Munro Global Growth Climate Leaders PIE Fund

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Munro Global Growth Climate Leaders PIE Fund

Munro Global Growth Climate Leaders PIE Fund

The Munro Global Growth Climate Leaders PIE Fund is a concentrated portfolio of global companies enabling or benefiting from the transition to decarbonise the planet.

Fund Overview

Climate investment represents a significant structural shift, currently in the early stages of its growth curve, with many climate technologies still in the initial adoption phase with the potential for significant growth. The Fund aims to build a high-quality portfolio of global growth equities that enable or benefit from the transition towards decarbonisation.

The strategy targets listed companies across various industries and regions, focusing on those with earnings prospects that should improve through increased investment in decarbonisation. This is a concentrated, long-only portfolio comprising 15 to 25 companies.

Leveraging a time-tested investment process Munro has used to manage global growth equity mandates since 2016, the approach focuses on identifying sustainable growth trends that are underappreciated or mispriced, selecting the resulting winners from the stock universe.

Munro has identified the following key sub-themes within decarbonisation:

Clean Energy: Companies benefiting from demand for carbon-free and renewable energy sources, including wind, solar, nuclear, renewable diesel and electrical grid equipment.
Clean Transport: Companies supporting the growth of electric vehicles, battery technology, and other low-carbon transportation methods.
Energy Efficiency: Companies offering energy-efficient solutions such as insulation, electrical switches, lighting, metering, and other related technologies.
Circular Economy: Companies positioned to benefit from advancements in recycling, alternative packaging, waste and wastewater management, agricultural technologies, and other resource-conserving services.

These sub-themes may change over time based on Munro’s qualitative and quantitative assessment. The current list is available on the Munro Partners website.

$1.6294

NAV as at 29-10-2026

Entry and exit prices are available here.

QUICKLINKS

FUND FACTS

Fund TypePortfolio Investment Entity (PIE)
Manager & IssuerAdminis Funds Limited
Inception date (Fund)10 April 2026
Inception date (Composite)31 March 2025
Base CurrencyNZD
PricingDaily
Fund size at 30.09.2026$97.99 M (NZD)

HOW TO INVEST

Investment can be made using the Fund’s PDS via the platforms listed below, Adminis or by completing the Online Application.

Adminis
APEX
Consilium Wrap
FNZ
NZX Wealth Technologies

The information on this page relates to managed investment schemes open to all New Zealand resident investors. The distribution of information to persons outside this criteria may be restricted by law and persons who come into possession of it should seek advice and observe any such restriction.

Composite Portfolio Value of $10,000 Invested

From To

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Munro Global Growth Climate Leaders PIE Composite Performance

As at 30 September 2026	Month %	3 Months %	1 Year %	3 Years % p.a.	5 Years % p.a.	7 Years % p.a.	10 Years % p.a.	Since Inception¹ % p.a.
Fund²	2.47	(12.82)	23.04	N/A	N/A	N/A	N/A	40.41
Benchmark³	3.61	2.37	20.07	N/A	N/A	N/A	N/A	25.48
Over / (Under)	(1.14)	(15.19)	2.97	N/A	N/A	N/A	N/A	14.93

Munro Global Growth Climate Leaders PIE Composite Performance Components

As at 30 September 2026	Month %	3 Months %	1 Year %	3 Years % p.a.	5 Years % p.a.	7 Years % p.a.	10 Years % p.a.	Since Inception¹ % p.a.
Distribution⁴	0.00	0.00	0.00	N/A	N/A	N/A	N/A	38.77
Growth	2.47	(12.82)	23.04	N/A	N/A	N/A	N/A	1.64
Total	2.47	(12.82)	23.04	N/A	N/A	N/A	N/A	40.41

¹ 31 March 2025
²Fund returns are calculated net of management fees and assuming all distributions are reinvested
³ MSCI All Country World Net Index in NZD*

Past performance is not a reliable indicator of future performance.

*All data is the property of MSCI. No use or distribution without written consent. Data provided “as is” without any warranties. MSCI assumes no liability for or in connection with the data.

