Damien McIntyre

The Munro Global Growth Climate Leaders PIE Fund is available to retail investors in New Zealand and can be accessed via platforms NZX Wealth Technologies and Consilium Wrap.

The Fund invests in a concentrated portfolio of global companies expected to enable or benefit from the decarbonisation of the planet, across four sub themes of clean energy, clean transport, the circular economy and energy efficiency.

In the 13 months since the strategy launched in New Zealand, it has returned 70.40 per cent net of fees to 30 April 2026.

Damien McIntyre, CEO of GSFM, said this high-conviction global equity fund provides New Zealanders with an easy access point to benefit from the investment opportunities presented by decarbonisation.

“As global capital markets continue to shift towards sustainability and thematic investing, the Fund will become increasingly relevant. Having the support and seeding from KiwiSaver providers, Aurora Capital and SBS Wealth has strengthened our ability to deliver these products to New Zealand investors.”

The Munro PIE Fund was first launched as a Wholesale Fund in March 2025 in partnership with GSFM in the New Zealand market and has since reached NZ$71.82 million.

“The Munro PIE Fund has been well received in the New Zealand market, with GSFM’s executive responsible for consultant & wholesale distribution, Michael Angwin, successfully leading its expansion. With this Fund, New Zealand wholesale, and now retail, investors can benefit from easy access to the climate sustainable growth structural trend.

“The GSFM team is reviewing its other existing strategies, as well as assessing new ones, to determine which will be suitable to fill in an investment gap for New Zealand investors. Michael will continue to play a key role in GSFM’s next fund launch to this market,” said McIntyre.

The Fund is managed and issued by Adminis Funds Limited in New Zealand. It is Adminis’ first retail fund.

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Damien McIntyre

A volatile start to 2026 has masked some solid fundamentals in European markets, but the valuation gap that exists between European small caps relative to both history and their large cap peers makes them an attractive hunting ground for investors, says GSFM CEO Damien McIntyre. 

The US/ Iran war and the macro uncertainty this has created has delayed European recovery, but not derailed it, McIntyre says.

“There are good opportunities when investors take the right approach in the right sectors, particularly where trade buyers and private equity firms continue to show interest in merger and acquisition activity.” 

McIntyre says when it comes to investing in European small caps investors should prioritise quality companies with significant growth potential. 

“By focusing on sectors where there are favourable structural trends, such as healthcare, food and beverage, and defence and technology, investors are gaining exposure to companies that display resilient business models, regardless of the broader macro landscape,” he says.  

McIntyre says one of the keys to success in European small caps is an “active engagement” approach with the companies held in a portfolio.

“The world is in a state of flux as geopolitical risks escalate around the globe. In this context, investors can benefit from adopting a value-driven strategy and identifying compelling opportunities at the company level. 

“This has long been the tactic of private equity investors – they find and then invest in promising companies for the long haul. And it’s an approach that can also serve investors in global small cap equities as well. Adopting an active ownership approach of “friendly activism” can reap strong benefits over the long term.” 

McIntyre says this is the approach taken by Alantra EQMC. “By making a significant investment in a growing small cap company, up to around 25 per cent, Alantra has the power to initiate and encourage real change. 

“Small cap companies offer investors the opportunity to get in at ground level and benefit from the growth that happens as companies mature. Small caps are also generally an under-researched sector of the market, with most analysts focussing on larger cap companies. But this creates real potential for those analysts willing to do the research.

“An important consideration, however, is where the company you are investing in is domiciled. Not every jurisdiction offers the regulatory and legislative certainty of Europe.  

“A focus on European listed companies – not as a European play but rather investing in those companies that have a global growth exposure to other parts of the world – can be a strategy that adds good value. 

“There are some European small cap companies that are great global businesses that are leaders in their niches. They are ripe for growth, and with the right direction, can also become a target for mergers and acquisitions. 

“Active ownership approach from a fund manager can help accelerate a small cap company’s path to becoming a mid-cap company, thus creating shareholder value.” 

