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

Our Montaka variable net strategy strives 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 strategy is our flagship long-short offering.

Our Montgomery Global strategy strives to act as a core, high conviction, global portfolio holding. Consistent with the long portfolios in our Montaka strategies, this offering is focused on owning the world’s high quality, undervalued businesses – and cash when appropriate – to outperform its benchmark. Branded as “Montgomery Global” in Australia to reflect a key distribution partnership with Montgomery Investment Management, this is our classic long-only offering.

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

Our Montaka variable net strategy strives 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 strategy is our flagship long-short offering.

Our Montgomery Global strategy strives to act as a core, high conviction, global portfolio holding. Consistent with the long portfolios in our Montaka strategies, this offering is focused on owning the world’s high quality, undervalued businesses – and cash when appropriate – to outperform its benchmark. Branded as “Montgomery Global” in Australia to reflect a key distribution partnership with Montgomery Investment Management, this is our classic long-only offering.

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14 Sep 2020
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Part 2: Winning in the age of enterprise- digital transformation

The structural growth in enterprise digital transformation is not like most other trends, it is here to stay and that is precisely why we at Montaka Global have meaningfully increased exposure to the businesses we believe will be the longterm winners in the attractive markets within this accelerating trend.

- Andrew Macken, Chris Demasi and Lachlan Mackay

 

When it comes to the valuation of some of the world’s greatest software businesses today, it is hard to know for sure what is so.

In Part I of this two-part white paper, we identified the digital transformation of the enterprise as a prospective, structural trend that is now accelerating as a result of COVID-19. Within this trend are a number of attractive markets with high barriers to entry and limited competition. 

We believe the long-term winners of these attractive markets make for compelling investment opportunities to the extent they remain undervalued. In Part II that follows, we show the dangers of employing typical valuation heuristics in this space; and evaluate the significant opportunity costs associated with missing out on investments in the world’s greatest businesses. 

It is one thing to identify the long-term winners in attractive and structurally growing markets. But it is another to find those which are undervalued. This is the simplified objective of the Montaka investment team. This is why we come to work each day.

Projecting the future value of long-term winning businesses in attractive markets is far from a trivial exercise. Indeed, one could mount a strong argument that many of the world’s very best businesses have proven to be consistently undervalued by public equity markets. We demonstrate some evidence of this dynamic here. 

 

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