Nick Griffin
Munro Partners has released its latest Global Growth Fund monthly report. Chief investment officer, Nick Griffin, comments that equity markets continued their rebound in May with the Fund’s contributors stemming from key holdings focused on digital acceleration such as PayPal, Atlassian and Facebook, while renewable energy companies Orsted and EDP also performed well.
Mr Griffin says the outlook is murkier due to a range of issues including a second COVID wave, social unrest and increasing trade tensions.
“However, we also see a seismic shift occurring in the adoption of digital transformation at both enterprise and consumer levels. Consequently, we see an acceleration ahead for many of our investments and have maintained our fully invested position, with protection against any potential downside through our hedging tools as they are required.”
The Munro Global Growth Fund returned 3.9% over the month of May. The Fund’s long investments added 5.1% to monthly performance while short positions and hedging detracted 0.4%. The Australian Dollar appreciated against the US dollar during the month, which cost a further 0.9% due to the Fund’s roughly 45% holding in USD.
The fund’s top holdings are Amazon, Alibaba, Microsoft, Alphabet and Facebook.
The top 5 contributors to performance in the month were PayPal, Atlassian, Orsted, Alphabet and Servicenow.
