(Quoted Managed Fund)
The WCM Quality Global Growth Fund (WCMQ or the Fund) is an exchange traded managed fund investing in global equities.
The Fund provides investors with access to an actively managed portfolio of quality global companies found primarily in the high growth consumer, technology and healthcare sectors.
The portfolio is managed by WCM Investment Management (WCM), a California-based specialist global equity firm with an outstanding long-term investment track record.
WCM's investment process is based on the belief that corporate culture is the biggest influence on a company's ability to grow its competitive advantage or 'moat'. This process has resulted in WCM's Quality Global Growth strategy outperforming the MSCI World Index by an annualised 6.7% per annum over more than a decade (inception 31 March 2008), with total firm assets under management growing to over $93.1 billion (as 30 September 2020).
Switzer Asset Management Limited is the responsible entity for WCMQ.
| Proven world-class manager | Unique investment process |
| Active all-weather portfolio | Focused and low-turnover portfolio |
| ASX-trading and CHESS statements | Track your investment in real time |
The WCM Quality Global Growth Fund (WCMQ or the Fund) is an exchange traded managed fund investing in global equities.
The Fund provides investors with access to an actively managed portfolio of quality global companies found primarily in the high growth consumer, technology and healthcare sectors.
The portfolio is managed by WCM Investment Management (WCM), a California-based specialist global equity firm with an outstanding long-term investment track record.
WCM's investment process is based on the belief that corporate culture is the biggest influence on a company's ability to grow its competitive advantage or 'moat'. This process has resulted in WCM's Quality Global Growth strategy outperforming the MSCI World Index by an annualised 6.7% per annum over more than a decade (inception 31 March 2008), with total firm assets under management growing to over $93.1 billion (as 30 September 2020).
Switzer Asset Management Limited is the responsible entity for WCMQ.
| Proven world-class manager | Unique investment process |
| Active all-weather portfolio | Focused and low-turnover portfolio |
| ASX-trading and CHESS statements | Track your investment in real time |
| ASX Code | WCMQ |
| Responsible Entity | Switzer Asset Management |
| Investment Manager | WCM Investment Management |
| Benchmark | MSCI All Country World Index ex-Australia |
| Management fee | 1.25% |
| Performance Fee | 10% excess return above the Benchmark after Management Fee |
| Global listed equities | 93% – 100% |
| Cash | 0% – 7% |
| Australian listed equities | 0% |
| Date | Description | Link |
|---|---|---|
| 30/11/2020 | Quarterly portfolio disclosure as at 30 September 2020 | View |
| 12/11/2020 | Investment Update 31 October 2020 | View |
| 05/11/2020 | Monthly Redemptions and Units on issue at 31 October 2020 | View |
| 12/10/2020 | Investment Update 30 September 2020 | View |
| 15/09/2020 | Investment Update 31 August 2020 | View |
| 07/09/2020 | Monthly Redemptions and Units on issue at 31 August 2020 | View |
| 31/08/2020 | Quarterly portfolio disclosure as at 30 June 2020 | View |
| 24/08/2020 | Investment Update 31 July 2020 | View |
| 06/08/2020 | Monthly Redemptions and Units on issue at 31 July 2020 | View |
| 13/07/2020 | Investment update 30 June 2020 | View |
| 12/07/2020 | Final Distribution for year ending 30 June 2020 | View |
| 08/07/2020 | WCM FY2020 Performance Update | View |
| 06/07/2020 | Monthly Redemptions and Units on issue at 30 June 2020 | View |
| 26/06/2020 | Estimated distribution for year ending 30 June 2020 | View |
| 05/06/2020 | Investment update 31 May 2020 | View |
| 04/06/2020 | Monthly Redemptions and Units on issue at 31 May 2020 | View |
| 29/05/2020 | Quarterly portfolio disclosure as at 31 March 2020 | View |
| 07/05/2020 | Investment update 30 April 2020 | View |
| 06/05/2020 | Monthly Redemptions and Units on issue at 30 April 2020 | View |
| 06/04/2020 | Monthly Redemptions and Units on isse at 31 March 2020 | View |
| 06/04/2020 | Investment update 31 March 2020 | View |
| 05/03/2020 | Investment update 29 February 2020 | View |
| 05/03/2020 | 2020 Interim Financial Report | View |
| 04/03/2020 | Monthly Redemptions and Units on issue at 29 February 2020 | View |
| 27/02/2020 | Quarterly portfolio disclosure as at 31 December 2019 | View |
| 06/02/2020 | Investment update 31 January 2020 | View |
| 06/02/2020 | Monthly Redemptions and Units on issue at 31 January 2020 | View |
| 08/01/2020 | Investment update 31 December 2019 | View |
| 06/01/2020 | Monthly Redemptions and Units on issue at 31 December 2019 | View |
| 05/12/2019 | Monthly Redemptions and Units on issue at 30 November 2019 | View |
| 05/12/2019 | Investment Update 30 November 2019 | View |
WCM has an outstanding long-term track record of global equity management. Their Quality Global Growth strategy has outperformed the MSCI World Index by an annualised since its inception in 2008. To learn more, click here. Consistency of performance has been a large factor behind the firm managing assets on behalf of many of the world’s biggest pension plans including a number of large Australian superannuation funds. For more information on performance, please click here.
