Pacific Private Asset Management is pleased to provide the latest update from our investment partner, Munro Partners, detailing the strong April performance of the Munro Global Growth PMA.
Performance Highlights
The Munro Global Growth PMA returned +2.6% in April, outperforming the benchmark MSCI ACWI TR Index (AUD) which fell -1.7%, resulting in a significant +4.3% outperformance.
The monthly return was driven by:
- +4.9% from equities
- -2.3% from foreign exchange (FX)
Top Contributors
Several high-conviction holdings led the outperformance:
- GE Vernova (Climate): Strong demand for gas turbines drove robust earnings results.
- ServiceNow (Digital Enterprise): Delivered strong earnings and an upbeat outlook.
- Constellation Energy (Climate): Continued solid performance.
- Netflix (Digital Media & Content): A leaked report suggested aspirations for a $1 trillion valuation by 2030, adding optimism.
Detractors
- Amazon (E-commerce): Affected by investor concerns over consumer exposure to tariffs.
- Meta (Digital Media & Content): Declined on fears of a potential advertising slowdown.
Portfolio Snapshot
- Top Holdings: Nvidia, Amazon, Constellation Energy, GE Vernova, Microsoft
- Key Themes: Climate, Digital Enterprise, Digital Media & Content, High Performance Computing, E-Commerce
- Regional Exposure: 87% North America, 6% Europe, 5% Asia, 1% Cash
- Sector Exposure: 29% Info Tech, 18% Industrials, 14% Communications, 9% Consumer Discretionary, 28% Other
Long-Term Track Record
Since inception (July 2016), the Munro Global Growth PMA has delivered a gross annualised return of +18.8%, significantly outperforming the benchmark return of +12.6% over the same period.
📄 Download the full April report here: Munro Global Growth PMA – April 2025 Monthly Report (PDF)
For more insights or to discuss how Munro strategies can complement your investment portfolio, please contact your Pacific Private Asset Management representative.