04 Aug July 2021 Webinar Follow-up Q&A podcast with Nick Griffin
July 2021 Webinar Follow-up Q&A podcast with Nick Griffin
After such a high caliber of questions from the July Webinar, Nick Griffin sat down with Munro Partners’ Communications Coordinator, Taylor Bree, to chat through the remaining questions not answered during the live webinar.
- (00:01:30) Why all the focus on portfolio protection (which seem largely 50/50 macro calls) when Munro’s raison detre is growth investing and finding long-term winners?
- (00:03:32) Every Global growth fund has AMAZON, MICROSOFT, ALPHABET in their top 5 holdings. Munro looks to distinguish itself from others yet these three are your top 3 holdings. Is this just an Index consideration or are they really the best 3 opportunities?
- (00:07:00) To what level of cash did the fund get to during late 2018, or Covid 2020?
- (00:08:57) What criteria do you use to exit or reduce a position? When do you decide to take profits because a good stock is over-valued?
- (00:11:58) How do you identify when great companies are moving into their Kodak phase and will no longer be in the next generation of great companies?
- (00:14:14) Thoughts on China / Regulation / events in the past few days and if you would get back in? Under what circumstances would you re-enter the Asian markets?
- (00:17:50) Does you large level of FUM at $5.4b make it harder to outperform over time, as opposed to smaller fund managers that may soft close to limit capacity and hence the ability to outperform?
- (00:20: 31) Are the put options index options? Are the put options index options? If so how do you manage through the stock and equity sector dispersion between index puts and holding direct shares? and finally how do you manage the costs of the puts as not to eat into total return?
- (00:24: 15) Nuclear?
- (00:25:24) Any ASX listed stocks meet the criteria. eg: Nitro software like DocuSign? BNPL?
- (00:27:24) Where does crypto fit into Digital Payments, if at all. Is crypto a legitimate asset class, for investment? Any thoughts on blockchain & decentralised payments / decentralised finance?
- (00:32:56) View on APT AfterPay – what do you hold as an alternative to this theme?
- (00:35:10) I heard Nick recently mention Square as a digital winner but it’s not in the May portfolio holdings disclosure – is Square a recent addition to the fund and if so can you touch on the thesis?
The information contained in this document reflects, as of the date of publication, the views of Munro Partners and sources believed by Munro Partners to be reliable. There can be no guarantee that any projection, forecast or opinion in these materials will be realised. The views expressed in this document may change at any time subsequent to the date of issue. This podcast was recorded on 30 July 2021.