Articles

Munro Global Growth Fund Monthly Report – August 2018

The Munro Global Growth Fund returned 5.1% for August, comprising a return of 3.7% from equities and 1.3% from currency. The MSCI AC World Index (AUD) meanwhile returned 3.6% (1.1% from equities and 2.5% from currency).

Munro Global Growth Fund Monthly Report – August 2018

While the ongoing US and China trade dispute has shaken markets, attention has also turned to softening data points particularly out of China and the negative impact that this may have on companies that are reliant on the macroeconomic cycle to deliver earnings growth.

In terms of stock highlights, our Digital Enterprise area of interest continues to work well with Blue Prism and ServiceNow both performing strongly, while eCommerce giant Amazon and global payments company Worldpay also moved higher. On the negative side, several China exposed names, including premium drinks companies Kweichow-Moutai and Wuliangye, as well as video games publisher Tencent, detracted from performance.

On currencies, the Fund is 44% exposed to USD and hence the depreciation in the AUD resulted in 134bps of gains for the Fund. By comparison, the fully unhedged index gained 248bps from FX movements.

 

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSaveSaveSave

SaveSave

SaveSave

SaveSaveSaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSaveSaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSave

SaveSaveSaveSave

SaveSave

SaveSave