MUNRO GLOBAL GROWTH FUND MARCH QUARTER 2018 PERFORMANCE UPDATE - PowerPoint PPT Presentation

MUNRO GLOBAL GROWTH FUND MARCH QUARTER 2018 – PERFORMANCE UPDATE

Disclaimer Grant Samuel Funds Management Pty Limited ABN 14 125 715 004 AFSL 317587 (Grant Samuel Funds Management) has a distribution arrangement with Munro Asset Management Limited AFSL 480509, Munro Investment Holdings Pty Ltd, Munro Partners (together Munro) to represent their products in Australia and New Zealand. This presentation provides general information only and has been prepared without taking account the objectives, financial situation or needs of individuals. This document was issued by Grant Samuel Fund Services Limited ABN 48 129 256 104 AFSL 321517 (Grant Samuel Fund Services) on 6 April 2018 for Financial Adviser use only. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Neither Grant Samuel Fund Services nor any Grant Samuel or Munro entity guarantees the repayment of capital or the performance of the Fund or any particular returns from the Fund. No representation or warranty is made concerning the accuracy of any data contained in this document. The information included in this document is provided for informational purposes only and is not indicative of future portfolio characteristics. References to any security do not constitute a recommendation to buy, sell or hold such security. Any security discussed may represent only a small percentage of the strategy’s portfolio holdings, and should not be deemed representative of the entire Fund’s holdings. It contains selected information and does not purport to be all-inclusive or to contain all of the information that may be relevant. The information contained in the presentation has not been independently verified, nor has any due diligence been conducted in respect of the information provided. It should be noted that any projections or past performance results are provided for general reference purposes and are based on assumptions relating to the general economy and other factors beyond the control of Munro or Grant Samuel. Returns of the Munro Global Growth Fund are net of applicable fees and costs. The MSCI AC World TR Index (AUD) refers to the MSCI All Country World Net Index in Australian dollars. The Top 5 Holdings depict end of month figures and may have changed materially from holdings during the month or not disclosed due to confidentiality reasons. The reference to any security included does not constitute a recommendation to trade such a security. Numbers may not sum due to rounding, compounding returns or GST and RITC. The recipient represents to Munro and Grant Samuel that it is capable of making its own independent assessment as to the validity and accuracy of the financial assumptions, data, results, calculations and forecasts contained, presented or referred to in the Presentation, and the economic, financial, regulatory, legal, taxation and accounting implications of such. The recipient further represents to Munro and Grant Samuel that it is not relying on any recommendation or statement by Munro. The recipient acknowledges that no independent third-party audit or review has been obtained by Munro or Grant Samuel or has been undertaken by such an independent third party of the financial assumptions, data, results, calculations and forecasts contained, presented or referred to in the Presentation. Before making an investment decision in relation to the Fund, investors should consider the appropriateness of this information, having regard to their own objectives, financial situation and needs. Prospective investors should read and consider the product disclosure statement for the Fund dated 1 March 2018 which can be obtained from www.gsfm.com.au or by calling (02) 8188 1510. 2

MGGF VS. MAJOR MARKET INDICES - QUARTERLY Local currency returns of various global markets and the return of the MSCI World AC Index in AUD next to the return of the MGGF in AUD. January 1 to 31 March 2018 (%) 6% Fund Return 3.4% 4% Index 2% Return 0.9% 0% -2% -4% -6% -8% -10% HANG SENG HANG SENG S&P 500 INDEX DOW JONES SHANGHAI SE STXE 600 € Pr NIKKEI 225 FTSE 100 INDEX MSCI Local MGGF Local CHINA ENT INDX INDEX INDUS. AVG COMPOSITE = FX Contribution Source: Munro Partners & Bloomberg Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. 3

MGGF LONG/SHORT ATTRIBUTION - QUARTERLY January 1 to March 31 basis point attribution of the MGGF by investment category. Munro Global Growth Fund March Quarter Attribution (bps) FX Option Hedging Short Equities Long Equities -50 0 50 100 150 200 250 300 350 400 Source: Munro Partners Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. 4

MGGF STOCK AND REGION ATTRIBUTION - QUARTERLY January 1 to March 31 basis point attribution of the MGGF by stock and by region. Top 5 Performers Bps Regional Performance (bps) Netflix 84 350 Amazon 71 300 Micron Technology 36 250 Blue Prism 34 ASML 32 200 150 Bottom 5 Performers Bps 100 Thor -25 50 Facebook -19 Swatch -17 0 BMW -17 -50 North America Europe United Kingdom Israel Singapore Sweden HK/China Australia Japan Switzerland Camping World -14 Source: Munro Partners Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. 5

