WCM Quality Global Growth June 2020 NTA Statement & Portfolio Update

We are pleased to provide you with a summary report on the performance of the WCM Quality Global Growth Strategy in June 2020.

The portfolio delivered a return of -0.25% during the month of June, outperforming the benchmark MSCI All Country World Index (ACWI) return of -0.56%. For the year ended 30 June 2020, the portfolio returned 19.65%, well exceeding the benchmark return of 4.75%.

Notes: 1. WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) have the same Portfolio Managers and investment team, the same investment objective and use the same philosophy and strategy as the WCM Quality Global Growth Strategy. 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 WCM Quality Global Growth Strategy Composite (the Composite) to provide a better understanding of how the team has managed this strategy over a longer period. 2. Composite 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 Composite Performance minus Benchmark performance. 5. Annualised

Returns include the reinvestment of income. Past performance is not indicative of future results.

The strategy is conveniently available in four investment structures to accommodate the differing preferences of individual investors. You can read the full investment update for each of these products on the links below:

The strategy outperformed the benchmark MSCI ACWI during June. The long-term performance of the strategy remains strong, with returns exceeding that of the benchmark over previous one, three, six and 12 month periods, as well as over three, five, ten years and since inception.

Although global equity markets were relatively flat during the month, the June quarter saw a very strong rebound from the mid-March lows. In fact, it was the strongest quarter for the US blue-chip S&P 500 Index since 1998. The recovery in global markets, which was initially driven by the larger US technology stocks, has slowly shown signs of broadening into other sectors, regions and risk assets.

European and emerging market equities, which had been relative laggards during the market rebound, were among the better performing regions in June. The prospect of a €750 billion crisis fund and the reopening of borders helped European markets, while emerging markets were assisted by the weaker US dollar. Growth stocks and sectors continued to outperform in June despite the more positive global economic data. This environment typically provides a positive tailwind for value-style investing. The weaker US dollar (stronger Australian dollar) in June was a drag on returns for unhedged global equity portfolios during the month.

‘Value’ versus ‘growth’ is an age-old investment debate. However, the consistent outperformance of large capitalisation growth stocks over the past decade has brought this debate back to the forefront for market participants. Advocates of value-style investing have been warning of an unsustainable disconnect between current market and fair intrinsic value of many of these growth stocks. Growth style investors are often accused of ignoring valuation and being overly focused on long-term thematics and momentum.

The investment team at WCM Investment Management have a clearly defined investment approach which is focused on identifying companies with expanding economic moats (i.e. a rising return on invested capital) and corporate cultures aligned to this moat trajectory. While valuation plays a role in the process, the team does not rely on traditional techniques such as discounted cash flow models to the same extent other investment management firms do. In WCM’s view, these models require an unrealistic level of precision and fail to appreciate the value of companies with growing economic moats.

[sc name="post-disclaimer-qgg"]

