08 Jan Munro Global Growth Fund Monthly Report – December 2017
The Munro Global Growth Fund returned ‐2.5% for the month of December, comprising a return of -1.4% from equities and -1.1% from currency. The MSCI AC World Index (AUD) meanwhile returned -1.4% (1.3% from equities and ‐2.7% from currency).
For the calendar year, the Munro Global Growth Fund returned 24.4%. The MSCI AC World Index (AUD) returned 14.8%.
The best performers were Melco Resorts, the casino operator; Ascential, the British events & festivals operator; and Anadarko Petroleum. Detractors included Blue Prism, First Republic bank; and Cognex, the US machine vision system manufacturer.
On currencies, the Fund remains predominately hedged with a 35% holding largely in USD. Given the AUD appreciated versus the USD this resulted in 110bps loss for the Fund. By comparison, the fully unhedged index lost 265bps.
For more information, please click below for the full monthly report: