Strategic Reallocation to Intuitive Surgical
At Pacific Private Asset Management, we work closely with our investment partners to ensure timely updates on portfolio strategy and positioning. This month, Munro Partners has made a key portfolio adjustment in their Global Growth PMA to reflect their forward-looking investment thesis.
Portfolio Change Summary
🔄 Position Sold: Schneider Electric
✅ New Position Initiated: Intuitive Surgical (ISRG US) – 3% Portfolio Weight
Rationale for the Change
- Exit Schneider Electric:
Munro has chosen to fully divest from Schneider Electric, citing underperformance and increasing macroeconomic headwinds that could affect the company’s earnings outlook. The position, while strategically sound initially, has not delivered as expected in the current environment. - Enter Intuitive Surgical:
The portfolio is allocating a 3% position to Intuitive Surgical (ISRG US), the global leader in robotic-assisted surgery. Munro sees the recent share price volatility as a compelling entry point into a high-quality, long-term growth opportunity. Key investment themes include:- Strong global market leadership in robotic surgery
- Ongoing innovation and new product launches expected to drive earnings growth and margin expansion
- Attractive long-term valuation despite a higher P/E ratio (~mid-40s), supported by durable growth potential
Outlook
Munro’s decision aligns with their investment philosophy of backing quality growth companies benefiting from structural changes. The addition of Intuitive Surgical reflects confidence in healthcare innovation and technological adoption in medical procedures over the coming decade.
📄 For more information on this change or access to the updated portfolio, please contact your Pacific Private Asset Management representative.