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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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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.
"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 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.
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