Munro Concentrated Global Growth Fund Active ETF · ASX:MCGG
Munro Concentrated Global Growth Fund Active ETF — Munro Partners — Investor Presentation (July 2026)
42 slides from Munro Concentrated Global Growth Fund Active ETF's investor presentation, July 2026
Slide 1: Munro Global Growth Equity SMA
Munro Global Growth Equity SMA July 2026
Slide 2: About Munro
About Munro
Slide 3: Our mission is to be your global growth equities manager
Our mission is to be your global growth equities manager GLOBAL INVESTMENT MANAGER Growth equity specialist ESTABLISHED JULY 2016 Partnership model FUNDS UNDER MANAGEMENT C$9.6bn 34 STAFF MEMBERS 14 in investment team HEADQUARTERS IN MELBOURNE, AUSTRALIA Satellite office in Toronto, Canada Data as o
Slide 4: Our edge: The pursuit of structural change
Our edge: The pursuit of structural change Modern Day Explorers Risk Management Focus Focused on identifying the next structural A disciplined stop-loss framework growth opportunities through proprietary formally reviews any stock that falls 20% Areas of Interest (AoIs) below purchase price or peak,
Slide 5: Our edge – the partnership drives our culture
Our edge – the partnership drives our culture Our partnership Our mission Our values Our distribution Aligned longevity in business, aligned longevity in funds. Turn over stones More than half of equity held by To be your global growth GSFM Funds Management the investment team manager Act like an ow
Slide 6: Investment team
Investment team Nick Griffin Kieran Moore James Tsinidis Qiao Ma Mike Harut Huw Flanagan Matt Mei Founding Partner Equity Partner Equity Partner Equity Partner Partner Partner Senior Investment Analyst CIO Portfolio Manager Portfolio Manager Portfolio Manager Responsible Investment Trader Joined Mun
Slide 7: Munro investment platform – vehicle agnostic
Munro investment platform – vehicle agnostic Long Only Absolute Returns Climate SMA * CI Munro Global CI Munro CI Global Climate Munro Global Growth Equity Fund Alternative Global Leaders Fund Growth Equity SMA Growth Fund Fund Code: CIG4198 (Class F) Fund Code: CIG4192 (Class F) Fund Code: CIG4283
Slide 8: How we invest
How we invest
Slide 9: Philosophy: There are few winners
Philosophy: There are few winners Philosophy Bessembinder – less than 4% of stocks listed make up all the market return 35% Structural change is the key 30% 25% Annualised Return (%) Concentrated portfolios 20% 15% Disciplined risk management 10% 5% 0% 0 200 400 600 800 1000 1200 Learn more about ou
Slide 10: Philosophy: Structural growth not cyclical growth
Philosophy: Structural growth not cyclical growth Earnings growth drives Sustained earnings growth is worth The market will often misprice 1 2 3 stock prices more than cyclical earnings growth growth and its sustainability Structural growth Cyclical growth 700 25 70 6 600 60 5 20 12m Fwd EPS (USD) 5
Slide 11: Investment Process
Investment Process STEP 1: STEP 2: STEP 3: STEP 4: Idea generation Qualitative idea evaluation Quantitative idea evaluation Portfolio construction & risk mgt. Features SMA Growth Portfolio Earnings upside / 20 – 25 positions concentration downside EPS growth Multiple upside / Max stock of 10% of
Slide 12: Areas of interest
Areas of interest
Slide 13: SMA Investments by theme
SMA Investments by theme Positioning of the Munro Global Growth Equity SMA by AoI June 30, 2026 Top 8 Areas of Interest (AoI) NO. OF LONG HOLDINGS POSITION HIGH PERFORMANCE COMPUTING 6 CONNECTIVITY 4 CLIMATE 2 TRAVEL 3 POWER GENERATION 2 INTERNET DISRUPTION 1 E-COMMERCE 1 SECURITY 2 0% 5% 10% 15% 20
Slide 14: Area of Interest
Area of Interest CONNECTIVITY HIGH PERFORMANCE COMPUTING CLIMATE TRAVEL SECURITY POWER GENERATION INNOVATIVE HEALTH INTERNET DISRUPTION Refer to the website for the full list of AoIs. Current holdings and top AoIs as of June 30, 2026. 14 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 15: The AI stack – the five layered cake
