| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 14.5% | 23.4% | - |
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.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 14 2026 | 2026 Q2 | 300750.SZ, AMAT, AMD, AMZN, ARM, ASM.AS, AVGO, BA.L, GALD SW, GEV, GOOG, IFX.DE, LLY, MA, MU, NVDA, QCOM, SNPS, TSM | AI, Data centers, earnings, global, growth, Long/Short, semiconductors, technology |
IFX.DE AMD ARM |
Munro returned 23.4% in Q2 2026, capturing the AI infrastructure buildout acceleration. Hyperscale capex is growing durably into 2027, with Anthropic revenue surging five-fold and Alphabet raising $85bn. The agentic AI shift is expanding opportunities from GPUs into CPUs and power infrastructure. AMD doubled its CPU market forecast to $120bn by 2030. Portfolio maintains concentrated AI exposure with constructive positioning in Travel and Climate themes. |
| Apr 14 2026 | 2026 Q1 | 300750.SZ, AMZN, CIEN, GE, MSFT, NVDA | AI, China, defense, energy, growth, semiconductors, technology |
MSFT 300750.SZ |
Munro returned -6.2% in Q1 2026 as AI infrastructure stocks outperformed while hyperscalers faced disruption concerns. Iran war and Strait of Hormuz closure created market volatility. Fund positioned for USD 650bn AI capex cycle through power, networking, and storage enablers while avoiding software disruption risk. Bullish medium-term assuming conflict resolution. |
| 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 |
Fund delivered -0.7% net return with Alphabet leading gains through AI breakthrough while Oracle and Rheinmetall detracted. AI infrastructure theme remains core driver with networking and semiconductor positions benefiting from hyperscaler buildout. Constructive 2026 outlook supported by earnings growth, rate cuts, and continued AI spending despite near-term volatility in select holdings. |
| Oct 12 2025 | 2025 Q3 | 300750.SZ, AMZN, ARES, AVGO, BSX, CLS.TO, CRH, FWONA, GEV, GOOGL, ISRG, LLY, META, MSFT, NFLX, NVDA, ORCL, TKO, TSM, UBER | AI, Cloud, Energy Storage, growth, technology | ORCL | Munro returned 4.9% driven by AI infrastructure winners CATL, Nvidia and Oracle. Oracle's massive $455bn backlog demonstrates insatiable AI compute demand. Healthcare holdings detracted on rotation into AI-focused stocks. Fund maintains heavy US exposure given strong earnings growth and supportive policy environment. AI adoption accelerating globally with clear productivity benefits driving continued infrastructure spending. |
| Jun 30 2025 | 2025 Q2 | 1211.HK, AMZN, BAE.L, CEG, CRH, GEV, GOOGL, LLY, MA, META, MSFT, NOC, NVDA, ORCL, SIEGY, TSM, VRT | AI, Climate, defense, energy, global, growth, security, technology |
MSFT ENR GR MSFT SIE.DE |
Strong 16.1% quarterly return driven by AI infrastructure plays, particularly Nvidia's continued dominance in hyperscaler spending. Successfully navigated tariff volatility through tactical hedging before redeploying capital post-pause. Bullish outlook supported by structural growth in AI, energy transition, and defense spending, with Fed easing providing additional tailwinds for growth equities. |
| Apr 13 2025 | 2025 Q1 | AMZN, AVGO, AXON, BSX, CEG, CRH, FWONK, GOOGL, LLY, MA, META, MSFT, NFLX, NOW, NVDA, ORCL, RHM.DE, TSM, UBER | AI, Cash, defense, global, growth, tariffs, technology, volatility |
RHM.DE NVDA |
Fund returned -7.3% amid tariff uncertainty and AI infrastructure concerns. Raised 30% cash defensively while maintaining conviction in structural AI spending ($350B hyperscaler capex) and European defense expansion. Exited cyclical positions for resilient digital businesses. Near-term clouded by policy uncertainty but positioned for medium-term structural growth with strong balance sheet companies. |
| Dec 30 2024 | 2024 Q4 | AMAT, AMZN, ASML, AVGO, AXON, CEG, CRH, GEV, GOOGL, KLAC, MA, META, MSFT, NOW, NVDA, RHM.DE, TSM, UBER | AI, growth, large cap, semiconductors, technology, US |
AVGO AXON |
Munro Global Growth Fund delivered 10.4% returns driven by AI-focused holdings including Broadcom and GE Vernova. The fund capitalizes on the artificial intelligence revolution through exposure to semiconductor designers and data center infrastructure providers. Management expects continued bull market conditions in 2025 supported by stabilized rates and easing inflation, maintaining concentrated exposure to technology growth themes. |
