Munro puts cash to work in technology stocks

munro partners Munro Global Growth fund PayPal Atlassian Facebook technology stocks nick griffin FE Analytics

9 June 2020
| By Laura Dew |
image
image
expand image

There is a seismic shift taking place in technology which will be a benefit for the Munro Global Growth fund, although the outlook is “murkier” for what the new normal will look like after the pandemic. 

This shift was affecting holdings in the Munro Global Growth fund including payment provider PayPal, software firm Atlassian and social media giant Facebook, although only Facebook sat in the fund’s top 10 largest holdings at a 3.9% weighting. 

 Munro chief investment officer Nick Griffin said PayPal and Atlassian had been two of the fund’s biggest contributors to performance during May alongside renewable energy company Orsted, Alphabet and software firm ServiceNow. 

“We see a seismic shift occurring in the adoption of digital transformation at both enterprise and consumer levels. Consequently, we see an acceleration ahead for many of our investments.” 

In April, the fund had a 14% weighting to cash but this had since fallen to 6% in May and Griffin said the fund was fully invested and was protecting against the downside through hedging tools rather than holding cash.  

However, he was hesistant about what the world would like in the future as the world re-emerged from the pandemic. 

“The outlook is murkier due to a range of issues including a second COVID-19 wave, social unrest and increasing trade tensions.” 

The Munro Global Growth fund has returned 24% over one year to 29 May, according to FE Analytics, versus returns of 8.5% by the global sector.  

Performance of Munro Global Growth fund versus global sector over one year to 29 May, 2020 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 4 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 2 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 5 hours ago