05 Sep 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).
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.