A key to building long-term wealth is to maximise participation in rising markets while limiting the impact of market weakness. The fund has been designed as an ‘all weather one’ capable of strong relative performance in both up and down markets. WCM’s focus on high quality companies with expanding moats is a proven approach for achieving this objective. This is evidenced by their quality global growth strategy having delivered downside capture of close to 50% since inception, meaning the portfolio has experienced on average half of the loss of the benchmark during market declines.
WCM’s focus on quality global stocks with expanding economic moats leads it towards high growth sectors such as technology, healthcare and consumer. For Australian investors this provides significant diversification benefits, as these sectors represent a relatively small proportion of the local market. WCMQ will have a relatively low exposure to banks and basic resources, the two heavyweight sectors in the ASX.
WCM’s two key criteria for any company to be considered for inclusion in the WCMQ Strategy are 1) a rising competitive advantage (or expanding economic moat) and 2) a corporate culture that supports the expansion of this moat. WCM believes the direction of a company’s economic moat is of more importance than its absolute width or size.
The fund invests in a portfolio of no more than 20 – 40 companies. These companies are chosen from a universe of close to 2,100. This results in a high conviction portfolio ensuring that the investment team’s best ideas aren’t diluted by less compelling ones. The average holding period of each company is five to seven years. This means that each company is deeply researched prior and post inclusion in the portfolio, resulting in avoidance of unnecessary and excessive trading.
WCMQ’s Net Asset Value (NAV) per Unit will be published on our website daily. Investors will also be able to see the prices at which other investors are prepared to exchange Units when Units in the Fund are quoted on the ASX.
Founded in 1976, WCM Investment Management is a California-based specialist active global and emerging markets asset management firm.
The firm is majority employee owned and manages in excess of A$93.1 billion (as at 30 September 2020) of assets on behalf of institutional and retail investors around the world including Australia.
Key investment professionals include:
Portfolio Manager & Co-CEO
Portfolio Manager & Co-CEO
Paul joined WCM in 1989; as a member of the Investment Strategy Groups for our global, fundamental growth strategies, his primary responsibility is portfolio management. His career in the investment industry includes positions as Portfolio Manager with Wells Fargo Private Banking Group, and with Bank of America. At WCM, Paul has helped define the firm’s investment strategy and pilot the firm’s direction. In addition to his active role in portfolio management, he has also served as a client liaison for the communication of the firm’s investment thinking. Paul earned his B.S. in Finance from California State University, San Diego.
Portfolio Manager & Business Analyst
Portfolio Manager & Business Analyst
Sanjay joined WCM in 2007; as a member of the Investment Strategy Groups for our global, fundamental growth strategies, his primary responsibilities are portfolio management and equity research. His career in the investment industry includes a position as Equity Analyst at Morningstar, Inc. in Chicago, where he covered the gaming, cruise and online travel industries, and earlier a position at J. & W. Seligman & Co. in New York as a performance analyst. Sanjay graduated Phi Beta Kappa from Johns Hopkins University with a B.A. in Economics and B.S. in Applied Mathematics. He is also a CFA charterholder.
Portfolio Manager & Business Analyst
Portfolio Manager & Business Analyst
Pete has been working with WCM since 2001; as a member of the Investment Strategy Groups for our global, fundamental growth strategies, his primary responsibilities are portfolio management and equity research. His nineteen-year career in the investment industry includes a position as Portfolio Analyst for the Templeton Private Client Group, followed by his time as Managing Director at the formerly WCM-affiliated firm, Centurion Alliance. He earned his B.A. in Communications from San Jose (California) State University, where he graduated with honors, and his J.D. at the Monterey (California) College of Law.
