Frequently asked questions

The Munro Global Growth Fund distributes on an annual financial year basis. These are the Fund tax statements for MGGF ordinary units and mFunds:

2017FY: 3.48 cents per unit

2018FY: 3.84 cents per unit

2019FY: nil

2020FY: 17.17 cents per unit

2021FY: 13.25 cents per unit

MAET.ASX distributes on an annual financial year basis. These are the Fund tax statements for MAET:

2021FY: 49.00 cents per unit

The Munro Concentrated Global Growth Fund distributes on an annual financial year basis. These are the Fund tax statements for MCGGF Class A units:

2020FY: nil

2021FY: 7.15 cents per unit

For your personal distributions, our registry provider, Mainstream Fund Services, will be able to assist on 1300 133 451, via email registry@mainstreamgroup.com or if you are registered for the online portal, your historic tax and distribution statements are available online.

Our registry provider, Mainstream Fund Services, will be able to assist on 1300 133 451 or via email registry@mainstreamgroup.com.

Please also check your communication preferences and consider registering for the Mainstream web portal.

You can update your details in the following ways dependent on the fund you are invested in.

• ‍MAET –  Via your broker, or Change of Details Form specifically for MAET to be sent to Mainstream Fund Services.
• ‍MGGF – Change of Details Form which you send to Mainstream Fund Services.
• ‍MCGGF - Change of Details Form which you send to Mainstream Fund Services.

*Please note all change of details are directed to Mainstream Fund Services (Unit Registry). Munro Partners do not hold personal details of our investors.

You can track your personal investment holdings via the Mainstream Fund Service Platform.

To access our Online Web Portal and view your holdings online, please complete the self-registration process:

1.      Go to the following website – https://grantsamuel.mainstreamfs.com/login andclick ‘Register'.

2.      Complete self-registration for web portal access. You will need the following details handy to complete the registration process:

• Your Investor / Portfolio Number (X00... or H00…)
• The fund name you have invested in
• Your contact details including your email address and mobile number
  

Should you encounter any issues, Mainstream can be contacted on 1300 133 451 or via email registry@mainstreamgroup.com

GSFM Responsible Entity Services Limited (GSFM) is the responsible entity for the Munro funds. As responsible entity, GSFM issues units in the funds and is responsible for its operation. Munro is the investment manager of the funds under the Investment Management Agreement.

GSFM Responsible Entity Services Limited
Level 19
Governor Macquarie Tower
1 Farrer Place
Sydney NSW 2000

GSFM also distributes the Fund through financial advisors and platforms. More information on GSFM via their website www.gsfm.com.au

Mainstream Fund Services Pty Ltd (Mainstream Fund Services) provides unit registry services for the Funds.

Mainstream Fund Services – Unit Registry
GPO Box 4968
Sydney NSW 2001

Client Services
Email: registry@mainstreamgroup.com
Phone: 1300 133 451‍

Once you have chosen the fund that best suits you and have read the relevant PDS, you can go to the fund page and select the start investing button at the top of the page. There you will find the different ways to make an application into your chosen fund.

• Munro Global Growth Fund
• MAET
• Munro Concentrated Global Growth Fund

MAET is available of any platform where you can invest in ASX quoted shares.

Munro Global Growth Fund is available on the following leading platforms:

IOOF

Asgard

uXchange

mFunds

Powerwrap

Ausmaq

MLC

CFS First Wrap

Hub24

Macquarie

Netwealth

Panorama

BT Wrap

Munro Concentrated Global Growth Fund is available on the following leading platform:

Panorama

Dependent on your chosen fund and application process, different investment minimums apply.

• MGGF – minimum investment of $25,000.
• MAET – There is no minimum investment. However, may be subject to limits set by your broker.
• MCGGF - minimum investment of $25,000.

Munro publishes monthly and quarterly reports with relevant performance and information. These are available on our website at the time of publication and via our email newsletter to subscribers.

You can also track your personal investment via the Mainstream Fund Service web portal once you register. Instructions here.

Tax, distribution, periodic and quarterly statements will also be sent by Mainstream Fund Services according to your communication preference.

MAET is an active ETF quoted on the ASX and acts as a “feeder fund” into the Munro Global Growth Fund (that is, it invests in the Munro Global Growth Fund).

