Important information
Fund Risks
- The Fund invests at least two-thirds of its total assets in equity securities of companies located around the world, including the United States and emerging frontier countries or markets.
- The Fund is exposed to significant risks related to equities, small / mid-capitalisation companies, emerging market securities, geographic concentration, portfolio concentration, currency and foreign exchange, and global investing.
- The Fund may hold equities having a growth bias which may tend to be more sensitive to certain market movements.
- The Fund’s net derivative exposure may be up to 50% of its net asset value. The use of derivative may involve risks related to market, counterparty/credit, liquidity, valuation, volatility, over-the-counter transaction, and legal and operations.
- This investment involves risks and investors may suffer substantial or total loss of their investment fund.
- Investor should not invest in the Fund solely based on the information provided in this document and should read the prospectus for details, including the risk factors.
US tech domination
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.
AI concentration risk
This leaves many investors highly exposed to a hiccup in the AI narrative. However, diversifying away from megacap tech risks lowering long-term returns.
Time for a new strategy
To change this dynamic, investors need a different strategy to look for untapped extraordinary companies. WCM is not afraid of doing things differently.
Why WCM Select Global Growth Equity Fund is different
The fund only invests in companies with great cultures that are widening their competitive advantage and where this change is not appreciated by the market. Since its inception in 2021, it has delivered an annualised return of 14.77%, 3.52% ahead of its benchmark (which is 11.25%)1, with relatively lower exposure to US megacap tech and while holding different stocks.
Reasons to invest
The fund is highly concentrated in 30-50 stocks, which are typically different to US and global indices. It has more than 20% lower exposure to the US than the MSCI World Index and ~15% lower exposure to technology2. 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 these “narrative inflections”. WCM believes companies at these inflection points could potentially 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.
Awards and recognition
WCM Select Global Growth Equity Fund has won several industry awards^, underscoring its unique investment approach and consistent delivery of competitive performance.
LSEG Lipper Fund Awards 2026 – Hong Kong
- Best Fund Over 3 Years / Equity Global
Benchmark Fund of the Year Awards 2025 - Top Fund Awards – Hong Kong
- Best-in-Class / Global Equity
Bloomberg Businessweek Top Funds 2025
- Best Performer (1 year) - Global Flex-Cap Equity
What makes WCM stand out from other managers?
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.
Paul Black, CEO and Portfolio Manager at WCM, explains what makes WCM different from other active managers, including its investment philosophy and company culture.
Sanjay Ayer, Portfolio Manager at WCM, shares WCM’s approach to finding companies on a trajectory to becoming great businesses.
The portfolio management team
Experienced investment team.
Sanjay Ayer, CFA®
Portfolio Manager & Business Analyst
WCM Investment Management
Bernadette Doerr
Business Culture Analyst
WCM Investment Management
Michael Hayward
Portfolio Manager & Business Analyst
WCM Investment Management
William “J.B.” Horner
Business Culture Analyst
WCM Investment Management
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.
Founded
in Laguna Beach, California, USA
AUM
$137.0 Billion*
Majority employee-owned
104 people of which 66 are owners
* Source: WCM, Factset as of 30 June 2026
How does the fund work?
Learn more about the fund and what it offers investors.
Interested in finding out more?
Discuss with your financial advisor or connect with us.
Related insights
What sets WCM apart?
Paul Black and Sanjay Ayer from WCM discuss why they think WCM Select Global Growth Equity Fund can continue to thrive.
We had to think different and get better
Co-CEO Paul Black discusses the changes WCM made to turn a major drawdown into a sustained period of strong relative performance.
Scale without size: the structure behind WCM's investment approach
With over 2/3 of its employees holding equity, WCM has built an ownership culture at scale. Co-CEO Paul Black argues this is a competitive advantage.
Past performance is not indicative of future performance.
1 Source: Natixis Investment Managers Operating Services, as of 31 August 2026. Fund refers to WCM Select Global Growth Equity Fund - LU2169560799 - R/A (USD). Reference Index (Benchmark) refers to MSCI All Country World Index Net Total Return USD. Calendar year returns: Fund: 2026 YTD: 10.47%; 2025: 45.7%; 2024: 54.7%; 2023: 25.2%; 2022: -40.8%.; 2021 (since inception): 13.14%. Share class inception: 26 April 2021. Benchmark: 2026 YTD: 14.31%; 2025: 22.3%; 2024: 17.5%; 2023: 22.2%; 2022: -18.4%; 2021: 18.54%. The reference index does not intend to be consistent with the environmental or social characteristics promoted by the fund. Fund performance data shown is based on the NAV (net asset value) of the share class, in the denominated value of the share class. Performance is net of all charges applying to the fund but does not account for sale commissions or other fees or taxes and assumes that any dividends are reinvested. Benchmark performance is calculated in denominated currency of the respective share class. HKD/USD based investors are exposed to foreign exchange fluctuations.
2 Source: WCM, Factset, WCM Select Global Growth Equity Fund - LU2169560799 - R/A (USD). Fund active share was 92.75% as of 30 June 2026 and had 15% lower exposure to technology and 20% lower exposure to US companies as of 31 August 2026.
^ LSEG Lipper Fund Awards Hong Kong 2026 is based on the performance over 3 years as at 31 December 2025. For the award’s details and methodology, please refer to https://www.lipperfundawards.com/methodology. From LSEG Lipper Fund Awards © 2026 LSEG. All rights reserved. Used under license.
Benchmark Fund of the Year Awards 2025 reflects the performance from 1 October 2024 to 30 September 2025. Please refer to https://www.benchmark.today/categories-hk-2025/top-funds-awards-2025 for the award’s details and methodology of 2025.
Bloomberg Businessweek Top Fund Awards 2025 is based on the performance over 1 year as at 30 September 2025. For the award's details and methodology, please refer to the links to the awards 2025: https://www.bbwhkevent.com/tf2025.
Investment involves risks. The offering document should be read for further details including the risk factors. References to a ranking, prize or label does not anticipate the future results of the latter, of the fund, or of the manager. The advertisement has not been reviewed by the SFC. Provided by Natixis Investment Managers Hong Kong Limited.
This webpage has been issued by Natixis Investment Managers Hong Kong Limited. Information herein is based on sources Natixis Investment Managers Hong Kong Limited believe to be accurate and reliable as at the date it was made. Natixis Investment Managers Hong Kong Limited reserve the right to revise any information herein at any time without notice. The above fund data is for information only and does not constitute any offer or solicitation to buy or sell securities and no investment advice or recommendation is given in this webpage. Investment involves risks. The fund presented herein may use financial derivatives instruments for investment, hedging risk management, and/or efficient portfolio management purposes. This involves significant risk and is usually more sensitive to price movements. Investors should read the fund Prospectus and the Product Key Fact Statement (KFS) for further details including risk factors before investing. Past performance information presented is not indicative of future performance. Positive dividend yield does not imply positive returns. Source: Natixis Investment Managers. If investment returns are not denominated in HKD/USD, USD-/HKD-based investors are exposed to exchange rate fluctuations.
The fund presented in this webpage is authorised by the Securities and Futures Commission (“SFC”) for sale to the public in Hong Kong. SFC authorisation is not an official recommendation or endorsement of a scheme nor does it guarantee the commercial merits or its performance. It does not mean the fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. This webpage has not been reviewed by the SFC. Natixis Investment Managers may decide to terminate its marketing arrangements for this fund in accordance with the relevant legislation.
DR-81869