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Damien McIntyre

GSFM, with CI Global Asset Management (CI GAM) as investment manager of the underlying funds, has launched the CI Global Private Markets Growth Fund and CI Global Private Markets Income Fund in Australia, which respectively invest in multi-manager, open-architecture funds-of-funds seeded by, and managed by CI GAM. The strategies are available to institutional, wholesale and family office investors.

CI GAM is one of Canada’s largest investment management firms and an affiliate of GSFM. Founded in 1965, it offers a comprehensive selection of traditional and alternative strategies to individual and institutional investors.

GSFM CEO Damien McIntyre says the interest in private markets is growing among Australian investors, but that not all private market funds are created equal.

“The underlying funds’ size provides a significant competitive advantage. This immediately gets the GSFM funds to scale, providing access to a range of superior opportunities and attractive pricing that is not available to smaller funds.

“With as little as a $50,000 investment in a CI Private Markets Fund, Australian investors can access a curated selection of leading private markets funds across all five major private market sectors, with active portfolio management and disciplined rebalancing. This provides immediate diversification by manager, vintage and geography – an outcome that is incredibly hard to achieve if you don’t have the scale to access and the ability to evaluate the world’s top-tier managers,” says McIntyre.

Marc-André Lewis, chief investment officer at CI GAM, says these funds have removed the traditional barriers to private market investments, such as long lockups and high minimum investments requirements.

“The CI Global Private Market Funds offer Australian investors the ability to not only invest outside of public markets, but into a multi-manager and multi-sector portfolio of private assets to better diversify their private market allocation.

“Private markets are expected to grow to around US$30 trillion by 2029, making this asset class hard to ignore for investors. GSFM’s clients are showing heighted interest in private market investments, given this expected growth from the asset class and the need to diversify investments outside of public markets.

“Both strategies have a strong track record. They are fund-of-funds solutions that provide exposure to a diversified set of private market funds managed by leading and emerging private market managers,” says Lewis.

McIntyre adds: “The CI Global Private Markets Funds are supported by a team of dedicated and experienced private market specialists that focus on manager sourcing, due diligence and ongoing manager oversight.

“Until now, Australian investors have struggled to implement the same asset allocation discipline in their private investing as they do on the listed side. Everyone believes in diversification but it’s difficult to get access to the best managers in the world, let alone understand how to combine them efficiently.

“These funds now give Australian investors the opportunity to diversify properly across the entire private markets universe – not just pick a few well-known brands and hope they all fit together,” says McIntyre.

The CI Global Private Markets Growth Fund is designed to provide long-term capital growth. It primarily invests in a globally diversified portfolio of private equity, venture capital, private credit, private infrastructure, private real estate and other private market funds.

The CI Global Private Markets Income Fund is designed to provide similar returns to public markets with far less volatility. It primarily invests in income-producing assets including private credit, private equity, private real estate, private infrastructure and royalty funds.

Ratings from Lonsec and Genium Investment Partners will be made available later in Q2.

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US policy was already the wild card impacting yield curves at the beginning of 2026, and with the action taken by the US and Israel against Iran, and the resulting fall out, this has only intensified, he says.

“The long end of the yield curve has been responding more to policy than it has to fundamentals in recent times.

“In this environment, unconstrained global fixed income strategies offer investors the flexibility to respond to shocks. The benchmark-agnostic nature of the strategy means it can take advantage of market dispersion through a process focused on return outcomes and active risk management, rather than on more narrowly defined benchmark-relative performance.

“Recent market repricing has provided this strategy with the opportunity to recalibrate exposures across interest rates, credit, and currencies to the benefit of investors. The swift repricing from rate cuts to rate hikes across developed and developing markets allows for more duration to be added to the strategy.

“As demonstrated in the past, the value of such strategies is not just in avoiding risk at the cost of future returns, but in having the ability to actively exploit dislocations and market mispricing across the various components that make up the public fixed income market.”

McIntyre says a key benefit of an absolute return fixed income approach is being able to identify risk and swiftly take appropriate action to protect the portfolio. Being able to do this early is paramount, he says.

“When things go poorly and investors are trying to exit positions at the same time, it can have negative consequences for the portfolio.

