Munro Concentrated Global Growth Fund Active ETF · ASX:MCGG
Munro Concentrated Global Growth Fund Active ETF — Munro Partners — Investor Presentation (April 2026)
39 slides from Munro Concentrated Global Growth Fund Active ETF's investor presentation, April 2026
Slide 1: Munro Global Growth Equity SMA
Munro Global Growth Equity SMA April 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$7.2bn 33 STAFF MEMBERS 14 in investment team HEADQUARTERS IN MELBOURNE, AUSTRALIA Satellite office in Toronto, Canada Data as o
Slide 4: 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 5: Investment team
Investment team Nick Griffin Kieran Moore James Tsinidis Qiao Ma Mike Harut Huw Flanagan Founding Partner Equity Partner Equity Partner Equity Partner Partner Partner CIO Portfolio Manager Portfolio Manager Portfolio Manager Responsible Investment Trader Joined Munro: 2016 Joined Munro: 2016 Joined
Slide 6: A recap of the Canadian Munro product shelf
A recap of the Canadian Munro product shelf Absolute Returns Long Only SMA Climate * CI Munro CI Munro Global Munro Global CI Global Climate Alternative Global Growth Equity Fund Growth Equity SMA Leaders Fund Growth Fund Fund Code: CIG4192 (Class F) Fund Code: CIG4198 (Class F) Fund Code: CIG4283 (
Slide 7: How we invest
How we invest
Slide 8: 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 9: 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 20 60 5 18 5 600 50 16 4 12m Fwd EPS (U
Slide 10: 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 11: Areas of interest
Areas of interest
Slide 12: SMA Investments by theme
SMA Investments by theme Positioning of the Munro Global Growth Equity SMA by AoI March 31, 2026 Top 8 Areas of Interest (AoI) NO. OF LONG HOLDINGS POSITION CLIMATE 4 CONNECTIVITY 2 HIGH PERFORMANCE COMPUTING 1 E-COMMERCE 3 INTERNET DISRUPTION 1 DIGITAL MEDIA & CONTENT 1 TRAVEL 2 INNOVATIVE HEALTH 2
Slide 13: Area of Interest: Decarbonisation and electrification opportunity
Area of Interest Decarbonisation and electrification opportunity CLIMATE Charging Stations 4% HIGH PERFORMANCE COMPUTING Heating 2% Buses/Trucks CONNECTIVITY 8% Passenger EV 18% INNOVATIVE HEALTH Renewables USD$50+ 18% TRILLION SECURITY Energy Efficiency 24% TRAVEL Transmission grids 8% INFRASTRUCTU
Slide 14: 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: Webinar with members of US Department of Energy Dominance, J
Slide 15: Power generation is the key focus
Power generation is the key focus Renewables USD$50+ 18% TRILLION Transmission grids 8% Distribution grids Hydrogen CCS 4% Batteries 5% 9% Source: Munro Partners estimates and industry research as at 31 December 2023. Information is based on Munro estimates and sources believed by Munro to be accura
Slide 16: Because electricity demand is inflecting
Because electricity demand is inflecting After years of stagnation, demand growth is structurally re-accelerating Driven by 7 U.S. Electricity Demand (TWh) 6 5 4 3 2005 2015 2025 2035 2045 Source: Munro Partners, NextEra Energy and industry research. Slide prepared January 2026. 16 FOR ADVISOR USE O
Slide 17: And needs an all-of-the-above response
And needs an all-of-the-above response Gas Renewables Energy efficiency Battery Storage Grid investment Nuclear Source: Munro Partners, NextEra Energy and industry research. Slide prepared January 2026. 17 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 18: New gas is the short-term solution
New gas is the short-term solution Gas turbine hit shortage after halving from 2000s peak The manufacturers won’t aggressively add capacity after near death 100 8 90 80 6 70 GW supply and demand 60 GEV Power EBIT ($bn) 4 50 40 30 2 20 10 0 0 2008 2012 2016 2020 2024 2028 2023 2024 2025 2026 2027 202
Slide 19: GE Vernova
GE Vernova Share price and forward EBITDA 1,000 7 12m Fwd EBITDA (USD bn) Share Price (USD) 6 800 5 600 4 AoI Market cap EV/EBITDA Share price 400 3 2 Innovative Health USD 235BN 34x USD 872.90 200 1 0 0 Munro rating Power for “all of the above” 2024 2025 2026 Share Price 12m Fwd EBITDA Growth