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Munro Global Growth Climate Leaders PIE Fund Performance

As at 30 September 2026	Month %	3 Months %	1 Year %	3 Years % p.a.	5 Years % p.a.	7 Years % p.a.	10 Years % p.a.	Since Inception¹ % cum
Fund²	2.47	(12.82)	N/A	N/A	N/A	N/A	N/A	(0.77)
Benchmark³	3.61	2.37	N/A	N/A	N/A	N/A	N/A	14.42
Over / (Under)	(1.14)	(15.19)	N/A	N/A	N/A	N/A	N/A	(15.19)

Munro Global Growth Climate Leaders PIE Fund Performance Components

As at 30 September 2026	Month %	3 Months %	1 Year %	3 Years % p.a.	5 Years % p.a.	7 Years % p.a.	10 Years % p.a.	Since Inception¹ % cum
Distribution⁴	0.00	0.00	N/A	N/A	N/A	N/A	N/A	0.00
Growth	2.47	(12.82)	N/A	N/A	N/A	N/A	N/A	(0.77)
Total	2.47	(12.82)	N/A	N/A	N/A	N/A	N/A	(0.77)

^{1 10 April 2026}
²Fund returns are calculated net of management fees and assuming all distributions are reinvested
³ MSCI All Country World Net Index in NZD*

Past performance is not a reliable indicator of future performance.

*All data is the property of MSCI. No use or distribution without written consent. Data provided “as is” without any warranties. MSCI assumes no liability for or in connection with the data.

IMPORTANT INFORMATION

GSFM Pty Limited ABN 14 125 715 004 AFSL 317587 is the distributor of the PIE Fund and the Australian domiciled Funds. Adminis Funds Limited (FSP1008007) (NZBN: 9429052179914) (Adminis Funds) is the Manager and Issuer of the Munro Global Growth Climate Leaders PIE Fund. The investment manager for the PIE Fund is Munro Partners. This information has been prepared without taking account of the objectives, financial situation or needs of individuals. Before making an investment decision to acquire or continue to hold an interest in the Fund, investors should consult a professional adviser and consider the appropriateness of this information, having regard to their own objectives, financial situation and needs, and read and consider the Product Disclosure Statement for the Fund. Past performance information provided is given for illustrative purposes only and should not be relied upon as an indication of future performance. None of Adminis Funds, GSFM Responsible Entity Services, Munro Partners, their related bodies or associates nor any other person guarantees the repayment of capital or the performance of the Funds or any particular returns from the Funds. No representation or warranty is made concerning the accuracy of any data contained.

Investment Team

Nick Griffin

CIO & Co-Founding Partner

James Tsinidis

Portfolio Manager & Partner

Kieran Moore

Portfolio Manager & Partner

Qiao Ma

Portfolio Manager & Partner

FUND AT A GLANCE

Invest in companies enabling or benefiting from the decarbonisation of the planet
Access to companies across clean energy, clean transport, energy efficiency and the circular economy
Focus on growth investments
Actively manages 15–25 positions
Access to an experienced investment team managing global growth mandates since 2016

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Munro Global Growth Climate Leaders PIE Fund

The Munro Global Growth Climate Leaders PIE Fund is a concentrated portfolio of global companies enabling or benefiting from the transition to decarbonise the planet.

Fund Overview

QUICKLINKS

FUND FACTS

HOW TO INVEST

AWARDS & MEMBERSHIPS

Composite Portfolio Value of $10,000 Invested

Munro Global Growth Climate Leaders PIE Composite Performance

Munro Global Growth Climate Leaders PIE Composite Performance Components

*All data is the property of MSCI. No use or distribution without written consent. Data provided “as is” without any warranties. MSCI assumes no liability for or in connection with the data.

Munro Global Growth Climate Leaders PIE Fund Performance

Munro Global Growth Climate Leaders PIE Fund Performance Components

*All data is the property of MSCI. No use or distribution without written consent. Data provided “as is” without any warranties. MSCI assumes no liability for or in connection with the data.