Key Points

• Wealth creation is highly concentrated – a small number of exceptional companies drive the majority of long-term market returns.
• Structural growth is global, not regional – megatrends such as AI, decarbonization, and healthcare innovation are unfolding across borders, creating diverse opportunities outside the U.S.
• Munro’s process is borderless and repeatable, designed to identify and invest early in these global leaders through deep research, disciplined risk management, and a focus on sustainable earnings growth.

A world of opportunities

For the last few decades, the U.S. market has dominated global equity portfolios providing investors with access to some of history’s most innovative companies, deep liquidity and a positive regulatory environment. However, the world is constantly evolving: global supply chains are diversifying, industrial capacity is moving closer to end markets, and new technologies are re-shaping entire industries. For those investors who are seeking diversification via international-only exposure, Munro’s process has a track record of finding investment opportunities that may be underappreciated and undervalued, wherever in the world they may be.

A process that can be applied anywhere

At Munro Partners, our investment process is designed not for a single geography but for a single goal: to identify the few long-term winners. Our philosophy is that in the long run, share prices follow earnings, not borders. Our bottom-up process seeks to identify areas of structural change and invest in the companies that have the potential to grow faster and more sustainably, than the broader market. This process is supported by our risk management framework which aims to cut the losers quickly, leaving a portfolio of winners.

Process Overview:

• Areas of Interest (AoIs): Identifying areas of structural growth leads us to company earnings growth and, ultimately, share price growth. • Idea Generation: Global network, direct management engagement, and relentless active research.
• Stock Selection: qualitative and quantitative evaluation: Bottom-up analysis of companies that satisfy Munro’s six qualitative characteristics of a great growth company that we have developed over many years of investing, specifically, growth, EPS growth, durability, ESG, control and customer perception. Additionally, the company must also satisfy our quantitative criteria (modeling and valuation work).
• Risk Management and Portfolio Construction: Position sizing, stop-loss discipline (review at 20% draw down), and portfolio concentration.

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IMPORTANT INFORMATION: This information has been prepared by Munro Partners. Munro Partners is a Corporate Authorized Representative (CAR1244894) of Munro Asset Management Limited (ACN 163 552 254) Australian Financial Service licence holder (AFSL 480509). The material contained in this document is for general information purposes only as is not investment advice of any nature. The information contained in this document reflects, as of January 26, 2026, the views of Munro Partners and sources believed by Munro Partners to be reliable. The companies mentioned may or may not be held in the Munro funds. There can be no guarantee that any projection, forecast or opinion in these materials will be realised. The views expressed in this document may change at any time after the date of issue. This information has been prepared without taking account of the objectives, financial situation or needs of individuals.