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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
The Munro Global Growth Fund returned 23.4% net in Q2 2026, driven primarily by AI infrastructure holdings including AMD, Micron, and Applied Materials. The quarter saw global equity markets rebound strongly following March geopolitical events, with the AI data center buildout continuing to support performance. First quarter reporting season demonstrated that hyperscale capex spending remains durable and is set to grow meaningfully in 2027, evidenced by Anthropic's revenue run rate increasing five-fold to $47bn and Alphabet's $85bn equity raise. The portfolio is benefiting from the shift to agentic AI, which is expanding opportunities beyond GPUs into CPUs, power semiconductors, and data center infrastructure. AMD raised its CPU addressable market forecast from $60bn to $120bn by 2030. Defense holdings detracted as geopolitical tensions eased. The fund maintains concentrated exposure across nine High Performance Computing positions and remains constructive on Travel and Climate themes. Net exposure stands at 88.7% with 55% unhedged USD exposure. The manager views the environment as healthy for finding structurally backed earnings growth, with market performance driven by earnings acceleration rather than multiple expansion.
The fund is positioned to capture earnings acceleration driven by the AI platform shift, particularly as the market transitions from training-focused GPU infrastructure to agentic AI requiring CPU orchestration and expanded data center infrastructure.
The manager remains constructive on the outlook for equities, believing the portfolio is well-positioned across Areas of Interest to benefit from strong earnings growth. Structural changes in AI, Climate, and Travel continue to drive market earnings rather than pure valuation expansion. The S&P 500 forward P/E multiple is below its previous peak, suggesting a relatively healthy environment to find structurally backed earnings growth situations. The AI platform shift continues to create both opportunities and threats, with hyperscale capex spending expected to remain durable over subsequent quarters and years.
As of Jul 15, 2026
Nick Griffin serves as Chief Investment Officer and Co-Founding Partner of Munro Partners, bringing over 20 years of financial services experience with 13 years in funds management. He previously held senior roles at Deutsche Bank and Commonwealth Financial Services, establishing a strong foundation in institutional investment management. Griffin holds a Bachelor of Commerce (Honours) from the University of Melbourne and a Graduate Diploma in Applied Finance and Investment, demonstrating his academic credentials in finance. As the lead portfolio manager, he is responsible for investment management of Munro's key funds and the formulation and implementation of their proprietary investment process. Griffin's leadership has delivered strong performance with the Global Growth Fund achieving a 13.53% annualized return since inception in 2016.
Munro Partners operates under the principle 'Capital preservation first. Investment returns second.' The fund focuses on identifying and investing in companies with the potential to grow at a faster and more sustainable rate than the overall market. The investment approach emphasizes opportunities arising from growth trends and structural changes under-appreciated by the market. The fund employs a disciplined investment process to generate a focused investment universe and maintain a high conviction portfolio of 30-50 investments. Capital preservation tools including increased cash levels, short positions, put options, currency hedging, and equity exposure management are used to manage risk and smooth investment volatility. The fund integrates ESG considerations and excludes companies involved in tobacco manufacturing, UN sanctions breaches, and poor ESG performance.
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