Munro Global Growth Fund Monthly Report – April 2017

Munro Global Growth Fund Monthly Report – April 2017

Markets were stronger in April with the US S&P 500 up 0.91%, the European Stoxx 600 up 1.56% and the Japanese Topix up 1.27%. The MSCI AC World Index (AUD) returned 3.60% for the month, comprising a 1.28% equity return and, due to a falling AUD, a 2.31% currency return.

The Fund returned 3.50% for the month, taking its performance to 10% since inception from August 2016. On currencies, the Fund remains predominately hedged with a 25% holding in USD and consequently generated 0.49% from FX for the month, far less than the index which fully benefited from the depreciation in the AUD against various offshore currencies.

Fund attribution for April was dominated by stock selection on the long side, with positions in Artificial Intelligence company Blue Prism (see report), communications giants Facebook and Google, as well as construction beneficiaries Mastec and Kingspan all positively contributing.