Investing in Emerging Markets with WCM

Key takeaways

• Emerging markets are rife with investment opportunities that will participate in a wave

of rapid economic development, digitalization, and rising consumer purchasing power.

• A passive investment approach to emerging markets has numerous shortcomings.

The indices tend to be dominated by lackluster – such as bureaucratic,

state-owned enterprises (“SOEs”) – and are likely to be overweight value-oriented,

cyclical sectors that will slowly decline in relevance as emerging economies develop.

• With an active, long-term investment approach focused on companies with improving

competitive advantages and superior corporate cultures, WCM’s Emerging Markets portfolio

offers investors partnerships with tomorrow’s leading companies that stand to benefit from

a multi-decade tailwind of robust growth.

For Financial Professional Use Only 1 INVESTING IN EMERGING MARKETS WITH WCM

Why Invest in Emerging Markets? 1Source: BCG;Digital Consumers, Emerging Markets, Benefit from megatrends and robust economic growth and the $4 Trillion Future, September 2018 For the last twenty years, emerging markets economies have substantially outgrown 2Source: IMF Datamapper,GDP based on PPP, share their developed markets counterparts. Most observers expect more of the same for the of world, 2021 foreseeable future, fueled by megatrends such as urbanization, digitalization, and the rise 3Source: IMF Datamapper, Population, millions of the global middle class. As a consequence, companies that are positioned and able to of people, 2021 take full advantage of these trends stand to generate strong and consistent revenue and earnings growth, which bodes well for investor returns in the long run. It is difficult to overstate the growth potential of emerging markets. Indeed, in just the last twenty years, more than a billion people in emerging markets have joined the ranks of the middle class, nearly two billion have moved into cities, and nearly three billion have accessed the internet for the first time.¹ With tailwinds like that, it should come as no surprise that emerging markets GDP growth has consistently surpassed that of developed markets over the last two decades. In fact, since 2000 – when the GDP of emerging markets was just 43% of total global GDP – the emerging markets portion of global production has risen to 60%.2 And there is plenty of runway left. With more than six and a half billion people living in emerging markets today (more than 85% of the global population), an enormous amount of human potential is about to be unleashed.³

Population of capital cities in 2018 GDP based on PPP,2 share of world (percent of world) (thousands)

70 Tokyo Japan 37,468 60

50 Delhi India

40 28,514

30 City Mexico 20 21,581 GDP share of the world (%)

10 Cairo Egypt 0 20,076 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026

Developed Economies Emerging Economies Beijing China 19,618 Source: IMF, 2021

Urban and rural population projected to 2050 Dhaka Bangladesh Estimates to 2016; UN projections to 2050 19,578 Projections are based on the UN World Urbanization Prospects and its median fertility scenario

10 Buenos Aires 9 14,967 8 7 Manila Philippines 6 (billions) 5 13,482 4 3 Kinshasa Democratic Republic of Congo Population 2 13,171 1 0 Moscow Russia 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 12,410 EM Rural EM Urban

Source: World Urbanization Prospects: The 2018 Revision Source: World Urbanization Prospects: For Financial Professional Use Only The 2018 Revision 2 INVESTING IN EMERGING MARKETS WITH WCM

Yet, despite this inexorable growth, emerging markets remain grossly underrepresented in 4 Source: MSCI, IMF Datamapper (GDP based on global equity benchmarks. While accounting for 60% of current global GDP4 and more than PPP), 2020 60% of global growth in 10 years’ time,5 emerging markets only represent ~12% of global equity value.6 Such an imbalance simply cannot last. 5 Emerging markets: the silver lining amid a challenging outlook; Swiss Re Institute; 2019 6 The Future of Emerging Markets; Dimitris Melas; MSCI Research Insights; April 2019 Share of global GDP vs. weight in MSCI ACWI

100%

80%

60%

40%

20%

0% Developed Markets Emerging Markets

Share of Global GDP Weight in MSCI ACWI

Source: MSCI, IMF Datamapper (GDP based on PPP), 2020

Attractive long-term returns and diversification benefit Although emerging markets equities have historically been more volatile than their 7 Source: FactSet, MSCI; total return from 31 developed markets counterparts, the asset class has nevertheless delivered strong December 2000 through 31 December 2020 returns over the long term. Since 2000, the MSCI Emerging Markets Index has returned 8 Source: FactSet, MSCI; total return from 1 January 9.94% per annum vs. the MSCI World7 at 6.58%; from the inception of the Emerging 1988 through 31 December 2020 8 Markets Index in 1988, it has returned 10.91% vs. 8.33% for the MSCI World . Moreover, 9 Source: FactSet. Average correlations from 1 and often underappreciated, the MSCI Emerging Markets Index has exhibited a relatively January 1988 through 31 December 2020 low correlation to developed markets equity indices (correlation of 0.74 vs. MSCI World since the inception of MSCI EM9), which means that pairing an emerging markets portfolio with your developed markets portfolio has the potential to both lower your risk and improve your return.

