Pacific Private Asset Management is pleased to share the May 2025 performance update from our investment partner Munro Partners, who continue to deliver standout results driven by thematic, long-term growth investments.
📈 Performance Snapshot
- Fund Return (May 2025): +11.0% (gross of fees)
- Benchmark (MSCI ACWI in AUD): +5.1%
- Outperformance: +5.9%
Global markets continued to recover in May, driven by robust consumer data, resilient earnings, and renewed M&A and IPO activity. The Munro Global Growth PMA outperformed significantly, boosted by strategic allocations to high-conviction themes and names.
🔝 Key Contributors
- Constellation Energy (Climate): Rebounded on news of long-term power offtake discussions with data centres (+242bps)
- Nvidia (High Performance Computing): Strong earnings underscored ongoing AI infrastructure demand (+203bps)
- GE Vernova (Climate): Awarded a US$14.2bn Saudi contract for grid and generation assets (+169bps)
- Microsoft (Digital Enterprise): (+104bps)
- Amazon (E-Commerce): (+98bps)
📉 Key Detractors
- Eli Lilly (Innovative Health): Impacted by proposed US government drug pricing reforms (–70bps)
- Motorola, CRH, LSEG, Intuitive Surgical had minor negative impacts
🌍 Exposure Overview
- Top Holdings: Nvidia, Amazon, Constellation, GE Vernova, Microsoft
- Thematic Focus: Climate, Digital Enterprise, AI/High Performance Computing, E-commerce
- Regional Exposure: 90% North America | 6% Asia | 3% Europe | 1% Cash
- Sector Exposure: 30% IT | 16% Industrials | 14% Communication Services | 9% Consumer Discretionary
Munro’s disciplined, high-conviction approach continues to harness long-term growth megatrends. With strong positioning in climate, AI, and digital innovation, the portfolio is well placed for continued outperformance.
📄 Download the full May 2025 Monthly Report
For further information, please contact your Pacific Private Asset Management representative.