<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0"><channel><title><![CDATA[Munro Fund]]></title><description><![CDATA[Munro Fund]]></description><link>https://www.munrofunds.co.uk/insights</link><generator>RSS for Node</generator><lastBuildDate>Mon, 06 Apr 2026 06:34:07 GMT</lastBuildDate><atom:link href="https://www.munrofunds.co.uk/blog-feed.xml" rel="self" type="application/rss+xml"/><item><title><![CDATA[Monthly Commentary January 2026]]></title><description><![CDATA[The UK equity market started 2026 in the same style as the end of the previous year with a gain of several percent over the month.]]></description><link>https://www.munrofunds.co.uk/post/monthly-commentary-january-2026</link><guid isPermaLink="false">699c823a6a57e93c1859248b</guid><category><![CDATA[Monthly Commentary]]></category><pubDate>Sat, 31 Jan 2026 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Monthly Commentary December 2025]]></title><description><![CDATA[The UK equity market finished 2025 with a strong rally in December adding several percentage points.]]></description><link>https://www.munrofunds.co.uk/post/monthly-commentary-december-2025</link><guid isPermaLink="false">699c813b93dc5be36fd4ffdd</guid><category><![CDATA[Monthly Commentary]]></category><pubDate>Wed, 31 Dec 2025 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Monthly Commentary November 2025]]></title><description><![CDATA[Despite a volatile political and economic background the sterling exchange rate and the oil price changed little during November. ]]></description><link>https://www.munrofunds.co.uk/post/monthly-commentary-november-2025</link><guid isPermaLink="false">699c80593633f91285ed76a6</guid><category><![CDATA[Monthly Commentary]]></category><pubDate>Sun, 30 Nov 2025 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Monthly Commentary October 2025]]></title><description><![CDATA[Health Care and Utilities were the two sectors that stood out as making exceptional progress in October with the former just edging into a double-digit return. The only sector to decline was Industrials. Overall, the UK equity market made a meaningful advance of low single digits over the month helped a little by the pound dropping against the dollar. Oil prices were little changed in dollar terms, but the Energy sector did relatively well in October. Over the year to date only three sectors...]]></description><link>https://www.munrofunds.co.uk/post/monthly-commentary-october-2025</link><guid isPermaLink="false">699c7fa09509a0da66f729ee</guid><category><![CDATA[Monthly Commentary]]></category><pubDate>Fri, 31 Oct 2025 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Weaker pound helps markets]]></title><description><![CDATA[Health Care and Utilities were the two sectors that stood out as making exceptional progress in October with the former just edging into a double-digit return. The only sector to decline was Industrials. Overall, the UK equity market made a meaningful advance of low single digits over the month helped a little by the pound dropping against the dollar. Oil prices were little changed in dollar terms, but the Energy sector did relatively well in October. Over the year to date only three sectors...]]></description><link>https://www.munrofunds.co.uk/post/weaker-pound-helps-markets</link><guid isPermaLink="false">693866aebe5683d17da59b87</guid><pubDate>Fri, 31 Oct 2025 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[UK equity market supported by macro factors]]></title><description><![CDATA[September saw the UK equity market make meaningful gains. The increases have taken it well into the mid-teens in percentage point returns for the year to date. Leading the way was the Materials sector, largely mining stocks, with a substantial increase into low double digits. This was significantly ahead of Financials which is one of the two bestperforming sectors, along with Industrials, this year so far. Overall, only three sectors, Communication Services, Consumer Staples and Energy fell...]]></description><link>https://www.munrofunds.co.uk/post/uk-equity-market-supported-by-macro-factors</link><guid isPermaLink="false">693866fe4e2629cde3a0a4d3</guid><pubDate>Mon, 29 Sep 2025 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Value outperforms despite dividend decline]]></title><description><![CDATA[The leading UK equity indices made modest gains over the traditionally quiet summer month of August. Shares with a bias to value did, overall, substantially better. This is slightly surprising as the forecast for dividends to be paid by the bulk of UK companies next year declined. Part of the reason for this change is the advance made by sterling against the dollar over the month, which ordinarily might have put pressure on equity valuations, but here the story is probably more about the US...]]></description><link>https://www.munrofunds.co.uk/post/value-outperforms-despite-dividend-decline</link><guid isPermaLink="false">693863610b27bc7cafc7014c</guid><pubDate>Sat, 30 Aug 2025 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Dividend forecasts up on sterling weakness]]></title><description><![CDATA[The UK equity market made meaningful gains in July with an increase in capital value of low single digits. This was partly a consequence of a drop in sterling against the dollar of a similar magnitude. Oil finished the month little changed from the start. Given the decline in sterling it was to be expected that the forecasts for dividends to be paid next year edged up a little, largely driven by the large international banks and oil companies. Within the market the largest gains came from...]]