“Because an absolute return fixed income portfolio isn’t managed to a benchmark, there are fewer risks that need to be managed to (such as duration or liquidity risk). It provides the investment manager with greater flexibility and greater latitude with respect to asset class participation; securitised assets, corporate bonds, emerging market debt, developed government debt. In short, a lot of opportunity for diversification.”

McIntyre says an unconstrained absolute return approach to fixed income is a better approach in the current environment because it:

• Removes the benchmark from the equation
• Can focus on companies/ countries with the least amount of debt
• Can focus on lower duration securities
• Actively select issuers that will add value to the portfolio
• Can embed additional yield for investors
• Actively manages risk exposure irrespective of benchmark positions
• Focuses on positive returns.

“Regardless of the strategy chosen, fixed income remains a cornerstone of a balanced portfolio. The asset class continues to provide stable income through the reliable interest payments and the return of principal. Importantly, fixed income provides portfolio diversification and can be a defensive buffer during equity market turbulence.

“The defining feature of the current cycle is not whether growth persists or falters, inflation rises or falls, or policy tightens or eases. It is that very different outcomes are unfolding at the same time, across sectors, households and regions.

“For fixed income investors, this is not a backdrop that rewards blunt positioning or reliance on historical correlations. Instead, it favours a global, unconstrained approach, one that embraces dispersion, emphasises selectivity and seeks to source risk where it is genuinely compensated,” he says.

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Damien McIntyre

Sticky inflation has seen the real returns from cash based investment sitting in negative territory – prompting many investors to look further afield. And while Australian investors love their income producing blue-chip shares, there is much more on offer than local equities with a growing number of global stocks presenting opportunities for income and growth, according to Damien McIntyre, chief executive officer of fund manager GSFM.

McIntyre says millions of Australians are expected to retire in coming years.

“Projections suggest a potential doubling of retirements to around 300,000 a year as Baby Boomers move into retirement, and this doesn’t include the older Gen X cohort with more than 700,000 planning to retire in the next five years.

“Persistent inflation is impacting investment decisions as retirees, and pre-retirees, want to ensure their capital doesn’t lose value over time.

“With life expectancy rising, these retirees, especially self-funded retirees, require not only income but also capital growth.

“Allocating investment capital to global equities for income provides a powerful combination of portfolio diversification, long-term capital appreciation and potentially consistent yield.

“By looking beyond the Australian market, investors can access a vast spectrum of high-quality income opportunities and sectors that are often underrepresented in the domestic market. Investing globally for dividends can build more resilient and growth-oriented income streams and portfolios,” he says.

“The benefits are many. By investing in global equities, investors can spread their capital across different geographical regions and sectors. This diversification helps reduce the risk associated with a downturn in any one country or industry,” he says.

“Notably, this can reduce the concentration risk from investing in Australian equities. The Australian share market is heavily concentrated in banks and the big miners. Global markets provide exposure to dividend-paying companies, large and small, in sectors such as technology, healthcare and consumer staples, which are far less common in Australia,” McIntyre says.

“In the US, for example, many listed companies are known as ‘dividend aristocrats’, that is, companies that have increased their dividend payouts every year for 25 consecutive years or more. This offers investors stability and income, which is especially important for retirees.

“Having strong free cash flow allows companies to simultaneously reward shareholders with dividends while driving the growth that increases share value. In many cases, high-quality dividend payers demonstrate a financial discipline that frequently correlates with superior capital growth.”

McIntyre says most investors aim to grow their wealth while avoiding significant losses.

“Equities have a long-standing track record as the most effective vehicle for this growth. Investors profit from equities in two ways: through rising share prices and regular dividend payments.

History shows that earnings and dividends – two key components of investor returns – are the key drivers for share price valuation.

McIntyre points to the rolling 10 year returns from the S&P 500 Index going back to the 1930s.

“Dividends have consistently been a positive contributor in every 10-year time period, and earnings have contributed positively in all but five of the 87 rolling 10-year periods,” he says.