MAET and Munro Global Growth are therefore essentially the same. The management costs are the same for the MAET and the Munro Global Growth Fund.

Buying MAET on an exchange will likely incur brokerage fees and there is a spread on the ASX between the live iNAV (indicative NAV) and the MAET buy/sell price. Performance may vary slightly due to cashflow movements and closing prices.

Capital Preservation

• Preservation of capital is a conservative investment strategy where the primary goal is to preserve capital and prevent loss in a portfolio. Examples of capital preservation tools include cash, put options, short positions and currency hedging.
  For more information on Munro Partners' Capital Preservation Mindset, you can watch this video

ETF (Exchange Traded Fund)

• An exchange traded fund (ETF) is a fund that can be traded on an exchange (e.g. ASX), like a stock, meaning it can be bought and sold throughout the day. Depending on the type of ETF and the underlying assets in the ETF, an ETF can have varying levels of risk and fees and costs associated with them.
• Most ETFs tracks an index, sector, commodity, or other asset. An ETF can be structured to track anything from the price of an individual commodity to a large and diverse collection of securities. ETFs can also be structured to track specific investment strategies, such as MAET.

Gross Exposures

• Gross exposure refers to the absolute level of a fund's investments, or the sum of long positions and short positions. For example, if 60% of a fund is long and 40% is short, the fund's gross exposure is 100%.
  For more information on this topic, you can watch this video

Growth Investing

• Growth investing is a stock-buying strategy that looks for companies that are expected to grow at an above-average rate compared to their industry or the broader market.
  

High Water Mark

• A high water mark is a demarcation point in determining the performance fee. Having a high water mark ensures that previous negative performance must be surpassed before a performance fee is accrued and payable.

Hurdle Rate

• A hurdle rate is the minimum rate of return required on an investment.

iNAV (Indicative Net Asset Value)

• An iNAV is a measure of the intraday net asset value(NAV) of an investment. INAV is reported every second. It gives investors an estimate / indicative measure of the value of the investment throughout the day.

Liquidity

• Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price.
  For more information on Munro Partners' rules on liquidity, you can watch this video

Long Position

• A long—or a long position—refers to the purchase of an asset with the expectation it will increase in value.

Management Fee

• The amount payable to the responsible entity for managing the Fund and your investment. It includes costs such as Investment Manager fees, responsible entity fees, operating expenses and all other normal costs. Please refer to the applicable fund's PDS for details on the fees and costs associated with the fund.

NAV (Net Asset Value)

• Net asset value, or NAV, is equal to a fund's or company's total assets less its liabilities. For a managed fund, the NAV is calculated at the end of each trading day based on the closing market prices of the portfolio's securities.

Net Asset Value per unit

• Net Assets divided by the number of units issued.

Net Assets

• Total gross assets less total gross liabilities.

Net Exposure

• Net exposure reflects the difference between the two types of positions held in a hedge fund's portfolio. For example, if 80% of a fund is long and 20% is short, then the fund's gross exposure is 100% (80% + 20%), and its net exposure is 60% (80% - 20%), assuming all other things being equal.
  For more information on this topic, you can watch this video

PDS (Product Disclosure Statement)

• A Product Disclosure Statement (PDS) is a document, or sometimes a group of documents, that contains information about a financial product including the key features, the process for applying or redeeming units in the fund, the cost of the financial product and important information including the complaints handling procedure. It is important you read the PDS in full prior to making a decision to invest in a fund.

Performance Fee

• A performance fee is a payment made to an investment manager for generating excess returns. Munro applies a high water mark and hurdle rate to our performance fees.

Put Options

• A put option is a contract giving the owner the right, but not the obligation, to sell, or sell short, a specified amount of an underlying security at a pre-determined price within a specified timeframe.
  For more information on how Munro Partners use Put Options, you can watch this video

Short Positions

• An investor may decide to short a security when they believe that the price of that security is likely to decrease in the near future.
  For more information how the investment team uses shorts, you can watch this video

Spread

• Often refers to the difference between two  prices, rates, or yields.

Swap

• A financial swap is a derivative contract where one party exchanges or "swaps" the cash flows or value of one asset for another.