13 Jan Munro Global Growth Fund Monthly Report – December 2019
The Munro Global Growth Fund returned 0.7% for December, comprising a return of 3.7% from equities and 0.9% from currency.
Equity markets globally were higher over the month as the US-China phase one trade deal was finally agreed and the UK election resulted in a resounding win to Boris Johnson’s Conservative Party. Net market exposure was held above 90% to allow the Fund to benefit from the positive backdrop. From a stock attribution perspective, positive contributions came from Alibaba and Japanese accounting software provider Freee. High Performance Computing semiconductor lithography, ASML and semiconductor foundry, TSMC were also strong. On currencies, the Fund held roughly 50/50 in USD/AUD over the month, resulting in a 194bps loss from FX versus the fully unhedged index’s 307bps loss.