Update from the PMs – May 2024

While global equity markets have hit a little turbulence in recent weeks, company earnings reports so far tell a great story — at least for the businesses you own in Montaka’s portfolio. We share a recent interview with Andy in which he discusses the Q1 earnings season so far. 

The benefit of Montaka’s investment strategy – seeking to own the world’s most advantaged businesses, well positioned within large structural transformations, while they remain undervalued – is that we can look through the short-term machinations of the market. Instead, we remain focused on the long-term trajectories of growth, business quality, and valuation upside. And on these dimensions, we couldn’t be happier with Montaka’s investee companies.

This month, in ‘Finding needles in the haystack‘, Andy shares how investors can efficiently and effectively identify advantaged businesses amidst the endless noise and near-unlimited flow of information. ‘Flywheels’ are identified as powerful dynamics that strengthen business advantages over time. These are of particular interest to us and feature prominently in Montaka’s portfolio.  

In this month’s Spotlight Series podcast, Andy and Chris discuss luxury powerhouse LVMH. They dive into some of the features of the business that are often underappreciated and explain why LVMH finds itself included in Montaka’s portfolio today.

Note: Montaka is invested in LVMH