Hypothetical growth of 10,000 (USD) Since 2000, the MSCI 350 Emerging Markets Index $305.16 has returned 9.94% per 300 annum vs. the MSCI World7 at 6.58%; from the 250 inception of the Emerging

200 Markets Index in 1988, it has returned 10.91% vs.

150 $140.06 8.33% for the MSCI $ (thousands) World.8 100

50

0 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020

MSCI Emerging Markets Index (total return) MSCI World Index (total return)

Source: Factset, MSCI as of 31 December 2020

Past performance is no guarantee of future results.

For Financial Professional Use Only 3 INVESTING INVESTING Sou (“economic moats”), building(“economic companies in developing that economies strengtheningare their competitive advantages WCM’s Exposure asset asset class. This approach tends steer to benefiting consumer, consumer, holdings predominantly will demonstrating the and lend for political political lend for reasons, example, overexposes developedthe in world businessdigital models, and/or creating dynamic shareholders’ sector higher namely, capitalizing these companies cyclical are sectors less only index in than the of begins and hundreds (“SOEs”). underlyingslowly their than dominatedalso economies, by are they implementing the While The Why growth) that penetration. services dynamism of materials, materials, heavy Past performance is no guarantee of future results. results. future of guarantee no is performance Past the r ce industries, instead giving investors active exposure to the industries consistently the to exposure active investors industries, givinginstead industries. Cumulative price returns benchmark : 100% 150% 200% 250% WCM -50% MSCI 50% WCM, WCM, quality (where with 0% Emerging Markets Markets Emerging rising personal incomes, maturingincomes, patterns personal rising and SOEs which would which case case of energy, to from and F IN on on building

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Dec-19 201.74% state in, the to Today, find 65.69% bank (i.e., technology, technology, (i.e., company company - are growth sectors advantage: not say, the energy, new new few strategy strategy they are also also are they - which which some Dec-20 owned high leapfrogging low low being forced to latter. latter. the in then, our our then, about than for for than pockets services services any - financial financial financial financial basic quality bringing bringing of we we seeking seeking entities entities For the 50% think think private private – Cumulative price returns most 100% 150% 200% 250% 300% 50% 0% Return breakdown by company company by breakdown Return 58.48% portfolio Sou Sector Breakdown Sector Strategy Markets Emerging WCM

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r Technology ce

20.5% Markets Emerging MSCI 8.14% :

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0.0% bank Energy og rather 65.69% 20 5.0%

20 0.0% Real Estate y 2.1% 0.0% Utilities 2.0% 4 INVESTING IN EMERGING MARKETS WITH WCM

A differentiated global perspective Unlike many investment firms, we’ve intentionally built a team of global generalists, with each analyst working across a variety of countries, sectors, and industries. This structure fosters the application of experience from one sector or geography to others across the world. In other words, we’d say developed markets experience makes you a better emerging markets investor, and vice versa. Specifically, we think our “wider view” often provides differentiated, pattern-recognition insights that can sometimes elude a country- or industry-specialist approach. For example, observing – and investing in – the continuing development of e-commerce in the has taught us several valuable thematic lessons we’ve been able to apply in emerging markets investing. Notably, this work enabled us to recognize, fairly early, the potential (and potential problems!) in Argentinian technology giant MercadoLibre, which we believe is today’s undisputed e-commerce leader in .

Case study “MercadoLibre reminds us of MercadoLibre, Inc. 10 years ago.” MercadoLibre is the leading e-commerce platform in Latin America, with its largest Sanjay Ayer target markets in , Argentina, and Mexico. MercadoLibre’s two core assets are its Portfolio Manager & Analyst MercadoLibre Marketplace and MercadoPago payments. WCM’s generalist approach enables the Drivers of MercadoLibre’s Moat Trajectory investment team to observe trends that 1) Strong and durable tailwinds in LatAm digital commerce and payments. many industry and regional specialists miss. 2) Exceptional management team focused on maximizing long-term platform value. 3) Favorable competitive position. 4) Misunderstood by Wall Street industry and regional specialists.

Amazon.com, Inc. MercadoLibre, Inc. GICS Sector Consumer Discretionary Consumer Discretionary GICS Industry Internet & Direct Marketing Retail Internet & Direct Marketing Retail Country of domicile United States Argentina

35,000%

30,000%

25,000%

20,000%

15,000%

10,000% The top ten portfolio holdings and weights Cumulativeannual sales growth (USD) for the WCM Emerging Markets Strategy 5,000% as of 31 December 2020 are as follows: Taiwan Semiconductor Mfg., Ltd. (8.9%); Alibaba Group (5.3%); Tencent Holdings 0% Ltd. (4.7%); Yandex NV (3.9%); AIA Group Limited (3.5%); MercadoLibre Inc. (3.4%);

Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Techtronic Industries Co., Ltd. (2.8%); China Mengniu Dairy Co., Ltd. (2.7%); Shenzhou International Group Holdings Ltd. (2.7%); HDFC Bank Ltd. (2.5%). Source: FactSet, WCM as of 31 December 2020 The securities identified and described do not represent all of the securities purchased, sold, or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.

