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WAM Active rockets 41% in 2025, driven by metals rally and AI gains

Written by Jon CuthbertPublished Jan. 5 2026Last Updated Jan. 5 2026

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Wilson Asset Management's active listed investment company has delivered a stellar 41.4% return over the 12 months to December 2025, handily outperforming the S&P/ASX All Ordinaries Accumulation Index, which rose 10.6%.

The performance was powered by a dazzling 31.4% surge in the second half of the year, marking the fund’s strongest six-month return since its inception 18 years ago.

Deputy portfolio manager Shaun Weick said WAM Active (ASX:WAA) had rotated heavily into precious and base metals, with significant holdings in ASX-listed copper and gold miners including Catalyst Metals, Genesis Minerals, Capstone Copper, and Chalice Mining.

"These companies are well positioned for near-term outperformance as the US continues to cut interest rates, global growth improves, and the US dollar weakens," he said.

The metals rally has continued into 2026, with copper reaching a record US$13,000 a tonne on Jan. 6, up 20% since mid-November, while gold remains near historic highs.

Silver, platinum, and palladium have also gained amid heightened geopolitical tensions following the US capture of Venezuelan leader Nicolás Maduro.

WAM’s performance was further boosted by an 11.4% holding in rare earths and bauxite miner Lindian Resources, which surged more than 400% last year, and a 5.5% stake in AI infrastructure start-up Firmus Technologies, whose valuation tripled to $6 billion in months.

These gains helped offset a 50% write-down in Corporate Travel Management after an accounting scandal.

The fund's outperformance enabled WAM Active to declare a fully franked interim dividend of 3.2 cents a share, alongside a special dividend of 1 cent, delivering an annualised fully franked yield of 6.4%.