We are pleased to provide you with a summary report on the performance of the WCM Quality Global Growth Strategy (the Strategy) for April 2026.
The Strategy1 delivered a return of 5.35% during the month, outperforming the benchmark MSCI All Country World Index (the Benchmark) return of 4.99%. The Strategy has delivered returns in excess of the Benchmark over one month, one, three and 10 years and since inception.
Strategy Update
Global equities rebounded strongly in April with several key benchmark indices including the US S&P500, the Nasdaq Composite and Japanese Nikkei 225 reaching new all-time highs. The market gains were impressive given the unfavourable geopolitical and macroeconomic backdrop. While the continued closure of the Strait of Hormuz remained a significant headwind through its impact on oil prices, inflation and interest rate expectations, this was more than offset by stronger-than-expected first quarter US corporate earnings. Renewed optimism surrounding Artificial Intelligence (AI) related capital expenditure also provided meaningful support to markets. At a regional level, emerging markets beat developed, with the former driven by the technology and AI supply chain-heavy Taiwanese and South Korean indices. Factor-wise, growth, also driven by the strong performance of AI capital expenditure-exposed stocks, outperformed value. Technology was the standout at the sector-level while Health Care and Energy were among the weaker performers.
Portfolio attribution analysis for the month showed stock selection was the major positive contributor to returns versus the market. Within individual sectors, stock selection was strongest in the Industrials, Information Technology and Consumer Discretionary sleeves of the portfolio. In contrast, the portfolio’s Health Care, Materials and Communication Services holdings weighed on performance versus the benchmark. From a sector positioning perspective, the three largest positive contributions to returns relative to the market came from the zero allocation to Energy, Consumer Staples and Utilities. Conversely, the overweight positions in Health Care and Materials detracted from relative returns, as did the underweight exposure to Communication Services.
There were three new positions added to the portfolio in the March 2026 quarter, Swiss pharmaceutical firm Novartis AG, South Korean semi-conductor manufacturer SK Square and US based C.H. Robinson Worldwide. These new additions replaced GE Vernova, Waste Connections, Ferrari and Novo Nordisk. C.H. Robinson Worldwide is the world’s largest freight brokerage company, helping companies move freight by finding capacity, negotiating prices, and managing transportation execution across thousands of carriers and millions of shipments, without owning the assets. Tailwinds include a gradual normalisation of the North American freight cycle, increased outsourcing of logistics complexity by shippers, and accelerating digital adoption across transportation networks. C.H. Robinson Worldwide’s positive moat trajectory is driven by its scale, proprietary data, and a structurally leaner operating model. Under new management, productivity is increasing dramatically, supported by automation, AI-driven pricing and a reset cost base, which WCM Investment Management (WCM) believe positions the company to gain share and expand margins.
Looking forward, the challenges facing investors have shifted quickly. The range of outcomes tied to the most important global forces are unusually wide. Two, stand out: AI and geopolitics. In both cases, long-term outcomes are difficult to predict with confidence, yet too consequential to ignore. In the case of geopolitics, the issue is not any single headline dominating the news cycle – tariffs, Iran or otherwise. The bigger issue is the growing possibility that elevated uncertainty is not temporary, but structural. This leaves investors with a choice, continually reposition portfolios to chase the trade of the moment, or rely on a consistent framework to guide decision-making through uncertainty. For WCM, moat trajectory and culture serve as that compass. Their inherent adaptability is precisely what this environment demands. When change is constant, the objective is not to predict every outcome, but to remain guided by a core, forward-looking investment philosophy and being ready to adapt.
Notes: 1. WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) have the same Portfolio Managers and investment team, the same investment principles, philosophy, strategy and execution of approach as those used for the WCM Quality Global Growth Strategy however, it should be noted that due to certain factors including, but not limited to, differences in cash flows, management and performance fees, expenses, performance calculation methods, and portfolio sizes and composition, there may be variances between the investment returns demonstrated by each of these portfolios and the WCM Quality Global Growth Strategy (the Strategy) in the future. As WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) have only been in operation for a relatively short period of time, this table makes reference to the Strategy to provide a better understanding of how the team has managed this strategy over a longer period. Performance is net of fees and includes the reinvestment of dividends and income. 2. Strategy inception date is 31 March 2008. 3. Benchmark refers to the MSCI All Country World Index (with gross dividends reinvested reported in Australian Dollars and unhedged). 4. Value Added equals Strategy performance minus Benchmark performance. 5. Annualised.
DISCLAIMER: AGP Investment Management Limited (AGP IM) (ABN 26 123 611 978, AFSL 312247) is a wholly owned subsidiary of Associate Global Partners Limited (AGP) (ABN 56 080 277 998), a financial institution listed on the ASX (APL). AGP IM has prepared this material for general information purposes only for WCM Global Growth Limited, a listed investment company (ASX: WQG).
AGP IM is the responsible entity for WCM Quality Global Growth Fund - Active ETF (ARSN 625 955 240) (ASX: WCMQ) and WCM Quality Global Growth Fund (Managed Fund) (ARSN 630 062 047).
AGP International Management Pty Ltd (AIML) (ABN 33 617 319 123) is the investment manager for WQG and is an authorised representative of AGP IM. WCM Investment Management, LLC (WCM) is the underlying manager and applies its WCM Quality Global Growth Equity Strategy (the Strategy), excluding Australia, in managing each of WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund)(the Funds). WCM Investment Management, LLC is exempt from the requirement to hold an Australian Financial Services License under ASIC Corporations (Repeal and Transitional) Instrument 2016/396 and is regulated by the U.S. Securities and Exchange Commission under U.S. law, which differs from Australian law. WQG and AIML are part of the AGP Group.
Any references to ‘We’, ‘Our’, ‘Us’, or the ‘Team’ used in the context of the portfolio commentary, is in reference to WCM Investment Management, as investment manager for the Strategy or AIML as investment manager for WQG.
Even though the Strategy, excluding Australia, is applied to each of WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) certain factors including, but not limited to, differences in cash flows, fees, expenses, performance calculation methods, portfolio sizes and composition may result in variances between the investment returns for each portfolio. The performance of the Strategy is not the performance of the portfolios and is not an indication of how WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) would have performed in the past or will perform in the future.
The material should not be viewed as a solicitation or offer of advice or services by WCM, AGP or AGP IM. It does not contain investment recommendations nor provide investment advice. It does not take into account the objectives, financial situation or needs of any particular individual. Investors should, before acting on this material, consider the appropriateness of the material.
Neither AGP IM, AGP, their related bodies corporate, entities, directors or officers guarantees the performance of, or the timing or amount of repayment of capital or income invested in the Funds or that the Funds will achieve its investment objectives. Past performance is not indicative of future performance.
Any economic or market forecasts are not guaranteed. Any references to particular securities or sectors are for illustrative purposes only and are as at the date of publication of this material. This is not a recommendation in relation to any named securities or sectors and no warranty or guarantee is provided that the positions will remain within the portfolio of the funds. Any securities identified and described are for illustrative purposes only and do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.
Investors should seek professional investment, financial or other advice to assist the investor determine the individual tolerance to risk and needs to attain a particular return on investment. In no way should the investor rely on information contained in this material.
Investors should read the Product Disclosure Statements (PDS) of the Funds or any relevant offer document in full before making a decision to invest in these products.
