Information on Fraud Attempts

We would like to draw your attention to the fact that Natixis Investment Managers and its affiliated companies, like all firms, are regularly targeted by malicious individuals through attempts at fraud, various scams, and extortion attempts, particularly through identity theft, the creation of fake email addresses, offers of fake financial products, cryptocurrencies, etc. For more information, please click on this link.

Subscribe Contact us
Back to role selection

Select your role to continue or go back to the Natixis Investment Managers homepage

Institutional

I consult or invest on behalf of a financial institution.

Select role

Intermediary

I invest on behalf of clients.

Select role

Select your local site for products and services by region

Americas

Asia Pacific

Europe

Location not listed?

View investments

Capabilities

Find out more about our investment capabilities

Services

Find out more about the full scope of our solutions offering

Echoes
Echoes
History doesn’t repeat itself, but it often echoes. Some echoes fade. Others become signals.
Find out more
View fund explorer

Funds

Search for funds, documents, and notifications

Funds by asset class

Search for funds within each asset class

Funds by investment manager

Find funds run by each of our affiliated investment managers

View latest Insights

Insights by asset class

Gain our perspectives and investment thinking across each asset class

News and insights

Get deep insight and expert views on the forces shaping financial markets

Featured topics

Browse the latest views by topic

About us

Who we are

Find out more about who we are and how we might be able to help

Investor sentiment

Discover the latest insights from the center for investor insight

Contact

Have an enquiry? Find the right person to contact

Unearth something extraordinary

WCM Select Global Growth Equity

Explore fund

Investors around the world have a problem

US-based megacap tech companies have been so successful over the past 20 years they now dominate US and global indices, and many investment portfolios. 

This leaves many investors highly exposed to a hiccup in the AI narrative. However, diversifying away from megacap tech risks lowering long-term returns.  

To change this dynamic, investors need a different strategy.

WCM Select Global Growth is not afraid of doing things differently. It has returned 18.4% per annum since inception in 2011, 7.7% per annum ahead of its benchmark, with much lower exposure to US megacap tech and while holding very different stocks*. 

*Source: WCM, Factset, as of 30 June 2026

Contribution of Magnificent 7 to WCM Select Global Growth and MSCI ACWI

Growth of $100: WCM Select Global Growth vs. MSCI ACWI

Past performance is not indicative of future performance.

Source for contribution graph: WCM, Factset. Calculation Frequency: Daily. Methodology: Attribution is calculated using the Brinson method based on representative portfolio holdings. Holdings-based attribution will differ from actual composite performance. A copy of WCM's Composite Disclosure is available upon request.

Source for growth of $100 chart: WCM, Factset. Performance is based on the NAV (net asset value) of the share class and does not reflect the effect of a sales charge. Performance would have been lower if the sales charge were included. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Performance for other share classes will be greater or less than shown based on differences in fees. You may not invest directly in an index. Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any.

Source for stats: WCM, Factset, as of 30 June 2026. WCM SGG active share was 92.7% as of June 30, 2026 and had 13.7% lower exposure to technology and 25.4% lower exposure to US companies.

Why invest in WCM Select Global Growth

The fund is highly concentrated in 30-40 stocks, which are typically very different to US and global indices. It currently has more than 25% lower exposure to the US than the MSCI World Index and ~15% lower exposure to technology1. This often makes the fund complementary to investors’ existing global equities holdings.

WCM only invests in companies it believes are widening their competitive advantage and where this change is not appreciated by the market. WCM calls this “points of narrative inflection”. Companies at these inflection points can experience long periods of accelerated share price growth as the market realises their potential.

WCM believes that culture separates great companies from merely good ones, but very few investors appreciate this. Before investing, WCM’s in-house cultural analysts rigorously research each company to decide whether it has the right culture to succeed in its growth aspirations. WCM believes its own culture is part of its competitive advantage. 

*Source: WCM, Factset, as of 30 June 2026

The Fund investment policy exposes it primarily to the following risks:
changes in laws and/or tax regimes, derivatives/counterparty risks, emerging markets risk, equity securities, exchange rates, financial derivative instruments, geographic concentration risk, smaller capitalization risk, stock connect risk.

The Fund is subject to sustainability risks.

Investment philosophy

Moat trajectory

only invests in companies that are widening their competitive advantage where this change is not appreciated by the market.

Culture

the most underappreciated company asset, it turns good companies into great ones.

Portfolio construction

diversifies portfolios to minimise hidden correlations and deliver all-weather portfolios.
Our investment experience has shown time and again that success stories are underpinned by intentional cultures focused around simple, achievable ends.”
– Sanjay Ayer, CFA®, Portfolio manager and business analyst

The portfolio management team

Experienced investment team.
Sanjay Ayer, CFA®
Portfolio Manager
WCM Investment Management
Full bio

The firm

WCM Investment Management is a global growth equity specialist that focuses on competitive advantages and corporate culture to seek long-term excess returns, while trying to mitigate downside risk. The firm provides services for a diverse client base including individual investors, corporations, public and private funds, Taft-Hartley plans, foundations, and endowments. 

Learn more

Founded

in Laguna Beach, California, USA
alt

AUM

$115 billion*

Majority employee-owned

99 people of which 67 are owners

*Source: WCM, Factset, as of 30 June 2026

Paul Black, CEO and Portfolio Manager at WCM, explains what makes WCM different from other active managers, including its investment philosophy and company culture. 

Find out more

Interested in finding out more?

Learn more about the fund including performance or connect with us.
Explore fund Contact us

Related insights

Strong culture and growing moats: the DNA of great businesses
VIDEO
Strong culture and growing moats: the DNA of great businesses
Sanjay Ayer shares WCM’s approach to finding companies on a trajectory to becoming great businesses.
Pattern recognition works until history fails to repeat itself
Echoes: Pattern recognition works until history fails to repeat itself
Sanjay Ayer, PM at California-based WCM Investment Managers, describes how the Covid pandemic reinforced many of the firm’s core principles, allowing the team to double-down on its culture of challenging established thinking and adapting quickly to new information.
What do investors get wrong about competitive advantages? They aren’t static.
What do investors get wrong about competitive advantages? They aren’t static.
Mike Tian and Daniel Wiechert from WCM discuss why economic moats aren’t enough, it’s their trajectory that matters.

The analyses and opinions referenced herein represent the subjective views of the author(s) as referenced, are as of the date shown and are subject to change without prior notice.

Risks to consider

All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income and alternative investments. There is no assurance than any investment will meet its performance objectives or that losses will be avoided. There could be other differences across similar products in the same strategy. Investors should fully understand the risks and other relevant details associated with any investment prior to investing.