| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 13.5% | -0.7% | 12.2% |
The Munro Global Growth Fund returned -0.7% net for Q4 2025, with strong contributions from AI-focused positions offset by currency headwinds and selective detractors. Alphabet emerged as the largest contributor, validating its AI strategy with the breakthrough Gemini 3 model that leap-frogged competitors and demonstrated the value of its decade-long custom chip investment. The AI infrastructure theme continues to drive performance, with Ciena benefiting from hyperscaler networking needs as power constraints force distributed data center architectures. TSMC remains well-positioned regardless of whether customers choose Nvidia or custom silicon solutions. Key detractors included Oracle due to market concerns about AI spending sustainability and Rheinmetall on geopolitical sentiment. The fund maintains a constructive 2026 outlook supported by broadening earnings growth, prospective rate cuts, and continued AI data center investment. Portfolio positioning remains focused on AI infrastructure beneficiaries while maintaining 53% AUD hedging to manage currency exposure.
The fund is positioned to benefit from the AI infrastructure buildout cycle, focusing on companies that provide essential components for data center scaling and AI workload processing.
Outlook for 2026 supported by broadening and accelerating earnings growth, prospective interest rate cuts and the continuation of AI data centre spending.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 12 2026 | 2025 Q4 | 300750.SZ, AMZN, CEG, CIEN, CRH, GALDA.SW, GEV, GOOGL, MA, MSFT, MSI, NVDA, ORCL, RHM.DE, TSM, UBER, VRT | AI, Cloud, Data centers, global, growth, semiconductors, technology |
GOOGL CIEN |
AI continues to drive significant investment opportunities with Alphabet's Gemini 3 model leap-frogging competitors and validating custom chip investments. The AI scaling laws are hitting… |
| Oct 12 2025 | 2025 Q3 | 300750 CH, ORCL | AI, Battery, Cloud, infrastructure, Semiconductor | ORCL | The fund emphasizes AI adoption as a multi-year productivity driver with major firms scaling infrastructure. Oracles and Nvidias expansion into cloud computing and AI hardware… |
| Jun 30 2025 | 2025 Q2 | ENR GR, MSFT, NVDA | competitive moats, Decarbonization, earnings, Global Growth, innovation |
MSFT ENR GR |
The commentary emphasizes structural global growth themes driven by innovation, decarbonization, and digital adoption. Management invests in companies with strong competitive moats and accelerating earnings.… |
| Apr 13 2025 | 2025 Q1 | NVDA, RHM GR | - | - | - |
| Dec 30 2024 | 2024 Q4 | AVGO, AXON | - | - | - |
| Dec 18 2024 | 2024 Q3 | - | - | - | - |
| Jun 30 2024 | 2024 Q2 | SN, TSM | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
Data CentersSupply constraints curtailing infrastructure buildout rate, but compute capacity is being used immediately upon coming online. This differs from dot-com bubble when dark fiber was installed ahead of need. Labor, power and land shortages creating bottlenecks. |
Supply Constraints Utilization Bottlenecks Infrastructure | |
SemiconductorsRGA initiated a position in Lattice Semiconductor, viewing it as an under-appreciated AI winner with immediate gains and longer-term optionality. Lattice's focus on efficiency and advantages in low-power, small footprint FPGAs position it favorably for AI servers, particularly as the only Post-Quantum Cryptography secure chips on the market. |
FPGAs Security Efficiency AI Infrastructure Programmable | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
Battery |
||
CloudAmazon's positioning to benefit from both infrastructure and application layers of AI is highlighted. The company's logistical prowess represents one of the foremost moats in business and will be enhanced with AI through better orchestration of logistics assets and buildout of more sophisticated robotics. |
Infrastructure Logistics Automation Efficiency Coordination | |
| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 12, 2025 | Fund Letters | Nick Griffin | ORCL | Oracle Corporation | Information Technology | Systems Software | Bull | NYSE | AI, backlog, cloud, Database, growth, hyperscaler, infrastructure, Oci | Login |
| Jun 30, 2025 | Fund Letters | Nick Griffin | MSFT | Microsoft Corp. | Information Technology | Systems Software | Bull | NASDAQ | AI, cloud, hyperscalers, productivity, Software | Login |
| Jun 30, 2025 | Fund Letters | Nick Griffin | ENR GR | Siemens Energy AG | Industrials | Electrical Components & Equipment | Bull | Xetra | Decarbonisation, Electrification, Grid, infrastructure, Power | Login |
| Jan 12, 2026 | Fund Letters | Nick Griffin | GOOGL | Alphabet Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | AI, cloud, Monetisation, Optionality, Search, semiconductors | Login |
