Ronald Calvert

GSFM and Munro Partners have launched their first ASX quoted fund, the Munro Global Growth Fund (Hedge Fund), with ASX ticker MAET. Structured as an actively managed exchange traded product, it will gain its exposure to global growth equity markets by investing in the flagship Munro Global Growth Fund.

The Fund will be quoted on the ASX under the AQUA Rules.

The Munro Global Growth Fund (Hedge Fund) aims to provide clients with meaningful risk-adjusted, absolute returns through exposure to global growth equities over the medium to long term, while maintaining a capital preservation mindset.

The decision to launch the actively managed exchange traded fund is to provide investors a simpler way to access Munro Partners’ expertise in identifying the winners in some of key structural changes that occur in the world today, said Munro Partners founding partner and CEO, Ronald Calvert.

“The Fund adopts an active, benchmark unaware, long/short global equity investment strategy that has served investors particularly well during the past periods of market volatility,” Mr Calvert said.

“Munro Partners is focused on growth; we identify sustainable growth trends that are under-appreciated, not well understood and mispriced by the market – and the stocks that are winners and losers as a result.”

Working closely with its responsible entity and distribution partner, GSFM, the Munro Global Growth Fund (Hedge Fund) was launched in response to market demand. 

“We see this as an important step for both Munro and GSFM in evolving our businesses to cater for our clients’ changing preferences. We believe that quoted managed funds have an important role to play for investors in accessing the best global companies now and in the future,” Mr Calvert said.

 “Munro and GSFM have worked diligently with the ASX to deliver this first for our partnership.”

GSFM’s CEO, Damien McIntyre, noted: “MAET provides investors with the global exposure they want, in a structure that suits their investing preferences.

“Investors and their financial advisers are increasingly drawn to exchange traded products because they offer an easy way to access the investment expertise of fund managers.

“They offer simple access with no minimum investment, are liquid, can be traded whenever markets are open and have a transparent pricing structure.

“Exchange traded products have no paperwork, and can be viewed in an investor’s trading account alongside their other listed investments,” Mr McIntyre said.

The portfolio of MAET, through its investment in the underlying Munro Global Growth Fund, is constructed observing the following guidelines:

• The portfolio will typically range between 30-50 investments, including both long and short positions
• Gross exposure will typically range between 50-150% and net exposure between 50-100%.
• Average Long Positions are typically 3% of the Fund’s Net Asset Value (NAV) and average Short Positions are typically 1.5% of NAV.

Mr Calvert said Munro Partners leverages its global access to identify key ‘Areas of Interest’ for further investigation.

“Ideas are generated from a combination of top-down thematic and bottom-up views, and the research process is a vital ingredient. The team has constant interaction with corporate management, independent consultants, industry networks, sell-side research and the private equity community, all which contribute to the identification of new Areas of Interest and new investment opportunities.”

The underlying Munro Global Growth Fund has over $800 million in funds under management and has returned 16.9 per cent a year since inception in August 2016.

The Munro Global Growth Fund won the best Long Short Equity Fund category at the 2020 Hedge Funds Rock Awards. In addition, Munro Partners won the Money Management / Lonsec Fund Manager of the Year Award – Emerging Manager – 2018  and was the 2018 winner of the Best Emerging Manager at The Australian Alternative Investment Awards.

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He will be responsible for championing stock ideas and managing positions within the Munro Global Growth Fund, reporting to Nick Griffin, Chief Investment Officer at Munro.

Mr Gibson joins Munro from his position as Senior Investment Manager at Pictet Asset Management in London, one of the leading independent asset managers in Europe, where he worked for 10 years. He is a Chartered Financial Analyst (CFA) and holds a postgraduate Diploma of Applied Finance and Investments from Securities Institute of Australia together with the U.K. IMC (Investment Management Certificate). He holds a Bachelor of Business (Economics & Finance) from RMIT University.

Ronald Calvert, CEO of Munro, said Mr Gibson is a highly qualified investment professional who brings global, institutional fund manager experience to the role.

“Jeremy adds great depth and breadth of experience to our business, in particular to the team’s “buy side” expertise. He has extensive background in long/short investment strategies and most recently was focused on Asian markets which will be especially valuable,” Mr Calvert said.

Mr Gibson will be based in Munro’s head office at 80 Collins Street, Melbourne and joins Nick Griffin, Ronald Calvert, Jonathan Spensley, James Tsinidis and Kieran Moore as part of the Munro Partners team.

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