WCM Global Growth Limited Announces Net Tangible Asset Backing of $2.063 Per Share as of 17 July 2026

Insight into WCM Global Growth’s Net Tangible Asset Composition

WCM Global Growth Limited operates as a listed investment company on the Australian Securities Exchange under ticker WQG, offering investors exposure to global growth assets through a professionally managed portfolio. The latest update, released on 21 July 2026, details the estimated unaudited NTA backing as at 17 July 2026, providing shareholders a critical valuation metric to assess the underlying asset value supporting each share.

The NTA calculation methodology used by WQG reflects thorough asset accounting practices. The per-share NTA is calculated after deducting all management and administrative fees and expenses. This calculation includes all assets within the investment portfolio plus cash held in the company’s operating bank account, delivering a transparent view of the total tangible assets backing each issued share. As of the report date, the company’s issued capital was 276,610,625 shares, which serves as the divisor for per-share NTA computation.

Pre-Tax and After-Tax NTA Per Share as of 17 July 2026

The estimated unaudited NTA before tax for WQG was $2.063 per share as at 17 July 2026. This figure represents the gross asset value per share before accounting for any tax liabilities that could arise within the portfolio. The pre-tax NTA offers investors insight into the company’s asset backing prior to deferred tax liabilities or unrealised gains embedded in holdings. WQG distinctly reports both pre-tax and after-tax NTA to assist shareholders in making informed comparisons across reporting periods and investment scenarios.

The after-tax NTA per share was $1.864 on the same date, showing a $0.199 difference from the pre-tax figure. This variance accounts for estimated tax liabilities related to unrealised gains and other tax-affecting items in the portfolio. The after-tax NTA provides a more conservative valuation that factors in potential future tax obligations if gains are realised. Investors evaluating the economic value of their holdings should consider the after-tax figure as a prudent benchmark against the current share price.

Share Price Trades at Premium to After-Tax NTA Valuation

On 17 July 2026, WQG’s closing share price was $2.010, representing an approximate 8.5% premium over the after-tax NTA of $1.864 per share. This premium reflects market confidence in the company’s investment portfolio and management at that time. When a listed investment company’s share price exceeds its after-tax NTA, it signals that investors are willing to pay above the underlying asset value, often indicating trust in portfolio management and future growth prospects.

Factors contributing to this premium include investor demand for global growth exposure, confidence in the investment manager’s performance, liquidity considerations, and expectations for portfolio returns. Conversely, shares may trade at a discount to NTA under negative market sentiment or redemption pressures. The company update did not disclose further details on share price movements or trading dynamics. Monitoring the relationship between share price and NTA remains vital for LIC investors assessing value relative to asset backing.

Investment Management and Fund Administration Structure

WCM Global Growth Limited’s investment management is conducted by AGP International Management Pty Ltd (AIML), acting as the company’s investment manager. AIML is a Corporate Authorised Representative (CAR Number 1254169) operating under the regulatory framework of AGP Investment Management Limited (AFSL 312247). This structure ensures compliance with Australian financial services laws and governance standards applicable to listed investment companies.

AIML manages the company’s capital deployment across global growth assets according to WQG’s investment mandate and strategy. All fees and expenses related to investment management and fund administration are integrated into the NTA calculations, ensuring per-share figures accurately reflect the net asset position available to investors. This governance framework provides shareholders with assurance that assets are managed by regulated professionals under the oversight of the Australian Securities and Investments Commission.

Comprehensive NTA Calculations Including All Liquid and Operating Assets

WQG’s NTA per share calculation includes all company assets without exclusions, covering investment holdings, cash equivalents, and funds in the operating bank account. This comprehensive approach offers shareholders a precise representation of the total tangible assets securing their shares. Unlike methodologies that might omit certain asset classes, WQG’s inclusive calculation ensures full transparency of the asset base underpinning each share.

The company emphasizes that the NTA figures are estimated and unaudited as at 17 July 2026. These estimates rely on market valuations and internal calculations at that date, with audited final figures subject to revision upon audit completion. Weekly NTA updates provide timely valuation benchmarks, though investors should treat these as estimates pending formal audit confirmation.

Issued Capital and Share Register Overview

As of 17 July 2026, WCM Global Growth Limited’s issued capital totaled 276,610,625 shares. This number represents the total ordinary shares outstanding and serves as the denominator for all per-share metrics reported. The issued capital structure underpins the company’s total equity base and the proportional asset and earnings allocation per share.

Investors should be aware that any capital management actions such as share buybacks, placements, or restructuring would affect the share count and thus per-share calculations. The update does not mention any planned capital management initiatives. Shareholders interested in potential changes to issued capital are advised to monitor future ASX announcements and company disclosures.

Clarifying Investment Performance, NTA, and Share Price Returns

The company highlights the importance of distinguishing between Investment Portfolio Performance, NTA Performance, and Share Price returns. Investment Portfolio Performance measures returns generated by the underlying assets independently of capital structure or share price. NTA Performance reflects changes in net tangible asset backing per share, incorporating portfolio returns, fees, expenses, and capital management effects.

Share Price return tracks changes in the market price of shares, which can diverge from NTA performance due to market sentiment, supply and demand, and valuation fluctuations. Shares may trade at premiums or discounts to NTA depending on these dynamics. Understanding these differences is essential for investors to interpret performance data and benchmark comparisons accurately. The company encourages investors to seek professional advice regarding these metrics before making investment decisions.

Regulatory Disclaimers and Investor Guidance

WQG provides regulatory disclaimers stating that the information is for general purposes only and does not constitute personalized financial advice tailored to individual circumstances. The NTA figures are estimated and unaudited, and past performance does not guarantee future results. Neither WQG nor AIML guarantees fund performance or capital repayment.

Investors are urged to obtain detailed professional advice and review all relevant offer documents before investing in WQG. The company notes that WQG may not suit all investors and that this update does not represent an offer to invest. Comprehensive information is available at associateglobal.com, and investors with questions can contact the Investor Relations team at 1300 052 054.

Investor Contact and Information Channels

Shareholders and prospective investors can reach WCM Global Growth Limited’s Investor Relations team by phone at 1300 052 054 during business hours. The company’s registered office is located at Level 12, 2 Chifley Square, Sydney, NSW, 2000. Investors may also email [email protected] or visit associateglobal.com for detailed information on the fund’s strategy, performance, and governance.

Weekly NTA statements are released to provide updated valuation metrics and share price data, supporting investors in monitoring the correlation between asset backing and market pricing continuously. For comprehensive insights on listed investment company structures, tax implications, and risks, investors should consult qualified financial advisers prior to making investment decisions.