Ronald Calvert

Munro Partners and GSFM have launched the Munro Global Growth Long Only PIE Fund into the New Zealand market, giving investors access to Munro’s actively managed global equities strategy.

The Fund is designed for investors seeking long-term exposure to a portfolio of high-quality and growth-oriented equities issued by companies listed across global markets. It invests in 25-50 companies across a range of industries and countries, with a focus on identifying structural growth trends that are underappreciated and mispriced by the market.

It is the second fund that Munro and GSFM have brought to New Zealand, following the launch of the Munro Global Growth Climate Leaders PIE Fund in April 2025, giving New Zealand investors access to Munro’s broader global growth strategy.

Munro Partners CEO Ronald Calvert says the launch reflects the firm’s continued commitment to the New Zealand market and growing interest in its investment strategies.

“We have seen strong interest in our existing PIE fund in the past 18 months and believe now is the ideal time to expand our offering in the New Zealand market,” Calvert says.

“The Fund offers New Zealand investors exposure to a global equities investment strategy that is managed by the highly experienced Munro team, with Nick Griffin and Kieran Moore as co-leads of the fund.

“Our investment process focuses on identifying and investing in global companies that have the potential to grow at a faster rate and a more sustainable basis than the overall market. We group companies into defined Areas of Interest, which represent long term structural growth changes affecting the world. This allows us to identify companies positioned to benefit from strong growth.”

Munro defines a structural growth trend as a durable, long term structural change that results in growth investment opportunities, for example from businesses that derive a competitive advantage from big data or high-performance computing including AI.

Nick Griffin, chief investment officer at Munro Partners, says despite recent market volatility, there are a number of powerful tailwinds supporting global markets.

“Company earnings have been improving while valuations in some areas have become more attractive. This create opportunities for investors in global equities who are prepared to look beyond the obvious market leaders and who stay exposed to structural growth opportunities.

“For example, we continue to see significant opportunities in the AI build-out but also in areas such as decarbonisation, healthcare innovation, security and infrastructure. Our focus is on businesses where earnings remain strong and with the potential for further upside.”

The Munro Global Growth Long Only PIE Fund aims to achieve a return greater than the return of its investment benchmark before fees over a rolling 5-year period. The Fund’s investment benchmark is MSCI World Index Total Return Net NZD.

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

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Ronald Calvert

Munro Partners (Munro) and CI Global Asset Management (CI GAM) has announced an agreement under which Munro will acquire GSFM Pty Limited (GSFM), CI GAM’s Australian investment fund management affiliate.

As part of the transaction, Toronto-based CI Financial Corp., CI GAM’s parent company, will receive an increased minority ownership interest in the Munro business.

The deal deepens the relationship between Munro and CI GAM and positions the firms for a new phase of growth in both Australia and Canada. Munro currently has A$8.6 billion in assets under management, serving as investment manager in Australia with products being distributed by GSFM, and as portfolio advisor to funds distributed in Canada by CI GAM.

In addition to the Munro funds, GSFM distributes a diverse range of investment funds sub-advised by CI GAM and several high-quality third-party investment firms.

Once the acquisition is completed, GSFM’s Australian distribution team and funds management operations will be integrated with the Munro team and will continue to distribute GSFM funds. Munro will also add resources to the combined firm’s Australian client service and distribution functions, providing enhanced support to its intermediary partners and investor base.

Ronald Calvert, Chief Executive Officer of Munro Partners, said the transaction creates the right long-term outcome for clients, advisers and employees by aligning distribution and investment management.

“Strategically, we can continue to grow the Australian business in a more sustainable way by investing in the skills and capabilities of the distribution team and aligning the GSFM business more closely with Munro’s partnership model.”

There will be no changes to Munro’s investment management team, investment philosophy or investment process as a result of the transaction.

Marc-André Lewis, President and Chief Investment Officer of CI GAM, said the transaction reflects the strength of the relationship that CI GAM and Munro have built over many years. GSFM has been distributing Munro funds since 2017.

“This transaction creates a stronger firm with a more diversified, scalable platform that is well positioned for continued growth in both the Australian and Canadian markets,” Mr. Lewis said.

Transaction highlights

• Munro will create a stronger, more integrated Australian investment and distribution platform through the addition of GSFM.
• Munro will continue to distribute GSFM funds.
• As a result of the transaction, Munro will put additional resources into its Australian distribution, providing a higher level of service for investors and intermediary partners.
• CI GAM’s parent will increase its minority interest in the Munro business, deepening their strategic alliance and commitment to long-term growth in both Australia and Canada.
• CI GAM will continue to distribute funds sub-advised by Munro in the Canadian market.

The transaction is conditional on receipt of customary regulatory approvals and is expected to be completed in the fourth quarter of this year.

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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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