The Munro Global Growth Fund returned 0.9 of a percentage point in September. Equities delivered 1.1 percent growth while currency took 20 basis points off the total return.
From a stock perspective, the fund’s top pick was Activision Blizzard, the US-listed video game publisher; robotics company Blue Prism and Boeing, the Seattle-based aircraft manufacturer.
“We continue to believe US equity markets can grind higher supported by strong corporate earnings growth; however, this requires a normalisation of interest rates without materially slowing the US economy,” Munro’s chief investment officer Nick Griffin said.
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