Скачать или смотреть Less than 5% of stocks are “genuine winners” – here’s how to find them

According to Munro Partners’ Portfolio Manager Qiao Ma, only 5% of the companies the team looks at are “genuine winners” – a reality she describes as “really humbling” as a stock picker.

Qiao adds that a genuine winner for Munro is a company with an aligned management team, great customer perception, and a product or service that wins. Mathematically, that is represented as a company that can double its earnings growth every five years.

However, growth is hard, according to Qiao, which is why so few companies make the cut.

"It is really hard to grow for one year. It's really hard to grow for two years. To grow for five to 10 years is incredibly hard", says Qiao.

It’s why Munro has built a process that begins by identifying key structural tailwinds – like security, climate, or consumer - that can support long-term growth. Quite simply, if a company doesn’t have such a tailwind, it won’t come onto Munro’s radar.

From there, the team leans on its extensive research capabilities and investment process that is tailor-made to find growth companies. Whilst growth investing, by its very nature, can be volatile – as we have seen lately – the process has held up well through the recent market gyrations.

According to Qiao, the recent US reporting season saw most portfolio holdings deliver numbers in line with expectations or better, despite the tariff-related shenanigans that have taken place.

For Qiao, this is a good lesson and a timely reminder for all investors that there can often be a “big disconnect between headlines and fears at the macro level, from the actual fundamentals and micro level earnings”.

In the video above, Qiao shares more about the Munro process, and in particular, the Munro Global Growth Small & Mid Cap Fund strategy, which she looks after. She also delivers the bull case for current portfolio holding Axon Enterprise (NASDAQ: AXON) and shares some valuable insights about what it takes to be a genuine growth investor.

TIME CODES
0:12 - Introduction
0:30 - How have you been navigating volatility?
1:48 - Any change in the data?
3:06 - Area of focus for Munro
4:10 - What's unique about the Munro process?
6:37 - From theory to practice: a high-conviction stock pick
9:30 - To be a great growth investor...
12:34 - What could go wrong?
14:04 - Key lessons for growth investors