Listed investment company WAM Active has reported a positive portfolio return for the year to June after a decision to hold the bulk of its fund in cash helped it preserve capital amid the worst market falls. The hedge fund is one of three listed vehicles owned by Wilson Asset Management, and aims for a positive return through the use of short selling, derivatives and holding cash in addition to its key focus on share trading. WAM Active posted a portfolio return of 9.6 per cent for the year to June, against a 22.2 per cent dive in the S&