Munro Concentrated Global Growth Fund Active ETF Sees $7.16 Million Net Inflow and Issues 421,707 Units in June 2026

MCGG’s Unit Issuance and Redemption Activity for June 2026

In June 2026, the Munro Concentrated Global Growth Fund Active ETF issued 438,125 units and redeemed 16,418 units, resulting in a net issuance of 421,707 units. This demonstrates that new investment significantly exceeded withdrawals during the month. The update was lodged with ASX Market Announcements on 2 July 2026 by Company Secretary Bridget Grant on behalf of the responsible entity.

The total value of units issued was $7,437,236.35, while the value of redeemed units was $273,600.26, yielding a net issuance value of $7,163,636.09. All figures exclude transaction costs, providing investors with a clear view of the fund’s underlying flow activity for the period.

Fund Nears 8 Million Units on Issue as of 30 June 2026

By the end of June 2026, the fund had 7,966,937 units on issue, placing it just 33,063 units shy of the symbolic 8 million unit threshold. This milestone is often regarded by investors and market participants as an indicator of the fund’s expanding size. The steady growth in units on issue reflects consistent months where issuances have outpaced redemptions.

The net addition of 421,707 units in June alone marks a significant monthly contribution to the fund’s total unit count. Whether this trend continues into July 2026 and beyond will be closely watched by investors. The company did not provide forward guidance on future unit flows in this announcement.

Comparison of Net Inflows to Redemption Activity

The issuance-to-redemption ratio in June 2026 was heavily weighted toward new investments. Units issued valued at $7,437,236.35 compared to redemptions of $273,600.26 means that for every dollar redeemed, approximately $27.18 was invested. This imbalance signals strong investor demand for the fund and is typically viewed as a positive indicator for an active ETF.

It is important to note that this data covers only one calendar month, and investors should avoid drawing long-term conclusions from a single reporting period. Monthly flows in active ETFs can vary due to market conditions, investor sentiment towards global growth equities, and macroeconomic influences on asset allocation. No comparative data from previous months was disclosed in this update.

Role of GSFM Responsible Entity Services Limited

The Munro Concentrated Global Growth Fund Active ETF is overseen by GSFM Responsible Entity Services Limited, which holds Australian Business Number 48 129 256 104 and Australian Financial Services Licence 321517. GSFM acts as the legal issuer of the fund's units and is responsible for submitting the monthly reports mandated under ASX AQUA Rules. The fund is registered with ARSN 654 019 940.

GSFM has also prepared a Target Market Determination (TMD) for the fund, outlining the intended investor demographic. Both the TMD and the Product Disclosure Statement (PDS) are accessible at www.gsfm.com.au or by contacting the company at 1300 133 451. The update advises investors to review these documents before making investment decisions.

ASX AQUA Rules and Monthly Reporting Obligations

This monthly report complies with ASX AQUA Rules 10A.4.2(b) and 10A.4.2(cd), along with ASX Operating Rules Procedure 10A.4.1(f) and 10A.4.2. These regulations require responsible entities of AQUA-listed products, including active ETFs, to regularly disclose unit issuance and redemption activity. The AQUA framework governs managed funds and other non-traditional listed products that differ structurally from standard listed equities.

For those unfamiliar with AQUA Rules, this monthly disclosure serves as a routine transparency tool focused on fund flow rather than portfolio performance or asset valuation. The announcement indicates the fund is current with its reporting requirements as of the filing date.

Implications of the Fund’s Concentrated Global Growth Strategy

The fund’s name reflects its concentrated global growth equity strategy. "Concentrated" suggests a portfolio with a limited number of holdings, managed by Munro Partners, targeting high-conviction investments in companies with strong growth potential across international markets. This approach generally appeals to investors with higher risk tolerance and longer investment horizons.

As an active ETF, the portfolio is actively managed rather than tracking an index. The strong net inflows in June 2026 may indicate investor confidence in global growth themes. However, the company update does not provide details on portfolio composition, net asset value per unit, or monthly investment performance; investors should consult other disclosures or the fund’s website for such information.

Contextualizing the Monthly Unit Flow Report

Monthly unit flow reports document administrative data on unit creation and cancellation, along with aggregate values, but do not reflect the fund’s investment performance. Investors should not equate strong net inflows with strong performance, as these are separate metrics that can diverge.

Nonetheless, persistent positive net inflows over multiple months can indicate investor confidence in the fund’s strategy and management. The next monthly report, covering July 2026, will provide further insight into whether the inflow trend continues. The immediate impact on the fund’s share price from this update is unclear, as active ETF prices are primarily based on underlying net asset values rather than secondary market trading alone.

What to Watch in Upcoming MCGG Monthly Reports

Investors monitoring MCGG should observe whether the fund surpasses the 8 million units on issue milestone in July 2026, given it closed June at 7,966,937 units. Crossing this threshold would signal ongoing growth and may influence perceptions of the fund’s liquidity and scale.

Additionally, the issuance-to-redemption ratio in future months will serve as a gauge of investor sentiment toward the fund’s concentrated global growth mandate. Any significant changes, such as increased redemptions or negative net issuance, would be notable against the backdrop of global equity market conditions. The company did not provide guidance or forecasts regarding future unit flows in this update.

Partnership Between Munro Partners and GSFM Underpinning the ETF

The Munro Concentrated Global Growth Fund Active ETF represents a partnership between Munro Partners, which manages the portfolio, and GSFM Responsible Entity Services Limited, which fulfills regulatory and administrative responsibilities as the responsible entity. This collaborative structure is common in the Australian active ETF market, where specialist managers work with experienced responsible entities to list strategies on the ASX.

GSFM, operating within the global asset management distribution ecosystem, has facilitated the listing and management of various specialist funds on the ASX AQUA platform. For prospective investors, understanding the distinct roles of the investment manager (portfolio management) and the responsible entity (legal and regulatory oversight) is essential for thorough due diligence. Complete information on the fund’s structure, fees, and risks is available in the Product Disclosure Statement at www.gsfm.com.au.