WCM Quality Global Growth February 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 February 2024.

The Strategy1 delivered a return of 9.21% during the month, outperforming the benchmark MSCI All Country World Index return of 5.91%. The Strategy has delivered returns in excess of the benchmark MSCI All Country World Index over one month, one, three, 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 advanced for the fourth straight month with many of the major benchmark indices posting all-time highs. The positive market momentum was driven by continued optimism that the global economy can avoid recession and a strong quarterly corporate earnings season in the US. Among those companies reporting earnings were five of the so called ‘magnificent seven’. Each of these companies met or exceeded analysts’ expectations as did approximately 75% of the S&P500 index constituents that had reported by month end. At a regional level, developed outperformed emerging markets despite a strong performance from Chinese equities. Within developed markets, a standout feature was the performance of Japan’s Nikkei 225 index which finally surpassed its previous 1989 all-time high. At a sector level, the top performers were Information Technology and Consumer Discretionary stocks and in terms of factors it was a positive one for growth versus value.

The outperformance of the Quality Global Growth Strategy in February can be largely attributed to stock selection. The sectors where this stock selection effect was most evident were Financials, Consumer Discretionary and Industrials. On the flipside, Health Care was the sector which detracted the most. In terms of sector allocation, the largest positive contributions to relative performance came from the underweight positions in Consumer Staples, Utilities and Energy. In contrast, the sector exposures which weighed most heavily on relative performance were the above Benchmark allocations to Health Care, Materials and Financials.

A question frequently asked of money managers is what triggers the decision to sell a holding in the portfolio. For WCM a sale can be triggered by the investment team no longer being able to make the case for a company having an expanding economic moat. Other times it can be that the team finds a more compelling comparable idea than an existing holding. A couple of recent examples of this were the sales of Stryker and HEICO. While the investment team continued to believe both companies had expanding moats, they believed there was greater upside in Intuitive Surgical (versus Stryker) and General Electric (versus HEICO). Intuitive Surgical is a California-based company in the fast-growing robotic assisted surgery market. The basis of the firm’s economic moat is its 20-year head start on competition, current installed base, surgeon training programs and the ecosystem it has built around its da Vinci platform. The expansion of this moat is expected to come from the greater number of surgeries adopting some form of robotics to improve patient outcomes.

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.