Contango Asset Management : WCM Quality Global Growth July 2022 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 July 2022.

The Strategy¹ delivered a return of 9.54% during the month. The Strategy has delivered returns in excess of the benchmark MSCI All Country World Index over one month, 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 read the full investment update for each of these products on the links below:

• WCM Global Growth Limited (ASX:WQG)
• WCM Quality Global Growth Fund (Quoted Managed Fund) (ASX:WCMQ)
• WCM Quality Global Growth Fund (Managed Fund) (Unhedged)
• WCM Quality Global Growth Fund (Managed Fund) (Hedged)

Strategy Update

Following a very tough first half of 2022, developed market equities rebounded strongly in July. This followed the release of weaker economic data, giving hope that inflation may be close to peaking. The weaker data included the Purchasing Managers Index (PMI) in the United States and retail sales in Germany. Optimism over inflation in turn gave rise to markets winding back expectations of the scale of interest rate increases by global central banks. Global growth stocks were a major beneficiary of this decline in long-term interest rates. The US S&P 500's heavy weighting in growth stocks contributed to it being the best-performing index during the month. Ongoing problems in the Real Estate sector and COVID-19 lockdowns to combat the Omicron outbreak weighed on the Chinese equity market, which declined by over 9%.

At a sector level, Information Technology and Consumer Discretionary led the markets higher, with the laggards including Consumer Staples and Health Care. The Australian dollar strengthened in July, reducing the returns for unhedged portfolios.

From a performance attribution perspective, the majority of the excess returns for the month can be attributed to stock selection. Strong stock selection was most prevalent in the Health Care and Industrial sleeves of the portfolio. In terms of sector allocation, the overweight to Information Technology and zero exposure to Communication Services were the largest positive contributors.

While the decline in equity markets has brought a significant decrease in valuations, there remains no shortage of 'frightening developments' for the pessimists to focus on. In a recent client update, WCM noted how a market pundit it follows was recently quoted as saying, 'there is so much uncertainty, we can't even be certain what to be uncertain about'. This highlights why the investment team continues to believe that economic analysis is a low return-on-time exercise. Instead, it's focus remains on investing in companies with expanding economic moats, aligned cultures and strong free cash flow generation. Such companies are rarely out of favour for long.

DISCLAIMER: Associate Global Partners Limited (AGP)(ABN 26 123 611 978, AFSL 312247) is a wholly owned subsidiary of Contango Asset Management Limited (ABN 56 080 277 998), a financial institution listed on the ASX (CGA). CGA has prepared this material for general information purposes only for WCM Global Growth Limited, a listed investment company (ASX: WQG).

AGP 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).

Contango International Management Pty Limited (CIML)(ABN 33 617 319 123) is the investment manager for WQG and is an authorised representative of AGP. 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 Contango Group.

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, CGA or AGP. 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, CGA, 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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