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Munro Global Growth Fund Quarterly Report – December 2019

The Munro Global Growth Fund returned 5.0% for the December quarter, comprising a return of 7.5% from equities and -2.3% from currency.

Munro Global Growth Fund Quarterly Report – December 2019

Key Highlights

  • Munro Global Growth Fund delivered strong performance for the December quarter, +5.0%, driven by buoyant equity markets but somewhat offset by a strengthening AUD.
  • Net equity exposure was increased to over 90% to allow the Fund to benefit from the positive market backdrop. Performance was driven by Alibaba post its Hong Kong listing and High Performance Computing names in ASML and TSMC.
  • Looking ahead we expect a strong start to the year for equity markets as growth re-accelerates and central banks are likely to keep interest rates low. As the year progresses, the US Presidential election in November looks to be the most obvious source of market volatility.

Contents

  • Fund and Market Update (page 2).
  • Stock Stories – Alibaba and TSMC (page 3).
  • Fund attribution, exposure and performance (page 4).

 

 

 

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