| Dec 18 2024 | 2024 Q3 | 000660.KS, AMZN, APP, AVGO, AXON, CEG, CRH, FIX, GEV, META, MSFT, NVDA, ONON, RDDT, RHM.DE, SE, SN, TSLA, TSM, VRT | AI, defense, energy, growth, infrastructure, productivity, semiconductors, Trump | - | Munro delivered exceptional 2024 returns led by AI infrastructure investments in Nvidia, TSMC, and data center power providers. The firm expects the bull market to continue in 2025 driven by AI productivity gains and Trump policies promoting deregulation and onshoring. Positioned across semiconductors, energy transition, infrastructure spending, and defense themes for continued structural growth opportunities. |
| Jun 30 2024 | 2024 Q2 | 000660.KS, AAPL, AIR.PA, AMAT, AMZN, ARM, ASML, CEG, CRH, FIX, MA, META, MSFT, NEE, NOW, NVDA, SN, TSM, V, WISE.L | AI, Data centers, energy, global, growth, semiconductors, technology |
TSM SN |
Munro delivered 5.1% returns driven by AI infrastructure buildout across semiconductors and cloud computing. The fund maintains high conviction in multi-year AI capex cycle with hyperscalers accelerating spending. Key positions TSMC and Nvidia benefit from device refresh cycles and data center demand. Climate convergence with AI creates additional opportunities in nuclear power and energy efficiency. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q2 |
AIAI infrastructure buildout continues to drive strong earnings growth across the portfolio. Hyperscale capex spending is durable and set to grow meaningfully in 2027, with Anthropic's revenue run rate increasing five-fold in five months to $47bn. The shift to agentic AI is creating new opportunities in CPUs and orchestration, expanding the addressable market beyond GPUs. |
Data Centers GPUs CPUs Cloud Hyperscale |
SemiconductorsSemiconductor supply chain remains a core driver of performance with strong first quarter results. Memory bottlenecks persist with high-bandwidth memory demand, while power semiconductors are gaining importance in data center efficiency. The CPU renaissance is emerging as AI moves into agentic workflows requiring orchestration. |
Memory Semi Equipment Power Semis Foundries Chip Designers | |
Data CentersData center infrastructure continues to face bottlenecks in power, networking, and cooling. Power efficiency is becoming critical as electricity conversion losses translate to meaningful cost savings. Co-packaged optics and voltage architecture solutions are emerging opportunities as hyperscale spending accelerates. |
Power Electronics Networking Cloud Infrastructure Energy Efficiency Cooling | |
TravelCommercial aerospace supply chain benefits from demand outweighing the industry's ability to supply planes, creating durable bottlenecks. The potential resolution to Middle East geopolitical conflict is fundamentally positive for the travel sector, allowing investors to refocus on strong underlying fundamentals. |
Airlines Aerospace Air Travel Aerospace Components | |
Energy TransitionBattery manufacturing remains a key position with CATL representing 5.8% of the portfolio. Climate-related investments continue to provide idiosyncratic earnings drivers alongside the dominant AI theme. |
Battery Manufacturers EV Batteries Energy Storage | |
DefenseDefense stocks detracted from performance as geopolitical conflict began to ease and sentiment deteriorated. The US administration's request for a significant 2027 defense budget increase was met with skepticism given the substantial dollar increase. |
Defense Spending Defense Electronics Defense Components | |
EarningsMarket is benefiting from earnings acceleration largely due to AI, with structural changes driving performance rather than pure valuation expansion. The S&P 500 forward P/E multiple is below its previous peak, suggesting a relatively healthy environment for finding structurally backed earnings growth. |
Growth Quality Momentum | |
| 2026 Q1 |
AIMajor hyperscale companies expected to spend over USD 650bn in capex in 2026, vast majority dedicated to AI build-out. Token generation has inflected dramatically in 2026, demonstrating acceleration in AI usage and broader application of tools. Anthropic and OpenAI combined annualized revenue run rate now above USD 50bn, accelerating dramatically on token usage. |
Data Centers Cloud Semiconductors GPUs Capex |
Energy StorageChina needs ESS because much of installed solar is curtailed due to supply exceeding demand. China announced ambitious ESS policies aiming to grow capacity by nearly 30% annually to 180GW by 2027, requiring USD35b investment. CATL expects over 50% growth in ESS end market in 2026. |
Battery Supply Chain Grid Storage Solar China Infrastructure | |
DefenseSpending by governments in defense industry continues to see growth, with enabling companies well positioned to translate this into earnings growth. Portfolio focused on companies providing critical inputs to global defense capabilities in aerospace and defense. |
