Wilson Asset Management’s flagship $1.9 billion listed investment company WAM Capital outperformed its benchmark in the 2021 financial year, riding high on an early call on the e-commerce wave and the resurrection of beaten-up cyclical stocks.

WAM Capital’s investment portfolio, which focuses on small- and mid-cap companies, increased 37.5 per cent during the period, beating its S&P/ASX All Ordinaries benchmark by 7.3 per cent and the S&P/ASX Small Ordinaries Index by 4.3 per cent. The LIC’s annual performance since inception is 16.6 per cent.