Munro Partners

Key Holdings

• NVIDIA (NVDA) — $298.21M (11.78%): The single largest position and by far the dominant equity exposure. At ~11.8% it represents a material single-stock risk and a clear high-conviction bet.
• Constellation Energy (CEG) — $129.71M (5.12%) and other utilities (LNG, NEE, GFL, TRGP): Munro holds a cluster of energy/utility names that together represent a meaningful defensive/cash-flow oriented sleeve (utilities total $247.37M, ~9.8%).
• Technology / AI/Infrastructure cluster — AVGO ($115.32M, 4.56%), VRT ($105.89M, 4.18%), ORCL ($103.31M, 4.08%), CRWV (CoreWeave) $84.37M (3.33%), GEV $95.64M (3.78%): Heavy exposure to semiconductors, cloud + AI infrastructure and enterprise software. The combination of NVDA + AVGO + CRWV + enterprise software/cloud positions suggests concentrated exposure to the AI/compute cycle.
• Large-cap internet & platforms — UBER ($126.09M, 4.98%), META ($124.75M, 4.93%), GOOGL ($112.14M, 4.43%), NFLX ($85.14M, 3.36%), SHOP ($60.91M, 2.41%): Significant exposure to platform/advertising/marketplace businesses — representing a communication services / consumer tech growth sleeve.
• Financials / Alternatives — MA ($105.49M, 4.17%), V ($63.41M, 2.51%), ARES ($58.22M, 2.30%), KKR ($47.20M, 1.86%), several smaller financial names: A meaningful allocation to payments/financial services and alternative asset managers.

Collectively, the top positions are biased towards large-cap growth and technology names with complementary allocations to utilities, financials and select industrials.