According to McIntyre, as global markets transition into disparate cycles of monetary policy in 2026, corporate fundamentals remain remarkably robust.

“Resilient consumer demand and disciplined cost management have bolstered free cash flow, providing a solid foundation for enhanced shareholder returns. A defining characteristic in the US has been the broadening of the income set; traditional ‘growth’ sectors,  most notably the technology giants, have matured into reliable dividend payers, offering investors a combination of structural growth and tangible yield.

“Significant scale and consistent free cash flow have allowed for a shift in capital to investors.  By initiating dividends, these companies are signalling financial maturity and a commitment to shareholder discipline, becoming attractive to investors who previously looked to more defensive sectors for income. This evolution has expanded the opportunity set for global income portfolios, allowing investors to capture technological upside without sacrificing regular cash distributions.

“More broadly, many large multinational companies, especially in sectors like utilities, healthcare and consumer goods, have consistent dividend policies. This regular income stream is especially attractive for income-focused investors and can boost returns from equities overall.

“Investors should look for strategies that focus on shareholder yield. These strategies can provide investors with the ability to not only generate income return in excess of term deposit rates and inflation, but also provide that capital uplift ensuring every dollar invested is working hard.

McIntyre says it is particularly important for investors to realise that investments in cash and bonds are being left behind from a real returns stand point.

“It’s just not the cash yield that leaves investors left behind, it’s the capital value of those investments as well,” he says.

“In today’s world “growth” doesn’t just mean higher GDP, it means growth in inflation as well – and when inflation rises, as it is now, it erodes the capital value of a bond.

“Bonds certainly can’t hedge out the negatives associated with rising inflation. Only equities can hedge out inflation – because in many cases the higher costs listed companies incur can be passed on to end consumers, minimising the risk of reduced returns.”

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Stuart Osborne has been appointed as chief operating officer and will join GSFM’s executive committee. Osborne joined GSFM in March 2017 as compliance manager bringing extensive experience in operations, process improvement, risk management and compliance. In 2019, he was promoted to senior manager – operations and risk.

Peter Nichols – already on the executive committee – has been appointed to the newly created role of chief financial officer. Nichols joined GSFM in 2014 as chief operating officer, where he was responsible for the firm’s operations, compliance, product, marketing and finance functions, including oversight of fund administration, custody and unit registry providers.

Osborne and Nichols will report to GSFM CEO Damien McIntyre.

McIntyre said it is a testament to the success of the GSFM business that it is able to make these senior appointments from within its own ranks.

“Next year marks GSFM’s 20th anniversary. In recent years the business has experienced significant growth and now represents 10 fund manager partners who collectively manage more than A$1.5 trillion.

“It is extremely pleasing to see the firm’s strong momentum continue into 2026,” he said.

“As GSFM continues to grow it is critical that we refine our structure to ensure we are well-positioned to manage that growth and maintain strong operational standards.”

“These new appointments will also help ensure GSFM is well prepared for the current environment of increased regulatory reporting requirements, including the introduction of mandatory climate reporting.

In Osborne’s new role, he will oversee GSFM’s product management, operations and risk management functions.

Prior to joining GSFM, he was an associate director at Macquarie Bank, where he held senior responsibilities spanning risk management, operations leadership and complex project delivery.

“Stuart has played an important role in strengthening our operations and risk management capabilities to date, and his promotion recognises both his contribution and our confidence in his leadership.

Nichols’ role is newly created and will ensure GSFM has a dedicated focus on the financial oversight of the business.

“Peter’s appointment reflects the increasing demands of the regulatory environment and ensures the firm is well positioned to meet these evolving requirements as the business continues to grow,” McIntyre says.

“Peter’s many years of experience with GSFM, and also in his previous positions, make him an excellent choice for this role.”

Prior to joining GSFM, Nichols was a division director at Macquarie Group. He also served as head of operations for margin lending at Macquarie Bank and as chief operating officer at both AM Corporation and Perpetual Investments.

Osborne holds an MBA (Corporate Governance) from Deakin University, a Master of Applied Finance and Investment from FINSIA, and a Bachelor of Arts (Psychology) from the University of Melbourne.

