Munro Partners, an investment management firm, has published the investor letter for its Munro Global Growth Fund covering the fourth quarter of 2025. The fund reported a return of -0.7% for the December quarter. Long positions added to the performance, while short positions, hedging, and currency effects reduced it.
Global equity markets showed solid performance in 2025. U.S. markets recorded strong gains in the quarter, with the S&P 500 rising 2.4% and the Nasdaq increasing 2.3%. Europe and Japan were among the regions contributing positively to performance.
In the letter, the fund highlighted Ciena Corporation (NYSE:CIEN), a network technology company. Ciena's stock closed at $238.38 per share on January 14, 2026. It posted a one-month return of 13.13% and a 52-week gain of 183.65%. The company has a market capitalization of $33.625 billion.
Regarding Ciena Corporation, the fund stated: "Ciena Corporation (NYSE:CIEN) (Connectivity) delivered a strong result in early December, demonstrating their important role in the networking that is needed for hyperscalers to build out their data centre infrastructure."
According to the letter, 70 hedge fund portfolios held Ciena Corporation at the end of the third quarter of 2025, up from 57 in the previous quarter. The company reported third-quarter 2025 revenue of $1.22 billion, exceeding expectations. This represented an 8% sequential increase and nearly 30% year-over-year growth.