Munro
Munro Climate Change Leaders Fund
Mega-cap
Jun 2025 → Jun 2026
Our archive holds 6 letters from this strategy, behind 10 investment theses and positions in 16 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years · follow all of Munro for every strategy.
Performance
as of Jun 30, 2026 · net of fees · AUD · Munro Climate Change Leaders Fund (AUD)
- YTD+39.6%
- 1Y+39.6%index +17.0%
- 3Y · /yr+38.6%index +18.1%
- Inception · /yr+22.3%index +12.8%
Index: MSCI ACWI
| YTD | 1Y | 3Yper year | Since inceptionper year | |
|---|---|---|---|---|
| Munro Climate Change Leaders Fund | +39.6% | +39.6% | +38.6% | +22.3% |
| MSCI ACWI | — | +17.0% | +18.1% | +12.8% |
Calendar years
- 2025+33.6%
- 2024+42.8%
- 2023+21.3%
- 2022−20.7%
Disclaimer
These figures are copied from the manager’s latest letter, as of Jun 30, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We reduced our small position late in the quarter but still see orders and manufacturer agreements as likely catalysts in 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.
Also held
Its investment theses
- NextEra EnergyJun 2026NextEra Energy is a large US utility and renewable developer positioned to benefit from surging electricity demand and higher long-term EPS growth targets.
- GE VernovaJun 2026GE Vernova is an energy equipment company benefiting from gas turbine demand, high-margin service revenues, and grid electrification share gains.
- Contemporary Amperex Technology Co., LimitedMar 2026Contemporary Amperex Technology Co., Limited is the global leader in EV/ESS batteries with scale, innovation, and pricing pass-throughs supporting multi-year profitable growth.
- Constellation EnergyDec 2025Constellation 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.
- Legence CorpDec 2025Legence 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.
- Linde plcDec 2025Linde plc is a leading industrial gases company with substantial decarbonisation opportunities and disciplined execution, including blue hydrogen projects and efficiency-driven earnings growth.
- LegenceSep 2025Legence is an energy efficiency service provider with a skilled workforce and strong exposure to data centers, life sciences, and building retrofits.
- LindeSep 2025Linde is an industrial gas leader with efficiency-enhancing products and strong exposure to blue hydrogen and clean energy projects.
- Siemens EnergyJun 2025Siemens Energy is a leading German power equipment company experiencing significant growth in demand for its decarbonization-focused products amidst challenges in the wind segment, with expectations of improved profitability and dividend resumption.