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Munro Global Growth Fund Monthly Report – March 2019

The Munro Global Growth Fund returned 1.2% for the month of March, comprising a return of 1.3% from equities and -0.1% from currency. The MSCI AC World Index (AUD) meanwhile returned 1.4 % for the month, with a 1.6% move in equities and -0.2% from currency.

Munro Global Growth Fund Monthly Report – March 2019

March was another positive month for stocks, the US S&P 500 up 1.8%, the European STOXX index 1.7%, and theHang Seng adding 1.5%. After a strong start to the year, the market continued to rally for the month driven by the continued easing stance of the US Federal Reserve and the lowering of interest rates globally. Elsewhere the Chinese government continued their stimulus efforts via cutting consumption tax and social security tax.

From a stock perspective, Fund strength driven by large US cloud computing companies, Amazon, Microsoft and Alphabet; US payments company Worldpay; and luxury Chinese consumer companies Kering and Moncler. Boeing was the detractor for the month, following the second tragic plane crash of their new model 737 MAX aircraft.

On currencies, the Fund remains with reasonable exposure to the USD, with a 45% holding in USD. Currencies added little value to returns for the month for either the Fund or the index.


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