Munro Concentrated Global Growth Fund ETF Rides The Nvidia AI Wave

One of the strongest ASX-listed fund performers on the ASX in 2024 is the Munro Concentrated Global Growth Fund Managed Fund ETF (ASX: MCGG) that has significant holdings in Nvidia, the US$1.94 trillion valued runaway AI performer.

A fund return of 17% for the year to date and a return for January alone of 8.5%, reflects the 9.4% weighting of Nvidia and 7.8% for Microsoft in the global equities fund.

The returns outperform the MSCI World (ex-Aus) Index (4.5%) by 4.0%.

With record earnings and an all-time high stock price for Nivida, the fund is riding the artificial intelligence wave.

The Fund continues to be positioned towards companies that will benefit from the structural tailwind that is artificial intelligence.

MCGG Overview

MCGG is a long-only, currency unhedged actively managed ETF holding between 20-40 stocks in the portfolio.

It takes the traditional but more volatile investment path by being fully invested in growth-oriented equities. The managers invest in companies located anywhere in the world, except in the Australian market.

The management fee is 0.70% per annum with a hurdle performance fee of 10% of the excess Fund performance above a hurdle rate and the high watermark.

The hurdle rate is the higher of the MSCI World (ex-Australia) Total Return Net Index in Australian dollars and the annualised yield of the 10-year Australian government bond.

The Fund needs to exceed both the hurdle rate and the high watermark before a performance fee is payable.

Funds under management are $75 million.

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