Defense Spending Aerospace Government Security Geopolitical | |
SemiconductorsInvestment in networking equipment essential to enable semiconductor chips such as Nvidia GPUs or Broadcom TPUs to communicate at fast speeds, improve power consumption and increase utilization. South Korean KOSPI up 19.9% driven by strong performance from companies exposed to semiconductor supply chain. |
Semiconductor Cycle GPUs Networking Memory Foundries | |
Power InfrastructureInsatiable demand for gas turbines globally to support traditional power infrastructure and AI compute buildout. Stocks helping solve the power equation seeing strong demand, including GE Vernova in gas turbines, JCI in HVAC equipment, and Eaton in electrical equipment. |
Grid Upgrade Power Equipment HVAC Electrical Equipment Infrastructure | |
Electric VehiclesCATL holds leading position in lithium iron phosphate batteries, increasingly preferred chemistry due to cost advantage and superior safety profile. Iran conflict brings national energy security to fore, with past oil crises accelerating moves to other fuels, and today there are viable cheap alternatives like EVs. |
EV Batteries Battery Manufacturers Energy Transition Lithium China | |
| 2025 Q4 |
FinancialsFund maintains significant overweight in financials sector relative to benchmark, with large positions in banks, financial services companies, and insurers. Manager remains constructive on banking industry citing continued positive inflection in net interest income and believes fears of extended negative credit cycle were overstated. |
Banks Financial Services Insurance Net Interest Income |
Consumer DiscretionaryFund is overweight in consumer discretionary, heavily tilted toward higher-quality businesses targeting high-end consumers. Holdings include global consumer brands like Brunswick and Birkenstock, specialty retail exposure through marine dealers and Bath & Body Works, and homebuilders positioned to benefit from lower interest rates. |
Luxury Specialty Retail Homebuilders High-end Consumers | |
IndustrialsManager believes industrials remains attractive and continues overweight positioning relative to benchmark. Focus on higher-quality industrials including machinery, distribution, and commercial services that demonstrated strong pricing power during inflationary environment and returned cash to shareholders. |
Machinery Distribution Commercial Services Pricing Power | |
HealthcareFund remains significantly underweight in healthcare relative to benchmark as manager believes valuations have not presented attractive risk/reward opportunities. Underweight driven by lack of exposure to small-cap biotechnology, pharmaceuticals and life sciences tools companies that typically don't fit investment process regarding quality and financial strength. |
Biotechnology Pharmaceuticals Life Sciences | |
SemiconductorsInformation technology contributed to performance with strong results from semiconductor companies Amkor Technology and Kulicke & Soffa Industries. Amkor benefited from recovery in end markets and growing focus on artificial intelligence packaging solutions, positioned as one of two US companies capable of large-scale advanced packaging. |
Chip Packaging AI Infrastructure Semiconductor Equipment | |
| 2025 Q3 |
AIAI adoption is showing clear signs among corporates globally, with the Magnificent 7 demonstrating significant operational efficiencies through reduced hiring. Oracle's massive backlog demonstrates insatiable demand for AI computing infrastructure, with companies like OpenAI committing to multi-billion dollar contracts. The AI spending roadmap is expected to continue over the medium term with clear return on investment from billions in capex. |
Computing Infrastructure Hyperscalers Training Inference Productivity |
CloudOracle shocked the investment community with $455bn in remaining performance obligations, marking a transformation from an ex-growth company to building cloud infrastructure bigger than Amazon Web Services in just 5 years. The demand for AI compute has become so insatiable that companies are committing to non-cancellable, multi-billion dollar contracts for cloud computing infrastructure. |
Infrastructure Backlog Hyperscaler Computing Growth | |
Energy StorageCATL dominates the global battery market with 35% market share, benefiting from strong demand outlook with EV demand forecast to grow 25% and energy storage systems 35% in 2025. Energy storage projects tendered in China have surpassed global EV battery demand, with capacity targets to double by 2027. ESS is becoming more profitable than EV batteries as it becomes a larger share of overall battery demand. |