></description><link>https://www.munrofunds.co.uk/post/dividend-forecasts-up-on-sterling-weakness</link><guid isPermaLink="false">693864a94e2629cde3a09e92</guid><pubDate>Wed, 30 Jul 2025 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Financials and industrials stand out]]></title><description><![CDATA[The UK equity market only managed to make a small positive return in June. Despite the overall outcome being subdued it masked some wide disparities as one sector, Information Technology, recorded a gain of nearly double digits while Health Care fell substantially. The rest of the market was less volatile with a third of sectors ending lower. External factors were not significant. Sterling gained a little against both the dollar and the euro while oil prices edged up a little. Looking back...]]></description><link>https://www.munrofunds.co.uk/post/financials-and-industrials-stand-out-1</link><guid isPermaLink="false">69386540604b7e5bc38b4577</guid><pubDate>Sun, 29 Jun 2025 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[UK equities up across most sectors]]></title><description><![CDATA[Every sector in the UK market rose in May enabling the market overall to increase by mid-single digits. The spread of returns ranged from barely positive for Consumer Staples to high-single digits for Materials. However, most sectors made gains in the lower half of the range. Over the course of the year to date, three sectors - Financial, Industrials and Utilities - have made gains well into double digits. External political factors were the main drivers of moves in the market as analysts did...]]></description><link>https://www.munrofunds.co.uk/post/uk-equities-up-across-most-sectors</link><guid isPermaLink="false">69386636122b31d338b4953d</guid><pubDate>Fri, 30 May 2025 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Dividend forecasts edge higher]]></title><description><![CDATA[Dividend forecasts for next year continued to edge modestly higher in March. Increased forecasts in the bank sector outweighed reductions in the resource, leisure and pharmaceutical sectors. A small gain in the sterling dollar exchange rate was a contributing negative factor for the forecasts for those companies that report in dollars. Because of this headwind from a stronger sterling UK share prices edged lower over the month as sentiment stayed broadly negative. The period ended with a...]]></description><link>https://www.munrofunds.co.uk/post/dividend-forecasts-edge-higher</link><guid isPermaLink="false">693865a7122b31d338b493af</guid><pubDate>Sun, 30 Mar 2025 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Consensus forecast for UK dividends rises]]></title><description><![CDATA[After a strong start to the year in January, UK equities only just managed to deliver a positive return in February. Only two sectors, Financials and Health Care, recorded healthy gains in mid-single digits while the rest either had small gains or losses. Only one sector, Information Technology, was down in mid-single digits. There was little economic news during the month and political developments, especially from the United States, dominated the news flow. Concerns about the effects of...]]></description><link>https://www.munrofunds.co.uk/post/consensus-forecast-for-uk-dividends-rises</link><guid isPermaLink="false">693863c44e2629cde3a09c2c</guid><pubDate>Fri, 28 Feb 2025 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[UK equities rise but tax burden weighs]]></title><description><![CDATA[The UK equity market started the new year well with a gain in mid-single digits for January. All sectors had positive returns ranging from low single digits for Utilities to high single digits for Information Technology, Energy and Industrial. Although the macro-economic picture was not encouraging as forecasters pencilled in low economic growth for most regions apart from the US, there were helpful aspects. Interest rates are still predicted to decline modestly as inflation remains benign,...]]></description><link>https://www.munrofunds.co.uk/post/uk-equities-rise-but-tax-burden-weighs</link><guid isPermaLink="false">6938642f122b31d338b48f9d</guid><pubDate>Fri, 31 Jan 2025 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Financials are main impetus behind 2024 gains]]></title><description><![CDATA[UK equities delivered a strong return over the course of 2024, only just failing to deliver double digit gains. That said, December suffered negative performance in every sector bar two. The worst performing sector was Real Estate closely followed by Materials, Consumer Discretionary and Industrials. Financials and Not Classified were the only two to gain over the month. It is not hard to discern the perceived effect of interest rates on the relative performance between sectors. The bank rate...]]