The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
The Munro Global Growth Fund returned -12.6% net of fees for the third quarter of 2026, lagging global equity benchmarks as long equity positions bore the brunt of performance headwinds alongside marginal detractors from currency, hedging, and short holdings. Net equity exposure closed the period at 93.5% across 39 long and 8 short positions, while gross exposure stood at 103.4% and the portfolio maintained a 55% currency hedge back to the Australian dollar. Equity market performance was mixed globally as the S&P 500 rose 2.3% and the Nasdaq was flat at 0.2%, whereas AI supply chain-heavy Asian indices declined significantly. The macroeconomic environment was characterized by rising interest rates, with US 10-year Treasury yields surpassing 5% and the Federal Reserve initiating a rate hike, alongside geopolitical tensions in the Middle East that sustained elevated energy prices. Despite these headwinds, the manager maintains that technological advancements and AI scaling will ultimately exert a structural deflationary impact on the broader economy. Market apprehension surrounding AI infrastructure durability, power constraints, local data center pushback, and pre-election political sentiment is viewed as a disconnect from underlying operational fundamentals, where token consumption and compute demand continue to accelerate via autonomous agentic architectures. Portfolio attribution was led by high-performance computing stalwarts Nvidia and Lam Research alongside Mastercard, which rebounded following non-fundamental drawdowns. Conversely, Chinese battery manufacturer CATL was the principal detractor, prompting risk-management trimming following a 20% quarterly decline, while Applied Materials and Nokia also detracted during the July technology sell-off. The manager maintained high conviction across core structural growth themes, asserting that negative sentiment and capex longevity concerns are now adequately priced into current valuations.
Identify and invest in structural growth winners benefiting from multi-year secular transformations, with an emphasis on high performance computing, artificial intelligence, and clean energy.
The manager anticipates that the ongoing AI investment cycle remains in its early stages, supported by multi-year enterprise demand and the emergence of autonomous agentic software workflows. Valuations across key technology enablers have derated to attractive levels that factor in near-term regulatory, political, and supply-chain headwinds. Medium term, technological proliferation is expected to exert a disinflationary effect on the global economy, providing a constructive fundamental setup for equities as interest rate pressures stabilize.
Moderate Conviction Bullish
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