Munro Partners released the fourth-quarter 2025 investor letter for its Munro Global Growth Fund. The fund reported a return of -0.7% for the December quarter. Long positions contributed positively to performance, while short positions, hedging, and currency effects had negative impacts.
Global equity markets showed solid performance in 2025. U.S. markets posted strong gains during the quarter, with the S&P 500 rising 2.4% and the Nasdaq increasing 2.3%. Europe and Japan were among the stronger contributors to performance.
In the investor letter, the fund highlighted Oracle Corporation (NYSE:ORCL) as a key detractor from performance for the quarter. Oracle shares fell during the period as the market scrutinized the company's ability to fund aggressive spending plans. The fund noted Oracle is heavily linked to OpenAI, which currently generates only a small amount of revenue relative to its medium-term spending plans.
Oracle Corporation offers products and services that address enterprise information technology environments. The stock had a one-month return of 7.54% and gained 21.36% over the last 52 weeks. On January 14, 2026, Oracle stock closed at $193.61 per share, giving the company a market capitalization of $556.267 billion.
The fund also mentioned Coreweave as another detractor, describing it as effectively an enabler for Oracle to deliver on its computing ambitions. Coreweave's shares also declined over the quarter.
According to the fund's database, 122 hedge fund portfolios held Oracle Corporation at the end of the third quarter, down from 124 in the previous quarter. In the second quarter of fiscal 2026, Oracle reported total revenues of $16.1 billion, representing a 14% increase compared to the same quarter last year.