Munro
Munro Global growth Small Mid Cap Fund
Global Mid-cap Growth
Jun 2025 → Jun 2026
Our archive holds 5 letters from this strategy, behind 6 investment theses and positions in 21 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years · follow all of Munro for every strategy.
Performance
as of Jun 30, 2026 · net of fees · AUD · AUD
- 1Y+28.4%index +16.6%
- Inception · /yr+39.9%index +19.0%
Index: MSCI ACWI SMID Index
| 1Y | Since inceptionper year | |
|---|---|---|
| Munro Global growth Small Mid Cap Fund | +28.4% | +39.9% |
| MSCI ACWI SMID Index | +16.6% | +19.0% |
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
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).
We have exited or managed the sizes of detractors consistent with our risk management practices.
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).
We have exited or managed the sizes of detractors consistent with our risk management practices.
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).
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).
Also held
- Vertiv
- NiSource
- Lumentum Holdings
- Ciena
- Celestica
- Galderma
- Acter Group
Its investment theses
- Acter GroupJun 2026Acter 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.
- TKO Group Holdings, Inc.Dec 2025TKO 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.
- Ciena CorporationDec 2025Ciena 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.
- TKO Group HoldingsSep 2025TKO Group Holdings is a vertically integrated sports entertainment leader uniting UFC and WWE, driving high-margin growth through always-on content and expanding media rights deals.
- Comfort SystemsJun 2025Comfort Systems is a leading provider of MEP building systems in the US, poised for continued growth driven by strong construction demand and a skilled labor shortage, while maintaining a focus on profitability, employee retention, and successful acquisitions.
- Curtiss-Wright CorporationJun 2025Curtiss-Wright is a diversified industrial company that specializes in advanced engineering solutions for the aerospace, defense, and commercial nuclear markets, with a recent "Pivot to Growth" strategy leading to accelerated earnings growth.