AGP IM Unveils WCMQ Secondary Issue with 1.25% Loyalty Bonus

Secondary Issue Launch and Loyalty Bonus

AGP Investment Management Limited (AGP IM) has announced a secondary issue of new units in the WCM Quality Global Growth Fund (WCMQ), providing both existing and new investors an opportunity to buy units at the fund's net asset value (NAV) plus the buy spread, without incurring brokerage fees. This off-market offer opens on 11 August 2025 and closes on 29 August 2025, with a minimum investment threshold of $10,000.

To incentivize long-term commitment, AGP IM is offering a loyalty bonus of 1.25% to investors who maintain their holdings continuously for 12 months following the allotment of units. This bonus, equivalent to one year's management fee on the units acquired through the secondary issue, will be paid in additional WCMQ units, calculated based on the NAV at the 12-month anniversary. The bonus aims to reward investor trust and encourage stability within the fund's investor base.

Strong Fund Performance Underpinning Offer

WCMQ has demonstrated robust performance since its inception in August 2018, delivering an annualised return of 16.05% after fees, comfortably outperforming its benchmark, the MSCI All-Country World Index (ex Australia), which returned 12.51% over the same period. The fund’s investment approach, managed by California-based WCM, focuses on companies with growing economic moats and strong corporate cultures, which has contributed to consistent outperformance across multiple time horizons.

As of 30 June 2025, a $10,000 investment in WCMQ would have grown to approximately $27,644, underscoring the fund’s capacity to generate significant capital growth for investors.

Distribution Policy Enhancements

In addition to the secondary issue, AGP IM has updated WCMQ’s distribution policy to enhance income certainty for investors. The fund now targets a minimum annualised cash yield of 5.0%, payable quarterly. This shift to more frequent distributions aims to provide investors with a steadier income stream, aligning with the preferences of income-focused investors and potentially broadening the fund’s appeal.

These changes were detailed in an updated Product Disclosure Statement issued on 28 July 2025, reflecting AGP IM’s commitment to evolving the fund’s features in line with investor needs and market conditions.

Investor Considerations and Next Steps

Investors interested in participating in the secondary issue must apply before the offer closes on 29 August 2025. Eligibility for the loyalty bonus requires continuous holding of units, including both existing and newly acquired units, without any transfers or disposals for 12 months. AGP IM reserves the right to scale back applications and to determine bonus eligibility at its discretion.

With no minimum capital raise required for the secondary issue to proceed, the level of investor uptake will be a key factor to watch. The fund’s strong track record and enhanced distribution policy may attract fresh capital, but market conditions and investor appetite for global growth equities will ultimately influence the outcome.