Munro Global Growth Fund Monthly Report – June 2017

Munro Global Growth Fund Monthly Report – June 2017

Munro Global Growth Fund Monthly Report – June 2017

Markets were mixed in June with the US S&P up 0.5%, the European Stoxx 600 falling 2.7% and the Japan Topix up 2.8%. The MSCI AC World Index (AUD) fell 2.5% for the month, comprising of a -2.7% equity return and a 0.2% currency return. The Fund’s performance was down 1.3% for the month of June (-0.4 from equities and -0.9% from currency).

In terms of stock specific attribution, positive performance was driven by Japanese Semiconductor company Renesas Electronics and Chinese video game publisher Netease. On the negative side, Artificial Intelligence stocks Blue Prism and Applied Materials gave back some previous gains.