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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Munro Global Growth Fund 2026 Q1 Investor Letter | Buyside Digest

Back to Fund Profile (Munro Global Growth Fund)

Primary Source Intelligence • Q1 2026 Letter Analysis

Munro Global Growth Fund Quarterly Analysis

Buyside Digest is not affiliated with, and does not endorse, Munro Global Growth Fund. This analysis is provided for institutional research purposes only and is not investment advice.

Fund Returns

QTD-6%

YTD-6%

Annualized+12.6%

Positioning StanceNEUTRAL

Market CapLarge Cap

GeographyGlobal

Digest Analysis

Quick Take

"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."

Executive Summary

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.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

68%

CautiousHigh

Moderate (68%)

Fund demonstrates moderate-high conviction through concentrated positioning in named themes with specific thesis per holding. Manager provides detailed analysis of top 10 holdings representing 38.9% of portfolio, explains position exits like Microsoft with clear reasoning, and maintains focused exposure to AI infrastructure despite market volatility. However, elevated cash levels and defensive positioning during conflict caps conviction below high range.

Growth Outlook

25%

BearishBullish

Bearish (25%)

Manager expresses medium-term bullish outlook on equity markets and strong earnings growth path, but acknowledges near-term uncertainty from Iran conflict. Constructive language about opportunities balanced with caution about current volatility.

Risk Appetite

38%

DefensiveAggressive

Defensive (38%)

Fund raised cash levels as precautionary measure and decreased exposure to cyclical components during Iran war. Deployed capital preservation tools during volatile markets, indicating defensive positioning despite maintaining core AI infrastructure exposure.

Capital Deployment

35%

De-riskingDeploying

Net Neutral (35%)

Fund raised cash levels as precautionary measure during Iran conflict and decreased exposure to cyclical components of portfolio. While specific cash percentages not disclosed, manager explicitly states elevated cash levels and reduced risk appetite, indicating moderate de-risking.

Forward Guidance

CautiousExpansionary

Cautious (0%)

Manager states they finished quarter with elevated cash levels mainly as precautionary measure due to uncertain path of conflict. No clear directional bias for deployment until Strait of Hormuz situation resolves.

Language Signal

25%

BearishBullish

Bearish (25%)

Language includes bullish terms like 'strong path of earnings growth,' 'constructive,' and 'opportunities' but balanced with risk language around 'disruption,' 'volatility,' and 'uncertain path.' Slightly more positive directional language overall.

Perceived Risk

72%

Low RiskElevated

Elevated Risk (72%)

Manager identifies multiple significant risks including AI disruption across software sectors, Iran war impact on global markets, supply chain constraints from Strait of Hormuz closure, and competitive threats to asset-light companies from AI competitors. Substantial discussion of systemic and sector-wide risks with specific examples and implications.

Opportunity Density

65%

ScarceAbundant

Abundant (65%)

Manager sees selective opportunities in defined areas, particularly AI infrastructure beneficiaries and defense spending. Identifies specific opportunities in power, networking, energy storage, and defense while acknowledging challenges in software sector. Characterizes environment as requiring selectivity rather than broad opportunity.

Time Horizon

70%

Short-TermLong-Term

Decade+ (70%)

Manager discusses multi-year AI build-out cycle and medium-term bullish outlook, with CATL expecting 20-30% volume growth for next 5 years. Focus on structural themes like AI infrastructure and energy transition suggests 2-5 year investment horizon, though some catalyst dependency on conflict resolution.