Timbre & Timbre - Dual Timbre - NLC build notes

These are my build notes for the Nonlinearcircuits Dual Timbre module.
Its in Eurorack format. The original timbre module was based on the Buchla easel timbre waveshaper circuit.

  The tri2sin circuit has been dropped, there is an input attenuator for each section.

This is simply a dual version of the Timbre!, It is all smd (the single version is thru-hole).

Andrew's blog notes are here:
http://nonlinearcircuits.blogspot.com/2018/01/timbre-timbre.html

The NLC build notes and bom are here:
https://www.nonlinearcircuits.com/modules/p/timbre-and-timbre

GET those ICs on first.

The BOM calls for a J112. Im using a J309
 863-MMBFJ309LT1G as the waiting time on the 112 is nearly a year

 Headers:

 Pots & Jacks

To be continued.................

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For more Euro DIY builds click here:
http://djjondent.blogspot.com.au/2017/12/diy-index.html
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Splosh - Build notes - NLC module

These are my build notes for the Nonlinearcircuit "Let's Splosh" Eurorack module.
It's quite a straight forward build. Just 4 SMD ICs. The rest are 0805 resistors/caps

This module takes 4 CV or audio inputs and mixes them up into 16 outputs.

The virgin PCB & panel.

Andrews blog:
http://nonlinearcircuits.blogspot.com/2018/04/lets-splosh.html

Build notes and bom are here:
https://www.nonlinearcircuits.com/modules/p/lets-splosh

The four Op-amps --- 072s

There are sixty 100k resistors

Reverse power protection diodes- 1N400x or S1JL.
The dot on PCB indicates CATHODE (stripe on component)

 

The module works by using 8 different rectifiers.
A rectifier diode lets electrical current flow in only one direction
Rectifiers are generally used to convert AC to DC.

The above circuit is a bridge rectifier.

Andrews circuit uses just 2 diodes and a op amp

This module utilizes 16 diodes in total. ...LL4148 diodes

The 4 inputs are named:
C = custard
T = treacle
N = natto
B = batter

We all pretty much know what custard, treacle and batter is, but what is Natto?

"Nattō (なっとう or 納豆) is a traditional Japanese food made from soybeans fermented with Bacillus subtilis var. natto. Some eat it as a breakfast food."

Jacks next

Install the LEDS and you're done.

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For more Euro DIY builds click here:
http://djjondent.blogspot.com.au/2017/12/diy-index.html
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You can find more NLC builds here.

http://djjondent.blogspot.com.au/2015/03/non-linear-circuits-ncl-index.html

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WLE

 WLE WAM leaders

WAM Leaders Limited (ASX: WLE) is a Listed Investment Company (LIC) that was listed in May 2016. [1, 2]

Because it has only been trading for roughly 10 years, its historical metrics reflect its performance since inception. [1]

Evaluating a LIC requires looking at metrics differently than standard companies because it acts as an investment fund.

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📊 Profitability

Because WLE's revenue is tied directly to the performance of its underlying investment portfolio (capital gains and dividends from blue-chip ASX stocks), its profitability experiences high volatility. [1]

Recent Bounceback: In its FY2026 results (ended June 30, 2026), WLE reported a massive surge in profits. Operating profit after tax jumped 153.5% to $161.8 million compared to $63.8 million in FY2025. [1, 2]
Long-Term Performance: Since inception in 2016, the investment portfolio has delivered a compound return of 12.0% per annum, outperforming its benchmark (S&P/ASX 200 Accumulation Index) by 2.9% per year. [1]

📉 Debt Profile

Virtually No Debt: As an equity-focused LIC, WLE does not rely on traditional corporate debt or leverage to fund operations.
Net Cash Positive: WLE operates with a positive net cash position. For instance, recent filings show a net debt figure of -$109.6 million, meaning cash and liquid reserves far outweigh any minor operational liabilities. [1, 2]

📈 Return on Equity (ROE) & Return on Assets

Inconsistent but Healthy Over Cycles: ROE fluctuates widely from year to year depending on market conditions. In heavy bull-market years (like FY2026), ROE spikes dramatically. [1, 2]
Standard accounting tracking shows its historic ROE average hovers around 6.95% to 7.3% during normalized cycles, but it has maintained overall profitability in 8 out of its 10 years of tracking. [1, 2]

💰 Dividends & Shareholder Returns

Dividends are the primary metric long-term holders track for WAM funds. [1, 2]

Consistent Increases: WLE holds an impressive track record of increasing its annual dividend every year since FY2017.
Current Yield: For FY2026, the company declared a fully franked full-year dividend of 9.6 cents per share. This offers investors a massive trailing dividend yield of ~7.2% (grossed up to over 10.2% including franking credits).

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📊 WLE NTA & Performance Track Record

WAM Leaders Limited (ASX: WLE) was listed in May 2016. [1]

Because the fund has not yet reached a full 10-year operating history, its complete performance and Net Tangible Assets (NTA) record spans just over 10 years from its inception to mid-2026. []

Over its lifetime, WLE’s pre-tax NTA has consistently tracked the movement of the S&P/ASX 200 Accumulation Index, enhanced by active large-cap management. [1, 2]

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📈 Historical Overview of Pre-Tax NTA

WLE’s NTA launched at approximately $1.10 per share in 2016 (after initial listing costs). The pre-tax NTA has historically fluctuated between $1.10 and $1.45, heavily influenced by major market cycles like the 2020 pandemic crash, the 2021–2022 inflationary recovery, and recent large-cap earnings cycles. [1, 2]

Recent NTA Figures (Mid-2026): As of July 31, 2026, the pre-tax NTA sits at $1.32 to $1.35 per share.
NTA vs. Share Price: Historically, WLE has alternated between trading at a premium and a discount to its NTA. For instance, in mid-2025, it traded at a 7.8% discount, which compressed significantly to a 0.2% premium by mid-2026 due to strong portfolio re-rating. [1, 2, 3, 4, 5]

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🔍 Long-Term Compounded Performance

Because Listed Investment Companies (LICs) pay out a substantial portion of their returns as dividends rather than retaining them in the NTA, evaluating the Investment Portfolio Return (which includes cash and re-invested profits before taxes and fees) provides a clearer picture of growth: [1]

Metric	Performance (p.a. Since Inception / ~10 Years)
WLE Portfolio Return	+12.1%
S&P/ASX 200 Accumulation Index	+9.2%
Outperformance	+2.9% per annum

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💡 The Role of Dividends on NTA Growth

It is crucial to note that WLE's NTA does not grow strictly in a linear upward trajectory because it is managed to maximize income distribution. Profits are regularly transferred out of the NTA and paid to shareholders. [1, 2]

Total Dividends Paid: Since listing in 2016, WLE has paid out 67.55 cents per share in fully franked dividends.
Grossed-Up Return: When factoring in the value of Australian franking credits, that payout scales up to 96.5 cents per share returned to investors. [1]

For the exact month-by-month historical NTA data spreadsheets across the last decade, you can access the Wilson Asset Management ASX WLE Announcements Page or view specific statutory updates directly via the ASX Product Issuer Page.

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