05 Apr Munro Global Growth Fund Monthly Report – March 2017
Markets were mixed in March with the US S&P flat, the European Stoxx 600 up 2.9% and the Japan Topix down 1.5%. The MSCI AC World Index (AUD) returned 2.0% for the month, comprising of a 1.1% equity return and, due to weaknesses in the AUD against various currencies, a 0.9% currency return. The Fund’s performance was up 2.1% for the month of March.
Key semiconductor names Micron, ASML, Sumco and Siltronic all contributed strongly to monthly performance as investors continued to appreciate the super cycle of semiconductor investment required to drive the impending artificial intellegence (AI) revolution. Elsewhere, the Fund saw strength from some of our smaller software providers Datalex and Blue Prism, which also benefited strongly from companies looking to employ AI in the workplace and across their customer facing functions.