Batteries Grid Storage Demand Growth Profitability Market Share | |
Electric VehiclesCATL serves leading Chinese EV manufacturers and global automotive leaders including Tesla, BMW, Mercedes-Benz, and Volkswagen. The company is pioneering battery swapping infrastructure with over 300 stations installed and plans to reach 1,000, particularly promising for fleet and commercial vehicles. Innovation continues with new battery technologies including 800km range capabilities and 10-minute charging. |
Battery Technology Charging Infrastructure Range Commercial Vehicles Innovation | |
Data CentersData centers remain a significant pressure on physical power demand, with increased confidence in spending plans from companies like Oracle driving further power deals as the AI build-out continues. The demand for compute infrastructure has become so strong that Oracle has committed to building cloud computing infrastructure similar in size to Amazon Web Services over the next 4 years. |
Power Demand Infrastructure AI Build-out Computing Growth | |
| 2025 Q2 |
AIAI infrastructure spending continues to accelerate with hyperscalers committing billions to capex. Nvidia's data centre revenues could potentially double as they address over $500 billion of a trillion-dollar AI infrastructure opportunity. New opportunities emerging in robotics and sovereign AI applications. |
Nvidia Hyperscalers Infrastructure Applications Robotics |
Energy TransitionClean energy holdings performed well driven by AI's power requirements and US manufacturing reshoring. Power generation and grid equipment becoming increasingly critical due to insufficient supply and aging infrastructure. Nuclear energy maintains strong bipartisan support. |
Power Grid Nuclear Infrastructure Manufacturing | |
Defense SpendingNATO Summit resulted in European nations committing to increase defense spending toward 5% of GDP by 2035. This represents a significant structural shift providing tailwinds to security holdings despite some quarterly performance challenges. |
NATO European Structural Security Spending | |
CloudMicrosoft's Azure growth reaccelerated to mid-30% range driven by AI demand and enterprise cloud migration. Oracle cemented itself as important hyperscale player with accelerating earnings from AI workloads and data platform capabilities. |
Azure Microsoft Oracle Enterprise Migration | |
| 2025 Q1 |
AIDespite DeepSeek concerns, hyperscalers continue aggressive AI infrastructure spending with combined capex approaching $350 billion in 2025. The fund maintains conviction in multi-year structural earnings growth for AI enablers, while increasing exposure to AI application companies like Axon and ServiceNow that are showing strong adoption. |
Data Centers Cloud Semiconductors Enterprise Software GPUs |
Defense SpendingEuropean defense spending landscape improved significantly with Germany exempting defense spending exceeding 1% of GDP from debt brake. Defense spending expected to climb from 2% to 3% of GDP by 2030, providing multi-decade investment cycle for companies like Rheinmetall. |
Defense Europe Government Spending Geopolitical Military | |
Trade PolicyTrump administration's tariff policies and DOGE initiatives create widespread uncertainty that is deflationary to economic growth. The fund has taken evasive action by raising over 30% cash and reducing exposure to tariff-sensitive positions while favoring digital businesses with strong balance sheets. |
Tariffs Uncertainty Deflation Policy Global Trade | |
| 2024 Q4 |
AIArtificial intelligence continued to be a dominant theme for the quarter, with contributors from GE Vernova and Broadcom. Broadcom has emerged as the designer of choice for custom-designed semiconductor chips (ASICs) used as alternatives for GPUs as they are more specialized and efficient for targeted workloads. The company's CEO confirmed customers are rapidly pursuing development of a 1 million XPU cluster of chips. |
Semiconductors Data Centers Cloud Custom Silicon ASICs |
Data CentersBroadcom provides hyperscale data center companies custom silicon chips, playing an important role in AI infrastructure. Over time, as companies such as Meta, Alphabet, Amazon and Microsoft build out their AI offering, the critical semiconductor content will come from both custom silicon chips designed by companies such as Broadcom and merchant silicon chips designed by Nvidia. |
Cloud Infrastructure Hyperscale Custom Silicon AI Infrastructure Semiconductors | |
