WCM Quality Global Growth May 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 May 2024.

The Strategy1 delivered a return of 0.84% during the month, compared with the benchmark MSCI All Country World Index return of 2.06%. The Strategy has delivered returns in excess of the benchmark MSCI All Country World Index over one and 10 years, and since inception.

Strategy Update

After a weaker month in April, global equity markets resumed their upward trajectory in May. A strong corporate earnings season provided the positive catalyst for markets, more than offsetting some mixed inflation data. While inflation in the US is still at uncomfortably high levels, the trend in Europe is more favourable. These differences are reflected in markets expectations for interest rates, with the European Central Bank forecast to reduce rates in its June meeting but the US Federal Reserve likely to delay any reduction until closer to the calendar year end.

At a regional level, developed markets outperformed emerging. In terms of sectors, the better performers included Information Technology, Utilities and Communication Services, with Energy, Health Care and Consumer Staples amongst the laggards. Global factor performance varied across regions. Stock selection was the primary driver of the Strategy’s relative underperformance in May. This was most evident in the Information Technology, Financials and Materials sectors of the portfolio. The better performing sectors from a stock selection perspective included Consumer Staples, Industrials and Consumer Discretionary. In terms of sector allocation, the underweight positions in Energy, Real Estate and Consumer Staples added to relative performance. The largest drag on performance relative to the market came from the underweight exposures to Communication Services and Utilities, with above benchmark position in Health Care stocks.

During May, there were several share price driven changes to the strategy’s top 10 holdings. Booz Allen Hamilton Holding, a 110-year-old company that develops technologies for critical civil, defence and national security priorities in the US, Arthur J Gallagher, a global insurance broker and risk management firm, and Canadian Pacific Kansas City, a Canadian railway holding company moved into the top 10. These three replaced Entegris, Datadog and Arista Networks each of which remain core holdings in the strategy.

Portfolio construction is an important and often under-rated skill in investment management. This is the process of selecting and weighting securities to achieve the best risk adjusted returns. Achieving the correct level of portfolio diversification is a key part of this process. One level of diversification which the team at WCM monitors is exposure to the three growth ‘buckets’ of secular, defensive and cyclical. Portfolio holding examples of these buckets include secular (NVIDIA and Amazon.com), defensive (Ferrari and AstraZeneca) and cyclical (General Electric and Old Dominion Freight Line). While some quality growth portfolios focus exclusively on secular and defensive holdings only, WCM’s investible universe also includes cyclical companies which meet the team’s expanding moat plus aligned corporate culture criteria. This diversification across growth buckets is a key contributor to the Strategy’s all-weather characteristics.

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.

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.

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