Munro Concentrated Global Growth Fund on Nokia Oyj
Thesis
Munro holds Nokia as a networking supplier exposed to the connectivity demands of AI infrastructure. Although its shares sold off with the broader AI supply chain, the fund expressly maintains that the company has strong fundamental growth ahead. Munro expects personal AI agents and agent-to-agent communication to expand demand for both computing and connectivity. It frames this as part of a multi-year investment cycle rather than a change in Nokia’s underlying opportunity.
“both companies, Applied Materials in semiconductor capital equipment and Nokia in networking, still have strong fundamental growth ahead.”
Key risks
- Slower-than-expected AI networking infrastructure expenditure
- Investor fears of AI regulation and data-centre construction restrictions
- Broad rotation and valuation compression in AI supply-chain stocks