The Discipline of Small Cap Growth: S-Curves, Identifying a 10x and Cutting Losers Fast. Featuring Qiao Ma (Munro Partners)

Let us know your thoughts, questions, and who you want to hear from next!In this episode of The Exchange, Tim Whybourne sits down with Qiao Ma, Equity Partner and Portfolio Manager at Munro Partners, where she leads the Global Growth Small and Mid Cap strategy. Qiao built her career in New York across Lehman Brothers, Coatue Management and Jericho Capital, before relocating to Melbourne, where she spent five years at Cooper Investors as sector head for internet and technology and later as portfolio manager. She joined Munro in 2023 to launch its small and mid cap strategy, which returned 62.2% in its first year, led by an early high-conviction position in AppLovin that grew roughly tenfold.Qiao explains Munro's S-curve framework for identifying structural change before the market prices it in, and why the fund is built around finding "small boats with big sails" - companies with a genuine edge in enormous markets, rather than dominant players confined to small ones. She walks through the discipline behind Munro's sell process, including a full team review triggered whenever a stock falls 20%, and why no single "area of interest" is allowed to exceed 20% of the portfolio. The conversation also covers Munro's current positioning across the AI supply chain, travel and aerospace parts and services as a structural theme, and how the firm's profit-sharing model aligns its investment team with client outcomes.For investors interested in small and mid cap growth and disciplined stock-picking, this episode offers a close look inside one of Munro's flagship strategies.Disclaimer: The information in this podcast series is for general financial educational purposes only, should not be considered financial advice and is only intended for wholesale clients.  That means the information does not consider your objectives, financial situation or needs.  You should consider if the information is appropriate for you and your needs.  You should always consult your trusted licensed professional adviser before making any investment decision.