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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constructive on secular growth opportunities heading into year-end."
During the third quarter of 2025, the Munro Global Growth Fund returned 4.9% net (MAET.ASX returned 5.1%). Performance was driven by long equity positions, particularly CATL, Nvidia, and Oracle. Detractors included Eli Lilly (following disappointed GLP-1 trial results) and overall healthcare rotation. The investment team remains highly bullish on AI hardware and infrastructure spending, pointing to Oracle's massive non-cancellable backlog of US$455bn and Broadcom's custom XPU partnership with OpenAI as evidence of a highly durable, multi-year spending roadmap. The fund is heavily exposed to US large-cap equities and is approximately 52% hedged back to the Australian dollar.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Growth Outlook
Market outlook remains high conviction: Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Risk Appetite
Risk appetite posture is above average conviction: Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Forward Guidance
Forward guidance signal: Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Language Signal
Tone analysis indicates high conviction language: Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
Time Horizon
Investment time horizon reflects a high conviction orientation. Munro Global Growth Fund delivered a 4.9% net return in Q3 2025, driven by strong gains in AI infrastructure (Oracle, Nvidia) and battery leader CATL, while remaining highly constr...