MGGF PERFORMANCE SINCE INCEPTION Snapshot of Munro Global Growth Fund since inception – 31 March 2018 SINCE SINCE Performance Summary as at 31 March 1MTH 3MTHS 6MTHS 1YR INCEPTION INCEPTION 2018 (p.a.) (cumulative) -2.5% 3.4% 8.8% 23.9% 17.9% 31.4% MUNRO GLOBAL GROWTH FUND (AUD) -0.7% 0.9% 7.0% 14.1% MSCI AC World TR Net Index (AUD) 13.9% 24.2% -1.8% 2.5% 1.8% 9.7% OVER / UNDER PERFORMANCE 4.0% 7.2% Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. Note inception of the fund was 1 August 2016. 6

MGGF NET AND GROSS EXPOSURE The Munro Global Growth Fund has managed both net and gross exposure through a strong start to calendar 2018 but then subsequent market volatility. 130% 120% 110% 100% 90% 80% 70% 60% Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Net Exposure (trailing 10day average) Gross Exposure (trailing 10day average) Source: Munro Partners 7

MUNRO GLOBAL GROWTH FUND EXPOSURE Snapshot of Munro Global Growth Fund – as at 31 March 2018 Gross Currency Top 5 Holdings as at 31 March 2018 Currency Region Net Exposure Exposure Exposure Weight Stock Country Industry Australia 1.3% 1.3% 71.2% (%) North America 53.2% 53.2% 22.8% Amazon US Consumer Disc. 4.5 United Kingdom 5.3% 3.3% 0.8% Microsoft US Info. Tech. 3.7 Euro Area 11.0% 5.0% 4.5% Blue Prism UK Info. Tech. 3.4 Germany 4.2% 0.3% ASML NE Info. Tech. 3.4 France 1.0% -1.0% Activision Blizzard US Info. Tech. 3.3 Ireland 2.3% 2.3% Gross Sector Exposure and Cash as at 31 March 2018 Netherlands 3.4% 3.4% Materials, Israel 1.9% 1.9% 0.0% Health Care, 1.9% 1.9% Options, 0.3% Singapore 1.7% -1.7% 0.0% Sweden 2.4% 2.4% 0.5% Information Technology, Switzerland 1.5% -1.5% -0.2% 38.5% Cash, 33.2% Hong Kong/China 2.8% 2.8% 0.4% TOTAL 81.0% 66.7% 100.0% Delta adjusted exposure 83.2% 66.0% Consumer Staples, 3.1% Financials, Industrials, 5.1% 9.9% Consumer Discretionary, 20.5% Source: Munro Partners 8

MGGF INVESTMENTS BY THEME Munro Partners has 22 “Areas of Interest” which are parts of the market that the investment team has highlighted as areas of secular growth, the below graphic highlights key ‘AoI’ by Gross weighting. The Positioning of the Munro Global Growth Fund by ‘AoI’ (Updated 29 Mar 2018) Areas of Interest (AoI) No. of Indicative Holdings Position 6 Digital Enterprise Internet 5 Disruption 3 Digital Payments 4 Food Revolution 3 Outdoor Active Emerging 3 Consumer 2 E-Commerce 2 Wealth Effects 2 Video Games Car of the Future 2 0% 2% 4% 6% 8% 10% 12% 9

MUNRO GLOBAL GROWTH FUND MARKET OUTLOOK 2018

GLOBAL MARKET OUTLOOK PMI’s have been strong but are now starting to roll over. Global Purchasing Managers Indices (PMI's) 62.0 60.8 60.6 60.1 60.0 59.6 59.3 59.3 59.1 58.7 58.6 58.5 58.2 58.0 56.6 56.0 54.8 54.1 54.0 54.0 53.6 53.5 53.4 53.2 53.1 52.8 52.4 51.8 52.0 51.6 51.6 51.5 51.3 51.2 51.2 50.3 50.0 48.0 US Eurozone Japan China Brazil Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Source: Bloomberg Consensus Data 12

GLOBAL MARKET OUTLOOK Earnings growth has been strong, while the market is starting to price in slowing earnings growth in the months ahead. S&P 500 Index (LHS) and Forward EPS (RHS) S&P 500 Index (LHS) and Forward P/E (RHS) 180 26 24 160 2500 2500 22 140 2000 2000 20 120 18 100 1500 1500 16 80 14 1000 1000 60 12 500 40 500 10 Apr-95 Apr-97 Apr-99 Apr-01 Apr-03 Apr-05 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17 Apr-95 Apr-97 Apr-99 Apr-01 Apr-03 Apr-05 Apr-07 Apr-09 Apr-11 Apr-13 Apr-15 Apr-17 SPX Index Price Fwd EPS SPX Index Price Fwd P/E Ratio Source: Bloomberg Consensus Data 13