government changing the rules. But I think there's probably not one we've had at Wilson Asset Management in my time, but I think my biggest lesson, definitely when I was an analyst and I joined WAM in 2016, I was an analyst at a previous investment bank for five years before that. Fortuitously, I think really from what the benefit of sort of where I'm at today, I followed a lot of the roll-up companies, and these are the acquisition-heavy companies, and two of those companies involved Slater and Gordon and Vocation. I was positive on Vocation. That was the first one, which thankfully taught me for Slater and Gordon to go negative at a given point in time. The biggest lesson there was, if your cash flow doesn't match your earnings, that's a massive red flag, and you know, every year, we've only really got two chances a year, being the results, to evaluate management and whether their cash flow matches up with their earnings. It's usually you give them the benefit of the doubt once... 'Cause they always say the same thing. They'll go, "Oh, yeah, our, our receivables increased because a large customer didn't pay us on the thirtieth of June. They paid us on the fifth of July." They always say that. But if it happens again, the second time, that's a massive red flag and something you've got to be massively conscious of. So look, that's cash flow conversion is massive for me, and certainly Slater and Gordon, Vocation, they both went effectively to zero. Yeah, that's evidence of what can happen if they don't match up. Perfect. And a few more stocks, from Joseph and Michael. What's your view on Harvey Norman, HUB24, and Judo Bank? I'll do Harvey Norman. Like, so Tobias and I, we're big fans of Gerry and Katie. We think they're excellent. Like, we were lucky, we went over to Auburn and at the superstore, which is a great store in Harvey Norman. Gerry, you know, he's... How old is he? 85? Eighty-two? He's, you know, he plays tennis every day. Like, he's a legend. Anyway, you know, all the customers speak to him, all the staff, everyone loves him. And he talks just like the ads. He's like, "Oh, it's unbelievable, Tobias. You know, we've got this boom in AI, laptops and all this sort of stuff. It's the most positive thing I've seen, you know, for ten years," or something. So he's very energetic, he's very he's on the tools. So yeah, we like Harvey Norman and, you know, at AUD 4.50, you know, you're paying pretty much a dollar a share for the retail business, which isn't much, because their property's worth AUD 3.50 a share, approximately. But the big reason why we like it, you've got a potential replacement cycle in laptops from all the laptops that were bought in 2020. They're five years old now. They need to be replaced, and they've got AI features, so they should get replaced at a higher price point. That's number one. Number two is, they're quite big in New Zealand. New Zealand's been diabolical for them. That's a good thing, because you know that over the next two or three years, if they drop interest rates in New Zealand, they're probably going to have positive numbers coming out of New Zealand. And the third thing is that, because we owned it years ago, probably around 2018 for this, and the problem is it's been hidden by COVID and investment in the store rollout. But they've actually. And people, most people don't know this, but they have quite a substantial network of stores offshore and in particular, in Malaysia and Singapore. I think Malaysia's going to Eighty stores. Eighty stores in Malaysia, in a country, how many people? Seventy? I thought it was like- It's a lot. Yeah. Anyway. Thirty-five. So that's been going on for the last, oh, five or six years. The stores should be maturing now. They've come out of a tough retail environment. So we think Australia will improve with the laptop replacement cycle, New Zealand will improve, and we also think this Malaysian, Singapore offshore rollout could potentially be the spice in the stock to finally give it the re-rating that it probably deserves, given the asset backing. So like Harvey Norman. HUB24, another great business. It's amazing, amazing success story. If you look at the share price of HUB over the last 10 years, it's done incredibly well. We have quite a large position in HUB24, and it's continuing to just displace many of the incumbents in terms of the platform. They were early. The superiority of their platform or wealth management platform continues to yield them a larger market share than the current market share that they have. So the market share they have on flows is quite a bit larger on the market share they have in total funds under administration. And so over time, the two, you know, should converge together. So HUB24, another stock we like. I think the other one is Judo. I mean, what's changed at this result is the fact that exit net interest margin is high. The advantage that the big banks have on the TFF side, you know, we're finally coming to the end of that, and a challenger bank such as Judo should now benefit from the growth in their book. And the longer term thesis for Judo is that once they get