Insights
US climate policy just became much more certain
On 4 July 2025, US President Trump signed the sprawling ‘One Big Beautiful Bill’ (OBBB) into law. Among many things, the law amended the Biden-era Inflation Reduction Act (IRA) incentives and credits for clean energy and decarbonisation spending. So what’s the impact? Much more certainty: Most importantly, the uncertainty that plagued the sector since the…
Read MoreClimate change as a structural investment theme
Policymakers, corporate leaders, and investors are increasingly aligned in recognising climate change as a defining issue of our time. It’s not just policy support that is mobilising massive investments in clean technologies, it’s also corporate net-zero targets – and often simple economic realities – that are accelerating demand for climate change solutions. This makes a…
Read MoreCatalysts for growth: Finding the few winners
Key Points Commitment to global growth: Munro is set up to be your global growth equity manager. Partnership: Aligned longevity in business, aligned longevity in funds, aligned with investors. Offering: Munro’s domain expertise is available across 4 global growth products. Simple philosophy: Earnings growth drives stock prices. Companies that have earnings growth, i.e. make more…
Read MoreInvesting in Climate: A Defining Theme for the Next Generation
For investors, few themes have ever matched the scale and urgency of climate change. Over the past two decades, the rapid rise of the internet transformed global markets, creating trillion-dollar industries and reshaping economies. Today, we stand at the beginning of an arguably larger structural shift – the transition to a net-zero economy. Decarbonisation is…
Read MoreThe Annual Letter 2024
2024 in review – The sun did shine! The bull market that began in 2023 continued in 2024, with equity markets experiencing a year of solid gains across the board. While global economic conditions remained challenging; inflation ultimately peaked, as too did interest rates and absent a recession, markets returned to focusing on corporate earnings…
Read More2024 in review and 2025 outlook
Munro Climate Series: The line from AI to Clean Energy
AI ————————— Clean Energy I’ve drawn a line. The line follows the rise of AI to increasing demand for clean energy. The launch of Chat GPT in late 2022 ignited rapid AI competition. Running data centres that are required to train and use AI, requires a lot of energy. In fact, Mark Zuckerberg, whose company…
Read MoreMunro Global Growth Small and Mid Cap Fund anniversary letter
Celebrating one year of the Munro Global Growth Small and Mid Cap Fund On behalf of the team at Munro, I am thrilled to mark the one-year anniversary of the Munro Global Growth Small and Mid Cap Fund with a return of 53.9%, outperforming its benchmark, the MSCI ACWI Small & Mid Capitalisation Index’s return…
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