SemiconductorsBroadcom's Serviceable Addressable Market for AI revenues is expected to grow from $15-20bn USD in 2024 to $60-90bn USD by 2027, with the company commanding approximately 60% share. This gives rise to $50bn USD of AI revenue opportunity over the next 3 years, potentially doubling company revenue. |
AI Custom Silicon ASICs Foundries Chip Designers | |
| 2024 Q3 |
AIThe emergence of large language models sees companies attempting to apply AI to nearly every industry. Unlike previous technology revolutions, AI is unique in that machine learning technologies can be applied to so many different industries. The potential for a step change in labour productivity for the whole economy is real and likely to translate to higher corporate earnings over time. |
Machine Learning Productivity Automation Digital Transformation Language Models |
Data CentersA 1 million GPU cluster will cost roughly USD 20-30bn and require 4 gigawatts of power to run it. The boom in AI infrastructure, combined with the added compute to run these AI models, is directly leading to a shortage of power infrastructure in the US. Companies are building ever-growing clusters of GPUs to help train larger foundation models. |
GPU Clusters Power Infrastructure Computing Resources Hyperscale Cloud Infrastructure | |
SemiconductorsInvestments in leading semiconductor companies such as Nvidia, TSMC, and Broadcom were all strong performers in 2024. The rapid build-out of computing resources is likely to continue to favour the GPU providers and their key supplier, Taiwan Semiconductor Manufacturing Company. Broadcom expects at least three customers to attempt to build a 1 million GPU cluster by 2027. |
GPU Foundries Memory Chip Manufacturing Computing Hardware | |
Energy TransitionThe hyperscalers making large AI investments also have the strictest net zero carbon pledges. Continued investment in decarbonisation is expected to be made alongside AI investments, as companies seek to add back the megawatts they are taking off the grid to power data centres. Focus on installed nuclear power, gas turbine manufacturers, and electrical grid build-out. |
Nuclear Power Grid Infrastructure Decarbonisation Power Generation Clean Energy | |
Infrastructure SpendingThe Trump agenda will firmly focus on bringing manufacturing back to North America. Similar policies and higher tariffs are expected to drive a further build out of onshore US manufacturing capability. Almost $2 trillion in US infrastructure funding is planned over the next few years through various acts including the Infrastructure Investment & Jobs Act. |
Manufacturing Onshoring Construction Cement Aggregates | |
Defense SpendingWith the US likely to play a more isolated role in world affairs under the Trump administration, this will put pressure on NATO nations and the rest of the world to lift their defence spending. European defence budgets are increasing, with European defence contractors like Rheinmetall positioned to benefit as European spending focuses on building their own defence champions. |
NATO European Defense Military Equipment Homeland Security Defense Contractors | |
| 2024 Q2 |
AIAI was a dominant theme driving performance across multiple Areas of Interest. High Performance Computing led by Nvidia saw significant earnings upgrades, while Connectivity benefited from device refresh cycles in smartphones and PCs. The fund sees AI as the beginning of a multi-year growth runway with hyperscalers continuing to accelerate capex spending. |
Nvidia GPUs Hyperscalers Data Centers Device Refresh |
SemiconductorsTSMC contributed 118bps to performance as the semiconductor bellwether. The fund expects AI server revenues to grow at 50% CAGR over 5 years, representing over 20% of TSMC's revenue by 2028. Next-generation devices will need substantially more semiconductor content to run AI applications. |
TSMC Foundry AI Servers Semiconductor Content | |
Data CentersData centers are converging with climate initiatives as hyperscalers build infrastructure behind the meter, plugging directly into nuclear power plants. Data centers now represent 2.5% of emissions versus aviation's 2.1%, driving demand for energy-efficient solutions. |
Hyperscalers Nuclear Power Energy Efficiency Constellation Energy | |
Energy TransitionThe Climate Area of Interest has converged with AI infrastructure buildout. Hyperscalers are signing up to significant climate targets while building data centers, creating opportunities in nuclear power and energy-efficient technologies. |
