| 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 become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
CloudSnowflake was added as the leading player in cloud data storage, providing comprehensive data warehousing services for large businesses. The company's cloud-native platform helps companies store, analyze and share data across organizations, crucial for AI infrastructure upgrades. |
Data Storage Infrastructure Platform Enterprise | |
Data CentersComfort Systems USA benefited from robust demand for data centers and AI-related infrastructure, with the company reporting stronger-than-expected revenue driven by this demand. |
Infrastructure Technology Construction AI Revenue | |
SemiconductorsTaiwan Semiconductor represents the dominant manufacturer for leading fabless chip designers including NVIDIA, Apple, and Broadcom. The global arms race to develop artificial general intelligence will support multiple years of robust growth for foundries with leading-edge capabilities. |
Foundries Advanced Process AI Chips Manufacturing Technology Leadership | |
| 2025 Q3 |
AIAI has become a dominant theme across major equity indices, with Nvidia leading the S&P 500, ASML dominating MSCI EAFE, and TSMC leading emerging markets. The fund benefited from AI-related dynamics, particularly through Samsung's memory products experiencing substantial price increases due to DRAM shortages driven by AI demand. |
Semiconductors Memory DRAM Technology Nvidia |
Battery |
||
CloudSnowflake was added as the leading player in cloud data storage, providing comprehensive data warehousing services for large businesses. The company's cloud-native platform helps companies store, analyze and share data across organizations, crucial for AI infrastructure upgrades. |
Data Storage Infrastructure Platform Enterprise | |
| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| TICKER | COMMENTARY |
|---|---|
| 300750.SZ | CATL alone commands 38% market share in global lithium-ion battery production |
| AMZN | We added to our holdings in Amazon.com Inc. |
| 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 | I'm willing to go bankrupt rather than lose this race. Larry Page, co-founder of Google |
| 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 | OpenAI's well-documented 'circular' funding with its business partners (NVIDIA, Microsoft, among others) is additional cause for concern. |
| 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 | Nvidia sits at the top of the S&P 500 as the designer in the AI ecosystem. |
| 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. |
| RHM.DE | Our European Security position, Rheinmetall, also detracted from performance, as the market anticipated an end to the Russia and Ukraine conflict. In our view, this is only a short-term sentiment-related issue and should not change the medium-term defence spending programs in Europe. |
| TSM | TSMC leads the MSCI Emerging Markets Index as the manufacturer in the AI ecosystem. |
| UBER | Another key Fund performance detractor in the quarter was Uber Technologies Inc. (UBER) reflecting increasing market concerns about autonomous vehicles and the potential impact the technology may have on future growth. |
| 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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