Nichols holds a Bachelor of Business (Accounting) and an MBA from the Macquarie Graduate School of Management. He is a fellow of CPA Australia and a member of the Australian Institute of Company Directors.

The appointments are effective from Monday 2 March, 2026.

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Damien McIntyre

GSFM and Australian equities manager, Auscap Asset Management, have formed a partnership, with GSFM the exclusive distributor of the Auscap High Conviction Australian Equities Fund and the Auscap Ex-20 Australian Equities Fund in the Australian and New Zealand markets.

Auscap Asset Management was founded in 2012. It is a quality first, value focused, active Australian equities manager. Its High Conviction Australian Equities Fund and its Ex-20 Australian Equities Fund both have a RECOMMENDED rating from Zenith and Lonsec.

GSFM CEO, Damien McIntyre, said the partnership brings the number of GSFM’s specialist fund manager partners to 10.

“GSFM’s goal is to partner with high calibre investment managers to deliver differentiated, quality investment strategies to help Australian investors build wealth. Auscap’s Australian equity funds certainly meet our criteria.

“Auscap is a considered, patient and long-term investor, an approach that has paid off in consistent performance.

“The High Conviction Australian equities fund has a 12+ year track record and is a top quartile fund. The Ex-20 Australian Equities Fund was launched in November 2023, and has shown similarly good performance,” Mr McIntyre said.

Tim Carleton, Auscap’s founder and chief investment officer has over 20 years’ experience in the financial services industry including as an executive director at Goldman Sachs where he was responsible for managing an Australian equities portfolio, and Macquarie Bank where he worked in the Investment Banking team.

He was a founder of Auscap, which has a quality first, value-focused philosophy.

“Our vision is to continue to develop a leading funds management business that has a reputation for outperformance, strong risk management, a positive culture and integrity.

“In GSFM we have found an experienced and knowledgeable team with nationwide capabilities across relevant channels, and we look forward to working with Damien McIntyre, Ben Williams and the broader team.

“Partnering with GSFM, with a recognised reputation as experts in distribution, means the investment team can focus our attention on continuing to deliver strong returns for our clients.”

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Damien McIntyre

Munro Partners, a leading global equity investment manager, has launched its first Separately Managed Account (SMA) on the Praemium platform.

The Munro Global Growth Equity SMA will be managed by Munro’s experienced portfolio management team led by chief investment officer, Nick Griffin, offering a concentrated long-only portfolio of Munro’s best ideas. The Munro Global Growth Equity SMA will typically hold 25-35 listed global equities, applying Munro’s unique stop loss review framework and their focus on structural growth winners.

Damien McIntyre, CEO of GSFM which is Munro Partner’s distribution partner in Australia, says the launch of the SMA gives investors another way to access Munro’s long only ideas, providing access to some of the most innovative and fastest growing companies in the world today.

“We see a great opportunity to broaden reach and accessibility to our fund manager partner’s strategies. The Munro Global Growth Equity SMA will allow brokers and financial advisers to invest directly in an actively managed global growth portfolio, for greater investment transparency, as well as cost and tax efficiencies.

“The teams at Praemium and GSFM collaborated closely to facilitate the transition and develop a compelling offering for the Australian market,” Mr McIntyre said.

CIO of Munro Partners, Nick Griffin says this milestone marks a significant expansion of Munro’s offering, bringing its Global Growth Equity SMA strategy to a broader investor base through Praemium’s managed account platform.

“As investor appetite for global equities continues to grow, we see SMAs as an ideal vehicle to deliver our high-conviction strategy in a scalable and transparent format.

“Praemium’s platform enables us to provide seamless access while preserving the flexibility and control that today’s advisers and investors demand. This partnership represents the natural evolution of our commitment to delivering exceptional global investment solutions through a truly scalable and transparent SMA offering,” said Mr Griffin.

Praemium is currently the only platform offering this SMA capability for Munro Partners in Australia, reinforcing its position as a leader in managed account innovation.

“We’re thrilled that Munro Partners has chosen Praemium to support the launch of its first SMA,” said Damian Cilmi, head of investment managers & governance at Praemium.

