HF Best Ideas
AnalysesQuarterly LettersInsightsChartsWarren AI
All funds

Munro

Dec 2024 → Jun 2026 · Publishes quarterly · 6 funds

Our archive holds 25 letters from Munro, behind 25 investment theses and positions in 45 companies. Every quote below is copied verbatim from the letter it came from.

Writes about

Get an email when this fund publishes its next letter

25
Letters
45
Companies
11
Moves
25
Theses

6 strategies

Munro publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

What they bought and sold · 11 moves

  • AddedQuanta Services
    June 2026
    “The top contributors to performance for the quarter were Comfort Systems and Sterling Infrastructure in Infrastructure Area of Interest (AoI); Quanta Services (Power Generation); and Coherent (Connectivity).”
    Read the letter
  • ExitedCeres Power
    June 2026
    “We have exited or managed the sizes of detractors consistent with our risk management practices.”
    Read the letter
  • AddedCoherent
    June 2026
    “The top contributors to performance for the quarter were Comfort Systems and Sterling Infrastructure in Infrastructure Area of Interest (AoI); Quanta Services (Power Generation); and Coherent (Connectivity).”
    Read the letter
  • ExitedCBOE
    June 2026
    “We have exited or managed the sizes of detractors consistent with our risk management practices.”
    Read the letter
  • TrimmedCeres Power
    June 2026
    “We reduced our small position late in the quarter but still see orders and manufacturer agreements as likely catalysts in 2026.”
    Read the letter
  • ExitedSynopsys
    June 2026
    “we have since exited the position.”
    Read the letter
  • AddedComfort Systems
    June 2026
    “The top contributors to performance for the quarter were Comfort Systems and Sterling Infrastructure in Infrastructure Area of Interest (AoI); Quanta Services (Power Generation); and Coherent (Connectivity).”
    Read the letter
  • AddedARM Holdings
    June 2026
    “AMD contributed 194bps to performance for the June quarter, and ARM contributed 165bps over the same period.”
    Read the letter
  • AddedAlphabet
    June 2026
    “Alphabet’s earnings also provided evidence to support further investment.”
    Read the letter
  • ExitedPrimoris Services
    June 2026
    “We sold the position in line with our risk management process, and since then the company has announced further unexpected cost overruns leading to management changes and ongoing poor performance.”
    Read the letter
  • AddedSterling Infrastructure
    June 2026
    “The top contributors to performance for the quarter were Comfort Systems and Sterling Infrastructure in Infrastructure Area of Interest (AoI); Quanta Services (Power Generation); and Coherent (Connectivity).”
    Read the letter

Companies held · 45

Every company Munro has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 25

  • Infineon
    June 2026

    Infineon is a power semiconductor leader benefiting from AI data-centre power bottlenecks and rising content per rack, with a long runway for earnings growth.

    Read the full thesis
  • Advanced Micro Devices
    June 2026

    AMD is positioned to benefit from rising CPU demand as agentic AI shifts workloads from training GPUs toward orchestration.

    Read the full thesis
  • Arm
    June 2026

    Arm is benefiting from the CPU renaissance in AI because its power-efficient architecture fits agentic workloads.

    Read the full thesis
  • NextEra Energy
    June 2026

    NextEra Energy is a large US utility and renewable developer positioned to benefit from surging electricity demand and higher long-term EPS growth targets.

    Read the full thesis
  • GE Vernova
    June 2026

    GE Vernova is an energy equipment company benefiting from gas turbine demand, high-margin service revenues, and grid electrification share gains.

    Read the full thesis
  • Acter Group
    June 2026

    Acter Group designs and builds cleanrooms and supporting systems for semiconductor fabs, benefiting from AI-driven fab expansion, strong client diversification, improving margins, and an attractive valuation.

    Read the full thesis
  • Contemporary Amperex Technology Co., Limited
    March 2026

    Contemporary Amperex Technology Co., Limited is the global leader in EV/ESS batteries with scale, innovation, and pricing pass-throughs supporting multi-year profitable growth.

    Read the full thesis
  • Constellation Energy
    December 2025

    Constellation Energy operates a large carbon-free nuclear fleet poised to benefit from tight US power supply and rising AI-driven electricity demand supporting higher earnings.

    Read the full thesis
  • Legence Corp
    December 2025

    Legence Corp provides MEP services that improve building energy efficiency, leveraging a skilled workforce and strong exposure to fast-growing data center and life sciences markets.

    Read the full thesis
  • TKO Group Holdings, Inc.
    December 2025

    TKO Group Holdings, Inc. is a vertically integrated sports entertainment leader combining UFC and WWE with year-round content, rising media rights, industry-leading margins, solid FCF growth, and an attractive valuation.

    Read the full thesis
  • Ciena Corporation
    December 2025

    Ciena Corporation is an optical networking leader benefiting from AI-driven scale-across data center demand, strong product leadership with WaveLogic 6, accelerating revenue growth, and large hyperscaler orders.

    Read the full thesis
  • Alphabet Inc.
    December 2025

    Alphabet Inc. is a vertically integrated AI and cloud leader leveraging Gemini and proprietary TPUs to drive growth across Search, YouTube, and Google Cloud.

    Read the full thesis

Letter archive · 25

2026

2025

2024

Get Munro’s next letter the day it lands

We track Munro alongside hundreds of other managers, read every letter, and pull out what they bought and sold. Warren AI reads the whole archive for you.

View plans→
Share this fund