></description><link>https://www.munrofunds.co.uk/post/financials-are-main-impetus-behind-2024-gains</link><guid isPermaLink="false">69385c33be5683d17da57fcb</guid><pubDate>Tue, 31 Dec 2024 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Fundamental outlook positive]]></title><description><![CDATA[UK equities delivered a small positive return in November with only three sectors showing falls; Health Care, Materials and Real Estate. The latter two also recording declines for the year to date along with Energy. Information Technology was the best with a double-digit gain over the month although lagging the gainers over the year. The fundamental outlook for shares listed in the UK provided a positive backdrop as the forecasts for dividends next year were modestly revised up. A slight fall...]]></description><link>https://www.munrofunds.co.uk/post/fundamental-outlook-positive</link><guid isPermaLink="false">693860f4604b7e5bc38b39e6</guid><pubDate>Sat, 30 Nov 2024 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Equity market declines despite weaker sterling]]></title><description><![CDATA[October was another month when UK equities dropped slightly in capital terms as news flow was dominated by speculation about budgets and elections. In fundamental terms there was virtually no change in expectations of future dividend income to UK listed equities and that, in the long term, is what underlies returns. The small drop in UK equity valuations was a little surprising in view of the decline of sterling against the US dollar, which is normally a supportive factor. But it may be that...]]></description><link>https://www.munrofunds.co.uk/post/equity-market-declines-despite-weaker-sterling</link><guid isPermaLink="false">693861e20b27bc7cafc6fd63</guid><pubDate>Thu, 31 Oct 2024 00:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Strong returns for UK equities year to date]]></title><description><![CDATA[UK equities experienced a small decline in September, probably in large part due to the strengthening of sterling against the US dollar and the euro. Health Care and Energy were the two sectors most affected with falls close to double figures. On the other hand, Materials made a strong positive contribution, most likely responding to political measure taken in China to improve economic confidence. Other sectors did not experience any strong moves. Over the year to date the market has almost...]]></description><link>https://www.munrofunds.co.uk/post/strong-returns-for-uk-equities-year-to-date</link><guid isPermaLink="false">693862c7f80fdf1d772231d2</guid><pubDate>Sun, 29 Sep 2024 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Volatility in US and Asia, UK quiet]]></title><description><![CDATA[August is typically a quiet month in capital markets. However, the slight positive return for UK equities in the month masks the large swings seen in some Asian and US markets that occurred on some days in the month. Commentators provided erudite explanations for the sharp moves after they happened, although fewer were made beforehand. In the UK the underlying corporate data was not much changed as there was little news flow, so attention was drawn to macro issues. There was a good start to...]]></description><link>https://www.munrofunds.co.uk/post/volatility-in-us-and-asia-uk-quiet</link><guid isPermaLink="false">69385b3d0b27bc7cafc6ec33</guid><pubDate>Fri, 30 Aug 2024 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[Hope for lower inflation drives performance]]></title><description><![CDATA[UK equities delivered a good performance in July with low single digit returns. The Consumer Discretionary and Staples sectors led the way as falling inflation returned some spending power to the public. Hopes that interest rates might start to come down also helped sentiment and encouraged people to indulge themselves. The prospect of lower interest rates was also presumably why investors favoured the Utility sector for its reliable income streams and made it the standout best performer over...]]></description><link>https://www.munrofunds.co.uk/post/hope-for-lower-inflation-drives-performance</link><guid isPermaLink="false">69385e37648729fef524dced</guid><pubDate>Tue, 30 Jul 2024 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item><item><title><![CDATA[UK equities lacklustre in election month]]></title><description><![CDATA[The UK equity market trod water in June with little significant movement in any sector. The largest change was a small increase in Energy but only measurable in basis points not whole percentages. Five other sectors made gains while the remaining six all recorded small declines. Although the UK general election was called in June and the result was not known during the month it is doubtful whether it had a meaningful effect on capital markets. The lack of movement is more probably a...]]></description><link>https://www.munrofunds.co.uk/post/uk-equities-lacklustre-in-election-month</link><guid isPermaLink="false">69385ee6122b31d338b481db</guid><pubDate>Sat, 29 Jun 2024 23:00:00 GMT</pubDate><enclosure url="https://static.wixstatic.com/media/c07132_4d9f3384dcac4758a91ce44e1f8e5f1b~mv2.jpg/v1/fit/w_1000,h_1000,al_c,q_80/file.png" length="0" type="image/png"/><dc:creator>Valu-Trac Investment Management Limited</dc:creator></item></channel></rss>