We are pleased to share the latest Munro Global Growth PMA report from our partner, Munro Asset Management. The portfolio returned -3.7% in February, underperforming the benchmark return of -0.3%.
Performance Overview
📉 Total Return: -3.7% (Equities -3.9%, FX +0.2%)
📊 Benchmark Return: -0.3%
Top Contributors
✅ Eli Lilly (Innovative Health) – Positive outlook driven by supply increases and upcoming trial results.
✅ Johnson Controls (Climate) – Strong Q1 results and upgraded earnings guidance.
✅ Uber (Internet Disruption) – Continued strong performance.
Top Detractors
❌ Constellation Energy (Climate) – Impacted by regulatory uncertainty.
❌ Amazon (E-commerce) – Trimmed top-line growth expectations due to FX effects.
❌ TSMC (Connectivity) – Sold off on perceived tariff risks.
Market Insights
February saw continued market volatility, driven by reactions to the Trump administration’s policy announcements on tariffs and geopolitical developments. Despite these challenges, Munro remains focused on long-term growth opportunities across key investment themes.