Month: May 2020

Earnings Still Matter

Despite the hindered economic and business activity round the world, the equity markets have continued to rise. This superficially suggests that the equity market does not seem to care about earnings – yet. History shows that in the long run earnings will still matter.

Can a cyclical switch catalyze a structural shift?

With consumer behaviors rapidly evolving in a COVID-19 world, TV advertising is under severe pressure from falling audiences, lack of sports and an increasing number of ad-free, direct-to-consumer options for video services. As we saw in the wake of the 2008/2009 recession, we may again be on the edge of witnessing the acceleration of structural shifts, underlying the inherent cyclicality of the advertising industry.

All You Need to Know

At the weekend Warren Buffett led the annual shareholder meeting for Berkshire Hathaway, the company that he has led for more than half a century. This year, however, the coronavirus pandemic necessitated major changes to the program. Here are the key excerpts from his address.

Reporting Season Roundup

Every quarter when reporting season rolls around, there are always new insights gleaned that can provide a broader read-through on emerging trends. Perhaps with the uncertainty from the COVID-19 (C19) pandemic, this reporting season will be watched for clues more eagerly than usual. We will provide some interesting tidbits which give some colour around how companies are faring in today’s uncertain environment.

Our Montaka Long Only funds strive to act as a core, high conviction, global portfolio holding. Consistent with the long portfolios in our Montaka Variable Net funds, this offering is focused on owning the world’s high quality, undervalued businesses – and cash when appropriate – to outperform its benchmark.

Our Montaka Active Extension funds strive for maximised return over the long-term. Owning the Montaka Variable Net long portfolio typically scaled up to approximately 130 percent - and the Montaka Variable Net short portfolio typically scaled down to approximately 30 percent – this these funds results in a net market exposure of approximately 100 percent most of the time.

Our Montaka variable net funds strive for significant downside protection – but with minimal upside reduction. Focused on owning the world’s great and growing businesses when they are undervalued, while managing a portfolio of short positions in businesses that are deteriorating, misperceived, and overvalued, this these funds are our flagship long-short.

Our
Funds

Our Funds

Our Montaka Long Only funds strive to act as a core, high conviction, global portfolio holding. Consistent with the long portfolios in our Montaka Variable Net funds, this offering is focused on owning the world’s high quality, undervalued businesses – and cash when appropriate – to outperform its benchmark.

Our Montaka Active Extension funds strive for maximised return over the long-term. Owning the Montaka Variable Net long portfolio typically scaled up to approximately 130 percent - and the Montaka Variable Net short portfolio typically scaled down to approximately 30 percent – this these funds results in a net market exposure of approximately 100 percent most of the time.

Our Montaka variable net funds strive for significant downside protection – but with minimal upside reduction. Focused on owning the world’s great and growing businesses when they are undervalued, while managing a portfolio of short positions in businesses that are deteriorating, misperceived, and overvalued, this these funds are our flagship long-short.