05 Oct Munro Global Growth Fund Monthly Report – September 2017
The Munro Global Growth Fund returned 1.66% for the month of August, comprising a return of 1.41% from equities and 0.24% from currency. The MSCI AC World Index (AUD) meanwhile returned 3.04% for the month (2.10% from equities and 0.94% from currency).
Major events in focus for the month included the re-emergence of US tax reforms with the announcement of proposed corporate and individual tax cuts. Germany held elections, which should see Merkel remain in power as she looks to form a coalition government.
On a stock-specific basis, positive performance for the Fund was driven by semiconductor memory plays in Micron, ASML and Applied Materials and US RV brand owner Thor Industries. On the negative side, Robotic Process Automation company Blue Prism gave back some of its gains, and US credit bureau Equifax declined after suffering a data breach.