Munro, GSFM launch second New Zealand fund targeting global growth stocks
What's the deal? Munro PartnersDealroom has a profile for this one. Try Dealroom → and distribution partner GSFMDealroom has a profile for this one. Try Dealroom → have launched the Munro Global Growth Long Only PIE Fund in New Zealand, their second fund in the country. It gives local investors access to Munro's actively managed global equities strategy, co-managed by Nick Griffin and Kieran Moore.
The details: The fund invests in 25 to 50 companies across industries and countries, targeting what Munro calls underappreciated and mispriced structural growth trends. Its benchmark is the MSCI World Index Total Return Net NZD, and it aims to beat that over a rolling five-year period before fees.
Why a PIE? Munro structured it as a portfolio investment entity rather than a feeder fund, which it said gives New Zealand investors the most efficient structure. Adminis Funds LimitedDealroom has a profile for this one. Try Dealroom → is manager and issuer, while GSFMDealroom has a profile for this one. Try Dealroom → distributes to wholesale and retail investors.
Why now? The launch follows the April 2025 debut of the Munro Global Growth Climate Leaders PIE Fund, the pair's first New Zealand offering. "We have seen strong interest in our existing PIE fund in the past 18 months and believe now is the ideal time to expand our offering in the New Zealand market," said Munro Partners chief executive officer Ronald Calvert.
What's the endgame? Munro groups holdings into what it calls Areas of Interest — long-term structural changes such as the AI build-out, decarbonisation, healthcare innovation, security, and infrastructure. "Company earnings have been improving while valuations in some areas have become more attractive," said chief investment officer Griffin, pointing to opportunities beyond the market's obvious leaders.
The signal: By expanding its PIE range barely 18 months after entering New Zealand, Munro is betting that local demand for actively managed global growth exposure — particularly around AI and other structural themes — has room to grow.
Read more: moneymanagement.com.au
Image credit: Jo@net