http://damai.balikpapan.go.id/assets/css/scatter-hitam/ https://scatterhitam-slot.com https://tth.com.tc/ https://gna.university/ https://guiqac.gnauniversity.edu.in/ http://tourism.gov.eg/ powergaming88 http://e-office.utu.ac.id/asset/assets/plugins/gacor/ powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 slot zeus nolimit city sv388 https://pariamantimur.pariamankota.go.id/assets/ https://sipatudia.bpsdm.sumbarprov.go.id/assets/mahjong/ slot jepang http://46.250.237.148:8005/ http://simokata.tabanankab.go.id/dist/img/thailand/ scatter hitam slot thailand link slot thailand 777 slot powergaming88 slot luar negeri slot gacor maxwin slot gacor hari ini slot gacor terbaru mahjong ways 2 slot thailand jp slot slot bni slot bri slot bsi slot danamon slot gopay slot server korea slot malaysia slot amerika slot rusia fan tan monopoly live lightning roulette mega ball sweet bonanza candyland mega sic bo mega baccarat andar bahar sbobet88 ktm303 slot dubai slot qris powergaming88 Slot Thailand Slot Zeus Pg Soft Starlight Princess Slot Gacor Maxwin Joker123 Sv388 Slot Thailand Slot Thailand Slot Qris slot thailand joker123 mahjong ways 2 888slot slot jepang slot thailand slot mahjong ways slot qris slot deposit dana slot dana nolimit city slot thailand sv388 slot888 slot kamboja http://labse.ce.undip.ac.id/sejarah/gacorx/ Slot Thailand Starlight Princess Mahjong Ways 2 Slot Maxwin slot thailand slot filipina slot88 slot thailand slot mahjong NEW SLOT POLA GACOR https://mandiri-gacor.angkolatimur.tapselkab.go.id/ jp slot slot ganas https://cheat-gacor.angkolatimur.tapselkab.go.id/ crazy time live slot qris https://sqris.angkolatimur.tapselkab.go.id/ slot akurat qris https://pragmaticplay.dharmasatyasarana.co.id/ https://dana.sidamaju.skom.id/ https://joker123.putramuko.co.id/ https://akun-pro-rusia.mariyadl.sch.id/ slot zeus server thailand server hongkong slot ovo slot gopay slot linkaja joker123 nolimit city sv388 starlight princess mahjong ways pg slot slot zeus sv388 idn slot https://joker123.elearningmansatuokit.sch.id/ slot server thailand slot thailand https://slot-thailand.itr.ac.id/ https://pn-watansoppeng.go.id/media/jui/server-thailand/ https://dinkes.hsu.go.id/wp-content/uploads/server-thailand/ nolimit city slot ovo slot gopay pragmati play starlight princess slot pg soft slot mahjong slot zeus digmaan slot mania slot zeus server thailand ying77 slot thailand judi bola live casino sv388 pg soft slot dana mahjong ways slot mania slot x500 ladangtoto slot server kamboja digmaan digmaan slot88 scv388 sabung ayam online slot live casino sicbo online slot thailand ladangtoto sv388 ladangtoto powergaming88 66kbet powergaming88 slot thailand ladangtoto slot thailand server thailand slot thailand slot thailand slot thailand slot gacor ladangtoto2 ying77 bet server thailand slot thailand ying77 slot88 ladangtoto ladangtoto slot maxwin sv388 sv388 slot gacor 66k bet slot dana sabung ayam inline slot mahjong slot toto slot server thailand slot gacor slot server thailand slot thailand situs slot wwg slot slot daftar judi slot online indonesia slot gacor slot mawin slot gacor slot thailand slot gacor slot gacor demo slot pragmatic sv388 slot88 pgsoft Daftar Judi Slot Online Indonesia Paling Gacor di Indonesia Daftar Situs Judi Slot Online SLOT88 lucky neko slot gacor slot88 slot kakek slot maxwin slot thailand Slot Mahjong Ways 2 Mudah Jackpot Paus di PG Soft Hari ini 2023 Lucky Neko Situs Slot Gacor Pgsoft Hari Ini SITUS SABUNG AYAM SV388 ONLINE DAFTAR LINK LOGIN APK AGEN SV388 slot gacor slot gacor hari ini slot gacor sbobet gtr303 https://windizupdate.com/ slot online gtr303 slot thailand situs slot gacor slot toto scatter hitam crazy time crazy time casino online slot gacor gtr303 situs judi bola terpercaya gtr303 gtr303 gtr303 slot thailand ktm303 casino online togel online situs togel crazy time slot gampang menang slot gacor slot gacor ktm303 joker123 https://dinkes.hsu.go.id/scatter-hitam/ https://pmb.itsnupekalongan.ac.id/vendor/bin/scatter-hitam/ https://jurnal.univa-labuhanbatu.ac.id/public/site/scatter-hitam/ https://lpm.univa-labuhanbatu.ac.id/wp-content/themes/jnews/scatter-hitam/ https://scatterhitam-slot.com https://tth.com.tc/ https://gna.university/ https://guiqac.gnauniversity.edu.in/ http://tourism.gov.eg/ powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 powergaming88 Slot Thailand Starlight Princess Mahjong Ways 2 Slot Maxwin https://sipatudia.bpsdm.sumbarprov.go.id/assets/mahjong/ scatter hitam powergaming88 sv388 idn slot https://slot-thailand.itr.ac.id/ https://pn-watansoppeng.go.id/media/jui/server-thailand/ slot mania slot zeus ying77 judi bola live casino sv388 mahjong ways slot mania slot server kamboja digmaan slot88 slot live casino slot thailand powergaming88 powergaming88 slot thailand ladangtoto slot thailand server thailand slot thailand slot thailand slot thailand slot gacor powergaming88 ladangtoto sv388 slot toto slot server thailand slot thailand situs slot wwg slot slot gacor slot mawin slot gacor slot thailand slot gacor slot gacor slot88 pgsoft Daftar Judi Slot Online Indonesia Paling Gacor di Indonesia Daftar Situs Judi Slot Online SLOT88 lucky neko slot gacor slot88 slot maxwin slot thailand Slot Mahjong Ways 2 Mudah Jackpot Paus di PG Soft Hari ini 2023 Lucky Neko Situs Slot Gacor Pgsoft Hari Ini SITUS SABUNG AYAM SV388 ONLINE DAFTAR LINK LOGIN APK AGEN SV388