The AI stack – the five layered cake APPLICATIONS LARGE LANGUAGE MODELS CLOUD SERVICE PROVIDERS The shovels in the boom SEMICONDUCTORS & NETWORKING POWER – COOLING Stocks of the companies in the depictions shown may or may not be held by Munro funds and are used for illustrative purposes. 15 FOR ADV
Slide 16: Hyperscaler capex flowing through the economy
Hyperscaler capex flowing through the economy Cloud capex (USDbn) Beneficiary consensus 2026E FCF (USDbn) 0 50 100 150 200 250 300 1,000,000 Memory 800,000 HPC 600,000 Foundry 400,000 Power + more 200,000 Networking 0 EPC / Cooling + more * Source: Munro Partners estimates and industry research as a
Slide 17: Nvidia
Nvidia Share price and forward earnings per share 250 12 11 12m Fwd EPS (USD) Share Price (USD) 200 10 9 8 150 7 6 100 5 4 AoI Market cap P/E Share price 3 50 2 High Performance Computing USD 4.8TR 19x USD 200.1 1 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 Munro rating Nvidia headquarters Shar
Slide 18: Area of interest
Area of interest CONNECTIVITY HIGH PERFORMANCE COMPUTING CLIMATE TRAVEL SECURITY POWER GENERATION INNOVATIVE HEALTH INTERNET DISRUPTION Refer to the website for the full list of AoIs. Current holdings and top AoIs as of June 30, 2026. 18 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 19: The expensive networking bottleneck
The expensive networking bottleneck 40% low utilisation Fast chips and slow network speed Consumes power and generates heat Expensive GPUs sitting idle = congestion Source: Munro Partners. Slide prepared January 2026. 19 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 20: Getting data to travel at the speed of light
Getting data to travel at the speed of light AEC Cables Jericho Chips Switches Laser Chips Wavelogic Transceivers PClera Labs Retimers Source: Munro Partners. Slide prepared January 2026. Stocks of the companies in the depictions shown may or may not be held in the Munro funds and are used for illus
Slide 21: Nokia
Nokia Share price and forward earnings per share 15 0.50 0.45 12m Fwd EPS (EUR) 12 Share Price (EUR) 0.40 9 0.35 AoI Market cap P/E Share price 6 0.30 Connectivity USD 76BN 31x EUR 11.6 3 0.25 0 0.20 Munro rating Device 2022 2023 2024 2025 2026 Share Price 12m Fwd EPS Growth EPS growth Shar
Slide 22: Decarbonization and electrification opportunity
Area of Interest Decarbonization and electrification opportunity CONNECTIVITY Charging Stations 4% HIGH PERFORMANCE COMPUTING Heating 2% Buses/Trucks CLIMATE 8% Passenger EV 18% TRAVEL Renewables USD$50+ 18% TRILLION SECURITY Energy Efficiency 24% POWER GENERATION Transmission grids 8% INNOVATIVE HE
Slide 23: Electricity shortage: finding solutions is imperative
Electricity shortage: finding solutions is imperative Highlights from a recent Zoom with The US “Department of Energy The US “Department of Energy Dominance” is preoccupied Dominance” …. Can you see what matters? with lagging China Source: Munro Partners. Slide prepared January 2026. 23 FOR ADVISOR
Slide 24: Power generation is the key focus
Power generation is the key focus Renewables USD$50+ 18% TRILLION Transmission grids 8% Distribution grids Hydrogen CCS 4% Batteries 5% 9% Source: Munro Partners estimates as at 31 December 2023. Information is based on Munro estimates and sources believed by Munro to be accurate. For further inform
Slide 25: Because electricity demand is inflecting
Because electricity demand is inflecting After years of stagnation, demand growth is structurally re-accelerating Driven by: 7 U.S. Electricity Demand (TWh) 6 5 4 3 2005 2015 2025 2035 2045 Source: Munro Partners, NextEra Energy and industry research. Slide prepared January 2026. 25 FOR ADVISOR USE
Slide 26: And needs an all-of-the-above response
And needs an all-of-the-above response Gas Renewables Energy efficiency Battery Storage Grid investment Nuclear Source: Munro Partners and NextEra Energy. Slide prepared January 2026. 26 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 27: New gas is the short-term solution