Slide 20: Area of Interest
Area of Interest CLIMATE HIGH PERFORMANCE COMPUTING CONNECTIVITY INNOVATIVE HEALTH SECURITY TRAVEL INFRASTRUCTURE E-COMMERCE Refer to the website for the full list of AoIs. Current holdings and top AoIs as at March 31, 2026. 20 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 21: 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. Slide prep
Slide 22: Large capex commitments, but accelerating revenue
Large capex commitments, but accelerating revenue Cloud capex Combined cloud revenues** 1,200,000 1,000,000 1,000,000 800,000 800,000 600,000 600,000 400,000 400,000 200,000 200,000 0 0 * Source: Munro estimates, Google, Amazon, Microsoft, Meta, Oracle, Nvidia as at 31 March 2026. Nvidia data is at
Slide 23: Nvidia
Nvidia Share price and forward earnings per share 250 10 9 12m Fwd EPS (USD) Share Price (USD) 200 8 7 150 6 5 100 4 3 AoI Market cap P/E Share price 50 2 1 High Performance Computing USD 4.2tr 19x USD 174.4 0 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 Munro rating Nvidia headquarters Share Pric
Slide 24: Area of interest
Area of interest CLIMATE HIGH PERFORMANCE COMPUTING CONNECTIVITY INNOVATIVE HEALTH SECURITY TRAVEL INFRASTRUCTURE E-COMMERCE Refer to the website for the full list of AoIs. Current holdings and top AoIs as at March 31, 2026. 24 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 25: The expensive networking bottleneck
The expensive networking bottleneck 40% low utilisation Fast chips and slow network speed Consumes power and generates Expensive GPUs sitting idle = congestion heat Source: Munro Partners. Slide prepared January 2026. GPU stands for graphics processing unit. 25 FOR ADVISOR USE ONLY – NOT FOR DISTRIB
Slide 26: 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 27: Ciena
Ciena Share price and forward EPS 500 8 400 12m Fwd EPS (USD) 6 Share Price (USD) 300 4 AoI Market cap P/E Share price 200 Connectivity USD 55BN 58x USD 388.23 2 100 0 0 Munro rating Multi layer network control 2022 2023 2024 2025 2026 Share Price 12m Fwd EPS Growth EPS growth Share price
Slide 28: Munro Global Growth Equity SMA
Munro Global Growth Equity SMA
Slide 29: 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 30: Portfolio Characteristics
Portfolio Characteristics Munro Global Growth Equity SMA MSCI ACWI C$ Market Capitalization Weighted Average Market Cap ($USD Millions) $ 1,363,245 $ 721,609 Number of Securities 20 2,515 Active Share Active Share % 83.5% Leverage Debt/Equity % 63.8 103.7 Earnings & Valuation 3y Earnings Growth % 40
Slide 31: 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% NVIDIA US INFO. TECH. 10.8% 4.7% 6.1% 20% TSMC TW INFO. TECH. 9.0% 0.0% 9.0% 0% EMERGING EUROPE EX JAPAN NORTH OTHER OTHER PACIFIC EX UK
Slide 32: 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 33: Transparency & Insights
Your SMA partner of choice Munro Global Growth Equity SMA Trade Update Transparency & Insights Product Information Monthly Reports Trade Updates Global equities Quarterly Thought Podcasts & Commentary Leadership Media 33 FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO INVESTORS
Slide 34: 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 investments. Pl
Slide 35: Important Disclaimers (continued)
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 36: Forward-looking statements
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 37: Morningstar rating disclosures
CI Global Climate Leaders Fund was rated against the following numbers of Global Equity funds over the following time periods: 1,549 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 38: FundGrade A+ disclosures
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 39: Thank you
Munro Partners 15 York Street, 4th Floor Toronto, ON M5J 2Z2 www.munropartners.com Thank you contact@munropartners.com.au