Pacific Private Asset Management is pleased to share the latest portfolio update from our investment partner, Munro Partners.
📊 Portfolio Adjustments – July 2025
Munro Partners has announced the following changes to the Munro Global Growth PMA:
- Full Exit: London Stock Exchange Group (LSEG LN)
- Trimmed Position: GE Vernova (GEV US)
- New Holding: Oracle (ORCL US) – 4.5% portfolio weight
🔄 Rationale Behind the Changes
GE Vernova: GE Vernova has delivered strong returns since its inclusion. With an upcoming earnings report and a significant run-up in its share price, Munro has decided to lock in gains and reduce exposure.
London Stock Exchange Group: While Munro maintains a positive medium-term view on LSEG, performance has been average. The capital has been reallocated to opportunities with stronger near-term momentum.
Oracle (New Entry): Munro sees Oracle as a compelling investment in the AI infrastructure landscape. The company plays three vital roles in enterprise AI:
- AI Cloud Infrastructure Hosting – for advanced AI workloads.
- Cloud Database Services – powering enterprise-level applications.
- AI Data Platforms – enabling businesses to build LLMs and AI agents.
With earnings accelerating due to rising demand and innovation, Munro believes Oracle is poised to more than double earnings in the next five years, justifying a valuation around 30x P/E.
📄 To view the updated portfolio spreadsheet, please download the file here.
For any questions or further details, please contact your Pacific Private Asset Management representative.