| Jan 12, 2026 | Fund Letters | Nick Griffin | CIEN | Ciena Corporation | Information Technology | Communications Equipment | Bull | New York Stock Exchange | AI, Connectivity, datacenters, growth, hyperscalers, Optics | Login |
| TICKER | COMMENTARY |
|---|---|
| 300750.SZ | CATL alone commands 38% market share in global lithium-ion battery production |
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| CEG | 3Q results were in line, and the company noted commercial activity was intensifying. A FERC ruling on co-location was viewed as a positive for Independent Power Producer (IPP) development. CEG also benefited from the PJM Interconnection capacity auction in which pricing came in at the top of the collar range. |
| CIEN | Ciena, a networking systems company, saw shares increase meaningfully during the quarter amid optimism around hyperscaler and AI-related demand. The company has also benefited from growing cloud spending, which has supported its pluggables and data interconnect business. |
| GALDA.SW | The Switzerland-based pharmaceutical company's stock has outperformed, driven in part by strong sales growth of its prescription biologic treatment for moderate to severe eczema. The company raised guidance during its last earnings call, reflecting continued strong demand for its products. |
| GEV | The massive data center buildout is leading to a surge in demand for alternative and traditional energy generation, which led Jennison to add GE Vernova to the Fund's Industrials sector. Their natural gas turbine, wind, and electrification businesses, along with a rapidly growing and profitable services backlog, should support strong growth for the next several years. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| MA | The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility |
| MSFT | MSFT was a detractor in 4Q25 following its fiscal first-quarter 2026 earnings report released on October 29. While results were better than expected operationally, investor reaction was driven by guidance and capital expenditure intensity rather than headline performance. Revenue grew 17% year-over-year, exceeding consensus expectations, and Azure revenue increased 39% year-over-year, also ahead of estimates. However, management guided to a sequential deceleration in Azure growth in fiscal Q2, signaling some moderation after a period of exceptional demand. |
| MSI | For Motorola Solutions (MSI), underlying results remain quite positive, but a recent acquisition is expected to dilute earnings at a time when tariff headwinds are expected to create near-term margin pressure. |
| NVDA | AI bellwether NVIDIA's very strong set of earnings in late November helped the AI theme re-assert its dominance when investors breathed a sigh of relief following the results. |
| ORCL | Investor enthusiasm for Oracle's stock in calendar year 2025 was initially driven by several multi-billion-dollar contracts it signed with leading AI companies, including OpenAI and Meta. However, in Q4 sentiment for ORCL's growth prospects shifted to skepticism, as investors began to scrutinize the return profile of the substantial capital investments required to support the approximately $500 billion of contracts signed by Oracle. Given the widening range of potential outcomes associated with Oracle's elevated capital needs, we reduced our position in ORCL during Q4. |
| RHM.DE | The top three contributors to this underperformance came from Rheinmetall (German Defense). The top three contributors to this outperformance came from Rheinmetall (German Defense) |
| TSM | TSMC was a top contributor during the quarter, driven by robust demand for advanced semiconductor manufacturing and improved gross margins as AI continues to grow strong and the non-AI segment showed signs of recovery. Management raised its revenue growth guidance to the mid-30% range, and given continued strength in demand, AI-related growth targets are expected to move above the current mid-40% level. |
| UBER | UBER was a detractor in the fourth quarter following its third-quarter 2025 earnings report, which delivered strong operating performance but was met with a muted market reaction. Gross Bookings and adjusted EBITDA both came in near the high end of management's guidance, driven by accelerating demand across both Mobility and Delivery. However, investor focus shifted to commentary around reduced margin expansion as the company steps up investment in growth initiatives, including autonomous vehicle partnerships, platform innovation, and commerce expansion. |
| VRT | I was short what I think are low quality names that have benefited from a huge Capex run up in datacenters but offer services that will get commoditized and are trading on very high earnings multiples on top of really above historical margins (TSSI STRL CLS ORCL VRT TGEN). |
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