to scale, which is now very, you know, next few years, the jaws or the operating profits should be growing at a much faster rate. So the operating leverage is quite significant. They've managed the arrears and, you know, bad debts pretty well. So, you know, it's a business that, you know, we think, you know, they're winning share. We think potentially someone like CBA is pivoting more to mortgages, and I guess focusing less on business banking, which is where Judo, where Judo is, in. And so, yeah, it's a company that we quite like. Management team's great, and yeah, so we're looking for the catalyst being earnings upgrades over the next few years. Great. And we've got just a couple of more stocks coming through. Tim would like your view on XRF Scientific. We don't own it. If we think there's a bit of risk around exploration at the moment, given where commodity prices are heading, and when there's general macroeconomic uncertainty, you generally see these companies get hit hard, so that's one we're probably staying away from at this point in time, but we haven't owned it for a while. It's quite a small company. Great. And this is the last question. So we've just ticked over two hours, Oscar. I think you've lost your bet. I have. But Anthony has asked, "Could you please give me your view on DDR? Yeah. So DDR is a, let's say a, it's a pretty, in the market, it's a very polarizing stock. To Oscar's point on the AI replacement cycle, they're actually pretty well placed to benefit from that as well. So we look at DDR in the context of DDR and DTL, which is Data#3. And so for us, we just need to identify the catalysts to buy the stock. And we, we're doing the work on it. I think, we've gone to a couple of group meetings. And this is on the list of things to do, but it's something that we're still working on. I think we've got one more question. We're at ninety-three- Yeah, I think we get one. Ninety-four. Ninety-four questions. Last one, just for you, Eden. Do you have a view on Cleanaway? Oh, great company. I don't know if the valuation's up there for us. Although in saying that, it's, you know, a lot of their global peers trade on a higher valuation than them. So look, we're not there. If we saw a slip up, we probably would be. We do have a company exposed to waste management and What company, Tobias? LGI. Oh, yeah, LGI. We play it through LGI, which is, yeah, effectively is a play on renewable energy and getting drilling out the landfill gas and selling it into the grid. And that's been a good company for us over the last twelve months. Fantastic. Look, one more. Sorry, Nigel- Ninety-five. One more question. We're getting straight to a hundred. We've got to raise the bat. Nigel says, "What's your view on DUG? DUG is actually in a very interesting space. I went to see them in Malaysia last month. It's a bit like a data center, so they have to invest ahead of the curve. Just take a step back. DUG provides effectively supercomputing for exploration companies in the oil and gas industry. They have these, I guess, the hardware or the computers. I went to actually see one of their, I guess, mini data centers that computes and just churns and analyzes seismic data to be able to provide these oil and gas producers and explorers to find where, you know, where the deposits are. And, you know, they're in a very interesting space. The opportunity is quite immense. The technology is... appears to be a lot better than the peers, and by being better than the peers, it's just more accurate. So if you use their technology to run the old data or the seismic data of a certain area, for example, you can actually see better data and perhaps give you a higher chance of success of striking oil. So, you know, we do like, we do like the stock. It is, in a way, it's a bit like a data center. They have to invest ahead of the curve, so you have to believe that the demand is there to sustain the initial capital investment. But it's a founder-led business. The technology is great. And yes, it's one... It's a position we have in the WAM Microcap Fund. Fantastic. Thanks. I think that was the last question, so- Ninety-five. Yeah, ninety-five. Is that a record, Bridget? I think it's up there. You won the bet. Yeah, well, what do I win? The positive is I'm not getting divorced. That's good. You get to pick up the kids from school. Anyway, look, thank you very much to everyone. Thanks, Bridget, for hosting. Thank you, Tobias. Thanks to all the support from all our shareholders. We really appreciate it, and I guess, yeah, we'll probably the next time we chat will be February or March next year, but please, I know there's a lot of questions on share price, premiums, discounts, dividends, and so forth. I just saw question ninety-six. Yes, we do like Summerset. Big holding in the fund, play on New Zealand property market, so then we like that one. It's a good one, but yeah, if you've got any questions, please call through. We've got a great team, they'll answer them, and obviously, if you want to speak to Tobias and I anytime, you can do that, too. So thanks a lot for your time, and have a good weekend. Thank you.