New gas is the short-term solution Gas turbine hit shortage after halving from 2000s peak The manufacturers won’t aggressively add capacity after near death 100 10 90 80 8 70 GW supply and demand 60 6 GEV Power EBIT (USDbn) 50 40 4 30 20 2 10 0 0 2023 2024 2025 2026E 2027E 2028E 2008 2012 2016 2020
Slide 28: GE Vernova
GE Vernova Share price and forward EBITDA 1,400 10 12m Fwd EBITDA (USD bn) 1,200 8 Share Price (USD) 1,000 800 6 AoI Market cap EV/EBITDA Share price 600 4 400 Power Generation USD 316BN 36x USD 1174.9 2 200 0 0 2024 2025 2026 Munro rating Power for “all of the above” Share Price 12m Fwd EBITDA Grow
Slide 29: Munro Global Growth Equity SMA
Munro Global Growth Equity SMA
Slide 30: Munro Global Growth Equity SMA
Munro Global Growth Equity SMA* Investment objective Munro Partners: CIO Nick Griffin, Portfolio Managers: Portfolio Advisor Kieran Moore, James Tsinidis and Qiao Ma The investment objective of the SMA strategy is to maximize Category Global Equity long-term capital appreciation, primarily through a
Slide 31: Portfolio Characteristics
Portfolio Characteristics Munro Global Growth Equity SMA MSCI ACWI C$ Market Capitalization Weighted Average Market Cap ($USD Millions) $ 1,194,345 $ 920,015 Number of Securities 25 2,512 Active Share Active Share % 85.3% Leverage Debt/Equity % 58.8 98.8 Earnings & Valuation 3y Earnings Growth % 30.
Slide 32: Munro Global Growth Equity SMA Portfolio Exposure
Munro Global Growth Equity SMA Portfolio Exposure Geographic Exposure TOP 10 HOLDINGS 100% SMA MSCI ACTIVE 80% STOCK COUNTRY INDUSTRY WEIGHT WEIGHT WEIGHT 60% 40% TSMC TW INFO. TECH. 8.6% 0.0% 8.6% 20% CATL US INDUSTRIALS 8.2% 0.0% 8.2% 0% EMERGING EUROPE EX JAPAN NORTH OTHER OTHER PACIFIC EX UK MAR
Slide 33: Guideline – Munro Global Growth Equity SMA
Guideline – Munro Global Growth Equity SMA The Portfolio invests in equity securities listed on financial markets located anywhere in the world. The Portfolio holds between Authorized Investments 20 and 25 listed securities diversified across countries and industries. The listed securities may be ch
Slide 34: Transparency & Insights
Your SMA partner of choice Munro Global Growth Equity SMA Trade Update Transparency & Insights Product Quarterly Information Commentary Trade Updates Global equities Thought Podcasts & Leadership Media 34 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 35: Appendix
Appendix
Slide 36: Standard Performance
Standard Performance Since Since 1 Year 3 Years 5 Years Inception Inception Date CI Munro Global Growth Equity Fund (Series F) 34.9% 35.9% 19.7% 19.9% 8/10/2020 CI Global Climate Leaders Fund (Series F) 53.7% 43.5% — 23.6% 7/8/2021 MSCI ACWI NR CAD 29.1% 23.0% 14.6% 6.9% 12/31/1998 Source: Morningst
Slide 37: Important Disclaimers
IMPORTANT DISCLAIMERS FOR ADVISOR USE ONLY. No portion of this communication may be reproduced or distributed to clients as it may not comply with Sales Communications requirements. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund and exchange-tr
Slide 38: FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Other factors particular to an investor or the markets in general may affect actual results. No representation is being made that any person will or is likely to realize profits or losses similar to those presented above. The comparison presented is intended to illustrate the SMA’s historical perfor
Slide 39: FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Certain statements in this document are forward-looking. Forward- looking statements (“FLS”) are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “b
Slide 40: FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
CI Global Climate Leaders Fund was rated against the following numbers of Global Equity funds over the following time periods: 1,666 funds in the last three years. Past performance is no guarantee of future results. CI Munro Global Growth Equity Fund was rated against the following numbers of Global
Slide 41: FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade rating
Slide 42: Thank you
Munro Partners 15 York Street, 4th Floor Toronto, ON M5J 2Z2 www.munropartners.com Thank you contact@munropartners.com.au