For Financial Professional Use Only 5 INVESTING IN EMERGING MARKETS WITH WCM

Another case in point is the global emergence of Contract Research Organizations (“CROs”) – firms that outsource development and testing for pharmaceutical Our familiarity with CROs companies. A well-developed industry in the Western world (look no further than ICON in developed economies plc), CROs barely existed in emerging markets until recent changes in Chinese had given us insights regulations opened the door in Asia’s largest economy. Our familiarity with CROs in into what to look for developed economies had given us insights into what to look for (and what to avoid) in (and what to avoid) in a a successful CRO, and we were able to use that global experience to quickly evaluate these new opportunities. Furthermore, because the rise of new industries like this often successful CRO, and we happens more quickly in emerging markets – think fewer burdens from legacy were able to use that infrastructure, business processes, regulations, and consumer habits – the ability to use global experience to global generalist experience for a quick evaluation and decision can result in a quickly evaluate these substantive edge. We’ve seen this again and again, in domains like digital wallets, mobile new opportunities. e-commerce, cloud computing, online advertising, and many others. Focus on corporate culture and governance For years, a critical pillar of our process has been our focus on culture and leadership (governance). In the past, not many considered these factors; nowadays, they are receiving ever-increasing scrutiny due to the adoption of ESG frameworks by investors. In our WCM Emerging Markets portfolio, we want to partner with capable and trustworthy management teams, running firms with cultures that are strong, adaptable, and aligned with long-term strategy. We believe this emphasis is even more important in emerging Unlike developed markets, where traditions and institutions of corporate governance are generally weaker. markets, successful Unlike developed markets, where management teams are largely professional and capital companies in developing markets are well regulated, successful companies in developing economies tend to be run economies tend to be by entrepreneurs – or families – who leave a larger imprint on the culture, governance, and run by entrepreneurs. ultimate success of their firms. It is here we think our long experience, and our deep, boots- on-the-ground work, gives us an edge. We strive to understand how companies tick, from the decision making of top management all the way down to the motivations of frontline workers. Ultimately, this better enables us to find companies that can create value for shareholders (and society) in the long run.

Conclusion Emerging markets are full of opportunity and rapid progress, brimming with innovative companies that are poised to create tremendous value for their shareholders over the coming decades. Even so, investing in emerging markets is not easy. Differences in language, social culture, macroeconomics, politics, legal frameworks, corporate governance and many other factors can make emerging markets seem inscrutable to many investors. WCM Investment Management believes we have the tools to navigate this ever-changing, yet fertile, landscape. By drawing on our broad global experience, and being mindful of local nuances, we believe we can uncover some of the strongest emerging markets businesses and partner with them for the long haul. Moreover, our focus on culture and governance not only gives us more confidence in our investments, but also helps us avoid pitfalls that are especially dangerous in emerging markets investing. If we execute this process carefully, thoughtfully, and consistently, we believe our investors will be amply rewarded in the long run.

The securities identified and described do not represent all of the securities purchased, sold, or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable.

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For Financial Professional Use Only 7 Additional Notes: Investment Risks: All securities are subject to risk, including possible loss of principal. Please read the risks associated with each investment prior to investing. Detailed discussions of each investment’s risks are included in Part 2A of each firm’s respective Form ADV. The investments highlighted in this presentation may be subject to certain additional risks. The views and opinions expressed may change based on market and other conditions. This material is provided for informational purposes only and should not be construed as investment advice. There can be no assurance that developments will transpire as forecasted. Actual results may vary. All investing involves risk, including the risk of loss. Investment risk exists with equity, fixed income, and alternative investments. There is no assurance that any investment will meet its performance objectives or that losses will be avoided. Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities, due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets. This material is provided for financial professionals and is for informational purposes only. This material should not be construed as investment advice. The views and opinions expressed may change based on market and other conditions. There can be no assurance that developments will transpire as forecasted, and actual results may vary. • This document may contain references to third party copyrights, indexes, and trademarks, each of which is the property of its respective owner. Such owner is not affiliated with Natixis Investment Managers or any of its related or affiliated companies (collectively “Natixis”) and does not sponsor, endorse or participate in the provision of any Natixis services, funds or other financial products. • The index information contained herein is derived from third parties and is provided on an “as is” basis. The user of this information assumes the entire risk of use of this information. Each of the third party entities involved in compiling, computing or creating index information disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to such information. MSCI Emerging Markets Index is an unmanaged index that is designed to measure the equity market performance of emerging markets. Indexes are unmanaged, do not incur fees, and include reinvestment of dividends and interest income, if any. It is not possible to invest in an index. Past performance is no guarantee of future results. Natixis Investment Managers includes all of the investment management and distribution entities affiliated with Natixis Distribution, LLC and Natixis Investment Managers S.A. WCM Investment Management is an affiliate of Natixis Investment Managers. Natixis Investment Managers, the Paris-based parent company, is a multi-affiliate organization and a subsidiary of Natixis, the corporate, investment management and financial services arm of BPCE. Provided by Natixis Distribution, LLC, 888 Boylston St., Boston, MA 02199. WCM INVESTMENT MANAGEMENT 281 Brooks Street, Laguna Beach, CA 92651, USA. www.wcminvest.com

2942799.3.3 Exp. 3/31/22 For Financial Professional Use Only WCMWP100-0821 8