“Munro’s reputation for global equity excellence and its disciplined, forward-looking approach makes it an ideal partner. This launch underscores the strength of our SMA capability and Praemium’s commitment to delivering differentiated, high-quality investment options to advisers and their clients.”

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Damien McIntyre

GSFM and its fund manager partner, Munro Partners, have launched the Munro Global Growth Climate Leaders PIE Fund into the New Zealand market.

Adminis Funds Limited is manager and issuer of the fund in New Zealand, and GSFM will distribute the fund to New Zealand wholesale investors.

GSFM CEO, Damien McIntyre, said the firm has been exploring the possibility of distributing its fund manager partners’ funds in the New Zealand market for some time, and is kicking off its expansion into New Zealand with the Munro fund.

“Our commitment to New Zealand is solid – and the decision was made to launch as a PIE, rather than as a feeder fund. The portfolio investment entity (PIE) gives New Zealand investors the most efficient structure for their investment.

“This New Zealand PIE follows the investment strategy of the existing Munro Climate Change Leaders Fund, which launched in Australia in 2021.

“The Munro Climate Change Leaders Fund has returned 51.1 per cent net cumulative since its inception, as at 31 March 2025. Its strong performance and focus on the growth thematic of climate and decarbonisation makes it a good fit for the New Zealand market.

“It invests in a portfolio of global companies driving and benefiting from the structural shift towards a low-carbon economy, with a focus on clean energy, sustainable transport, energy efficiency, and the circular economy”.

Mr McIntyre said the fund is initially seeded by Munro Partners, and that discussions are ongoing with a number of KiwiSaver providers for additional investment opportunities.

“The Munro fund will be the first PIE GSFM will distribute in New Zealand, but we are looking at opportunities for our other fund manager partner’s strategies, as many of them are well placed to meet the needs of this market.

“As our business continues to rapidly grow in the Australian market, we have been looking beyond our shores for the opportunity of that next leg of growth. Given our existing relationships with institutional and wholesale investors in New Zealand, it is a natural extension of our capabilities.

“We see a great opportunity to broaden reach and accessibility to our fund manager’s partner’s strategies. We will be assessing each strategy and taking into consideration the demand in the New Zealand market for certain asset classes and investment styles,” said Mr McIntyre.

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Nick Griffin

Munro Partners has won Best Australian Based Global Equity Manager at the 2024 Australian Fund Manager Awards.

The Australian Fund Manager Awards is in its 25th year. The awards celebrate excellence in funds management while making a meaningful impact through philanthropy.

Munro Partners founder and CIO, Nick Griffin says the award win acknowledges the team’s persistence in building high-performing funds that provide positive returns for its investors.

“Our philosophy is based on finding long-term winners by identifying sustainable growth trends that are under-appreciated, not well understood and mis-priced by the market. This gives us the foundation to find those few great structurally growing companies and build a portfolio of winning stocks, that generate strong fund returns over time.

“Our investment team has a proven track record of delivering strong returns for investors, thanks to the calibre and expertise of each of the members. They have all played an important role in building and managing these portfolios to be high performing funds,” he said.

The Munro Global Growth Fund returned 34 per cent net in the 2024 financial year.

Damien McIntyre, CEO of GSFM – the distributor of Munro funds in the Australian market -said this win highlights the strength and expertise of the Munro Partners team.

“The team has an unwavering conviction that finding tomorrow’s winners comes from understanding how and why the world is changing, and investing to benefit from this – and its investment track record bears this out,” said Mr McIntyre.

Munro Partners was a finalist for the International Equities – Alternative Strategies category at the 2024 Zenith Fund Awards and in September 2024, won the Global Equity (above $500 million) category at the With Intelligence HFM APAC Performance Awards in Hong Kong.

Founded in 2016, Munro Partners is a global growth fund manager focused on investing in international equities. It manages the Munro Global Growth Fund, Munro Climate Change Leaders Fund, Munro Concentrated Global Growth Fund and Munro Global Growth Small & Mid Cap Fund.

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