Climate Targets Nuclear Power Renewable Energy Carbon-free |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 14, 2026 | Fund Letters | Munro Global Growth Fund | IFX.DE | Infineon Technologies AG | Semiconductors | Semiconductors | Bull | Frankfurt Stock Exchange (Deutsche Börse) | AI infrastructure, Climate, data centers, Electric Vehicles, Electrification, Germany, growth, Power Conversion, Power management, semiconductors | Login |
| Jul 14, 2026 | Fund Letters | Munro Global Growth Fund | AMD | Advanced Micro Devices Inc | Semiconductors | Semiconductors | Bull | NASDAQ | Agentic AI, AI infrastructure, CPUs, data centers, growth, high-performance computing, Market Share Gain, Orchestration, semiconductors | Login |
| Jul 14, 2026 | Fund Letters | Munro Global Growth Fund | ARM | Arm Holdings plc | Semiconductors | Semiconductors | Bull | NASDAQ | Agentic AI, AI infrastructure, CPU Architecture, customization, growth, high-performance computing, licensing model, power efficiency, semiconductors, UK | Login |
| Apr 14, 2026 | Fund Letters | Munro Global Growth Fund | MSFT | Microsoft Corporation | Software - Infrastructure | Systems Software | Bear | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Copilot, data centers, Digital transformation, Enterprise software, SaaS, technology | Login |
| Apr 14, 2026 | Fund Letters | Munro Global Growth Fund | 300750.SZ | Contemporary Amperex Technology Co Limited | Electrical Equipment & Parts | Electrical Components & Equipment | Bull | Shenzhen Stock Exchange | battery technology, China, Climate, Electric Vehicles, energy storage, Ess, Lithium Iron Phosphate, renewable energy, Sodium Ion, vertical integration | 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 |
| Jul 9, 2025 | Fund Letters | Munro Global Growth Fund | MSFT | Microsoft | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, Digital transformation, Enterprise software, growth, SaaS, technology | Login |
| Jul 9, 2025 | Fund Letters | Munro Global Growth Fund | SIE.DE | Siemens Energy | Industrials | Electrical Equipment | Bull | XETRA | Climate, electrical equipment, Electrification, energy transition, Germany, Grid Infrastructure, Industrial, Power generation, renewable energy, Transformers | 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 |
| Apr 14, 2025 | Fund Letters | Munro Global Growth Fund | RHM.DE | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | XETRA | Aerospace, Armored Vehicles, Artillery, Cyclical, Defense, European, geopolitical, Germany, government contracts, Military | Login |
| Apr 14, 2025 | Fund Letters | Munro Global Growth Fund | NVDA | NVIDIA Corporation | Information Technology | Semiconductors | Bull | NASDAQ | AI, Cloud computing, Computing Infrastructure, data centers, Gpu, growth, hyperscalers, machine learning, semiconductors, technology | Login |
| Jan 13, 2025 | Fund Letters | Munro Global Growth Fund | AVGO | Broadcom Inc. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI, ASICs, custom silicon, data centers, fabless, growth, hyperscale, semiconductors | Login |
| Jan 13, 2025 | Fund Letters | Munro Global Growth Fund | AXON | Axon Enterprise Inc. | Information Technology | Technology Hardware, Storage & Peripherals | Bull | NASDAQ | AI, Body Cameras, founder-led, growth, law enforcement, Public safety, recurring revenue, Software | Login |
| Jun 30, 2024 | Fund Letters | Munro Global Growth Fund | TSM | Taiwan Semiconductor Manufacturing Company | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Cyclical, Foundry, growth, semiconductors, Taiwan | Login |
| Jun 30, 2024 | Fund Letters | Munro Global Growth Fund | SN | SharkNinja Operating LLC | Consumer Discretionary | Household Durables | Bull | NYSE | Appliances, Brand, consumer, growth, innovation, market share | Login |
| TICKER | COMMENTARY |
|---|---|
| AMD | Advanced Micro Devices, or AMD, (High Performance Computing), was the largest contributor to performance for the quarter. Over the last four years, the AI semiconductor supply chain has been focused on GPUs as the critical semiconductor element for training AI models. As AI moves into an agentic world, where AI agents are completing tasks autonomously, the need for central processing units (CPUs) increases. The rationale is that the GPU will act as the central piece of intelligence, while CPUs will orchestrate agents to perform tasks. Both AMD and ARM Holdings, another positive contributor to performance, play a pivotal role in the CPU ecosystem and subsequently investors began to reflect this opportunity in both stocks. In its most recent earnings, AMD's CEO raised the total addressable market of CPUs by 2030 from US$60bn to US$120bn, and they expect to capture over half of the market share. |
