WCM Quality Global Growth March 2024 NTA Statement & Portfolio Update

We are pleased to provide you with a summary report on the performance of the WCM Quality Global Growth Equity Strategy (the Strategy) in March 2024.

The Strategy1 delivered a return of 3.14% during the month, outperforming the benchmark MSCI All Country World Index return of 2.94%. The Strategy has delivered returns in excess of the benchmark MSCI All Country World Index over one month, one, five and 10 years, and since inception.

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 Composite (the Composite) 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 Composite 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. 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.

The Strategy is conveniently available via four investment structures to accommodate the differing preferences of individual investors. You can find the monthly investment update under ‘More Information’ for each of these products on the links below:

Strategy Update

Global equity markets recorded their fifth consecutive month of positive returns in March with several major indices reaching all-time highs. The March quarter was also the best quarterly start for equity markets for five years. This buoyancy in markets has been driven by the combination of growing optimism of a soft (or even no) landing for the global economy plus expectations of lower interest rates by year end. As expected, the US Federal Reserve and European Central Bank left their respective benchmark interest rates unchanged in March. Less expected however was the 25-basis point cut in interest rates by the Swiss National Bank, the first such move of this cycle by a developed market central bank. The Bank of Japan also sprung a surprise by ending its 8-year period of negative interest rates. Market returns during the month were broad based across sectors and regions. China however continues to be an outlier with a sub-par performing economy weighing on the returns of its equity market. In terms of factors, value outperformed growth during the month and large capitalisation stocks outperformed small.

Individual stock selection contributed positively to the portfolio’s performance relative to the Benchmark in March. The individual sectors within the portfolio where this was most evident were Health Care, Consumer Discretionary and Industrials. In contrast, stock selection within the Consumer Staples and Financial sectors was the biggest detractor from relative returns. In terms of sector allocation relative to the Benchmark, the major positives were the underweight position in Consumer Staples and overweights to Industrials and Materials. The portfolio’s zero allocation to both Energy and Utilities and overweight exposure to Health Care had a negative impact on relative returns during the month.

Positive style factors including the outperformance of growth versus value contributed to the strong relative returns of the WCM Quality Global Growth Equity Strategy in the March quarter. However, the strong underlying fundamentals of the individual companies in the portfolio was evident also. In the most recent reporting season, circa 90% of portfolio holdings met or exceeded market expectations. Portfolio activity was relatively low during the quarter, with two positions added and removed. One of the new positions initiated was Silicon Valley based AppLovin, a leading advertising network and mediation platform operating within the rapidly growing mobile app industry. AppLovin’s software is designed to help game developers monetise players’ experience through in-app purchases (i.e. mediation) and collect and use data analytics to improve content. The company’s moat is a result of its global scale, data trove and robust technology. The expansion of this moat comes from leveraging AI/machine learning to help its customers make better business decisions.

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 (Quoted Managed Fund) (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 does not hold an AFSL. WQG and CIML 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 CIML 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.