Portfolio Manager & Co-CEO
Portfolio Manager & Co-CEO
Kurt joined WCM in 1984; as a member of the Investment Strategy Groups for our global, fundamental growth strategies, his primary responsibility is portfolio management. Kurt’s analytical background includes a position as the head of computer-aided design and analysis with Hughes Electronics Santa Barbara Research Center. He earned his B.A. in Physical Science from Westmont College (California), his B.S. and M.S. in Electrical Engineering from Stanford University (California), and is also a CFA charterholder.
Portfolio Manager & Business Analyst
Portfolio Manager & Business Analyst
Mike joined WCM in 2006; as a member of the Investment Strategy Groups for our global, fundamental growth strategies, his primary responsibilities are portfolio management and equity research. His seventeen years in the investment industry include a position as Equity Analyst at Morningstar, Inc. in Chicago where, in addition to general equity analysis, he managed their Model Growth Portfolio. Earlier, Mike held a position as Analyst at the Motley Fool, an online investment service. He earned his B.S. in Finance from Saint Louis University (Missouri), where he graduated with honors.
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The fund has an annual management fee of 1.25% of the fund’s net asset value plus an administration fee of 0.10% inclusive of GST and less RITC. The Responsible Entity may charge the Fund a Performance Fee depending on how the Fund performs relative to its Benchmark. Performance Fees are subject to a high-water mark meaning any underperformance in prior periods must be recouped before a Performance Fee becomes payable. Performance Fees are also capped at 0.375% of the value of the Fund’s portfolio for each Calculation Period. The Performance Fee for the Fund is 10% (inclusive of GST and less RITC) of the amount by which the Fund exceeds its Benchmark return after the Management Fee (excess return) for the relevant Calculation Period.
As with all investments, there are risks involved with an investment in the WCM Quality Global Growth Fund. It is important to understand that the value of investments may rise or fall, investment returns will vary, future returns may differ from past returns, investment returns are not guaranteed and investors may lose the money they have invested in the Fund. For more detailed information relating to the risks of the Fund, please refer to the Product Disclosure Statement available via the ‘Downloads and Forms’ section at the top of this page.
The two key criteria for any company to be considered for inclusion in this portfolio are i) a rising competitive advantage (or expanding economic moat) and ii) a corporate culture that supports the expansion of this moat
WCM believes the direction of a company’s economic moat is of more importance than its absolute width or size. Their research therefore is focused on identifying those companies with a positive moat trajectory as measured by a rising return on invested capital (ROIC) as opposed to those with a large but static or declining moat.
WCM also strongly believes that corporate culture is a key determinant of a firm’s ability to achieve a consistently growing moat. Starkly diverging performance of two seemingly very similar companies in the same industry can often be explained by their differing corporate culture. WCM has developed a proprietary approach to analysing corporate culture and has investment team members solely dedicated to this part of their process.
The fund invests in 20 – 40 developed and emerging market listed quality growth companies.
Holders can sell Units on the ASX market through a stockbroker or share trading account without completing any forms. Proceeds from any sale of Units will be delivered through the ASX CHESS settlement service. An investor’s exit price will be the price at which the Units were sold on the ASX market, less any brokerage fee that is incurred.
iNAV stands for Indicative Net Asset Value. The Net Asset Value (NAV) is calculated by deducting all liabilities (including fees) from the total value of the Fund’s assets, and dividing this number by the number of Units on issue.
At the end of each business day, the NAV is calculated and published on this website. During each ASX Trading Day, an indicative NAV (iNAV) is published to take into account any movement of the prices of those securities that comprise the Fund’s investment portfolio. The iNAV will also be updated for foreign exchange movements in respect of the domicile of individual stocks within the Fund’s portfolio.
Holders will receive a CHESS holding statement showing the numbers of Units that they own. Holders will receive an updated CHESS holding statement upon the occurrence of any changes to their holding.
General Offer
You can invest online by following the ‘Invest Now’ links on our website. You can pay for your units via BPay.
A BPay Biller Code and Customer Reference Number will be provided on screen and by email when you complete your application.
Broker Offer
Investors who have been offered a firm allocation by a Broker or Licensed Dealer will be treated as an Applicant under the Broker Firm Offer in respect of that allocation. Investors should contact their Broker or Licensed Dealer to determine whether they may be allocated Units under the Broker Firm Offer.
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