| MU | Micron (Connectivity) was another strong contributor to returns, as high-bandwidth memory continues to be a major bottleneck for the AI buildout. |
| AMAT | Key contributors to performance for the quarter included Advanced Micron Devices (AMD), Micron Tech and Applied Materials. |
| BA.L | BAE Systems (Security) was the biggest detractor for the portfolio. As the geopolitical conflict started to ease, sentiment for security stocks began to deteriorate. Additionally, in early April the US administration asked for a significant increase in the defence budget for 2027, which has been met with a level of scepticism given the dollar increase is substantial. |
| SNPS | Synopsys (Digital Enterprise) detracted from performance delivering an underwhelming result during the quarter and we have since exited the position. |
| QCOM | Qualcomm (Connectivity) also detracted, after their place in the AI supply chain was questioned by investors. The company laid out their medium term plan for capturing AI supply chain share across custom chips, AI accelerators and CPUs, however this was met with skepticism from the market given the company's minimal share today. |
| IFX.DE | Infineon is a leading German semiconductor company that produces power semiconductors and essential chips that convert and deliver electricity for various industries, from electric vehicles and industrial equipment to consumer electronics and data centres. It has long been a key enabler in the structural shift towards electrification of cars and green energy, but its growing role in powering AI data centres is where the story gets particularly exciting. Think of Infineon less as a company making the 'brains' of AI data centres (GPU and CPUs) and more as the company making the 'nervous system' that ensures power flows efficiently and safely through them. Infineon's technology sits right at the heart of enabling power conversion efficiency. It has a broad portfolio of power semiconductors, each of which is optimised for managing different stages of the power conversion journey. Importantly, Infineon is one of only three players today who are qualified suppliers responsible for the last conversion step before the electricity reaches the GPUs. As technology in the data centre evolves, the power semiconductor content is set to expand meaningfully, something which we believe can be a material driver to Infineon's earnings. The company expects its semiconductor content to increase approximately 3 times, which is starting to become evident in the revenue growth of the company. Company guidance released in May 2026 suggests AI revenues can grow from €750 million in 2025 to €2.5 billion by 2027. |
| ARM | Both AMD and ARM Holdings, another positive contributor to performance, play a pivotal role in the CPU ecosystem and subsequently investors began to reflect this opportunity in both stocks. ARM is also increasingly becoming the CPU architecture of choice, given its power-efficient design and ability to be customised to make it particularly well suited for the needs of agentic workloads. As the role of CPUs becomes more important in the agentic AI era, we think there is a long runway for earnings growth ahead for both companies. |
| NVDA | As Jensen Huang, the CEO of Nvidia, puts it, think of CPUs like a conductor and GPUs like the orchestra. The role of the CPU is to keep the orchestra in sync. |
| TSM | TSMC (Connectivity) also continued its strong momentum with another very positive result in April. |
| GOOG | Specifically, the Google Cloud Platform (GCP), reported over 63% revenue growth in the quarter, up from 33.5% only 2 quarters ago. Similarly, in the same 6-month period, operating margins expanded from 23.7% to 32.9%. Not only is usage of large language models accelerating, but we are also seeing clear signs of monetisation. Alphabet also announced a similar deal, paying SpaceX just under US$1bn per month for compute capacity. Secondly, during the quarter we saw evidence that 2027 will also be a meaningful increase in hyperscale capex, again with Alphabet signalling this directly at their result, but also completing a US$85bn equity raise, showing their commitment to this multi-year platform change. |
| 300750.SZ | We continue to remain constructive on other idiosyncratic drivers for the portfolio, such as Climate that includes positions such as CATL in battery manufacturing. |
| LLY | We continue to remain constructive on other idiosyncratic drivers for the portfolio, such as Innovative Health where Eli Lilly continues to demonstrate earnings upside when compared to market expectations. |
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