At Pacific Private Asset Management, we remain committed to delivering transparency and insights into the performance of our trusted investment partners. This month’s report from Munro Partners offers a comprehensive view of the Munro Global Growth PMA in a challenging global market environment.
Performance Overview
In March 2025, the Munro Global Growth PMA returned -9.5%, underperforming the benchmark MSCI ACWI TR Index (AUD), which declined -4.2%. The fund’s performance comprised -9.3% from equities and -0.1% from FX, marking a 5.3% underperformance for the month.
Despite the monthly pullback, the fund maintains strong long-term performance:
- 12-month return: +14.9% (vs. +12.2% benchmark)
- Since inception (July 2016): +18.6% p.a. (vs. +13.0% benchmark)
Market Backdrop
March was marked by heightened market volatility, driven by:
- Escalating global trade tensions
- Ongoing policy uncertainty
- Growing concerns around US economic growth
Investors were particularly cautious ahead of further reciprocal tariff announcements, with President Trump naming April 2nd “Liberation Day.”
Portfolio Commentary
While London Stock Exchange (Big Data) contributed positively, several positions were impacted by macroeconomic sentiment and sector-specific headwinds:
- Nvidia and TSMC underperformed due to questions around the sustainability of AI infrastructure investment and China-related export restrictions.
- Amazon and CRH were weighed down by broader caution in consumer and infrastructure sectors.
- Constellation Energy continued to lag, amid investor concerns over the long-term viability of US clean energy policy (IRA).
Portfolio Snapshot
- Top Holdings: Amazon (9.5%), Nvidia (9.2%), Constellation (6.4%), Microsoft (6.4%), GE Vernova (5.6%)
- Top Investment Themes: Climate, Digital Media & Content, Digital Enterprise, E-Commerce, High Performance Computing
- Regional Exposure: 86% North America, 7% Europe, 6% Asia, 1% Cash
- Sector Exposure: 30% Info Tech, 17% Industrials, 15% Communications, 10% Consumer Discretionary, 28% Other, 1% Cash
Long-Term Focus Remains
While the short-term performance was challenging, Munro remains focused on high-growth global opportunities across structural themes including AI, digital transformation, and climate innovation.
📄 Download the full report: Munro Global Growth PMA – March 2025 Monthly Report (PDF)
For further insights or to understand how Munro strategies may fit within your portfolio, please contact your Pacific Private Asset Management adviser.