Investment Management

In the Midst of an Historic Reallocation?

Over the last 12 months we have borne witness to one of the most significant portfolio reallocations of modern times.  Investors have sold ~US$250bn of global equity funds and bought ~US$780bn of bond funds (inc money market). Looking at the difference between equity and bond flows (i.e. equity flows minus bonds flows), implies over US$1 …

In the Midst of an Historic Reallocation? Read More »

Look for Businesses That Get More Than Their Fair Share

Peter Lynch, the legendary investor, once quipped that it’s best to invest in businesses that any idiot could run, because sooner or later one will. This begs the question of what drives the economic returns of businesses: is it the competitive forces of that industry or the skill of management? It’s likely a combination of …

Look for Businesses That Get More Than Their Fair Share Read More »

When is the Top of the Cycle Really the Top?

Forecasting peaks of cycles is notoriously difficult, and while it often feels like we’re reaching the top of the longest expansion period in history, evidence suggests there is still plenty of room to grow. Equity market tops are often associated with euphoria and overconfidence, when otherwise risk-averse investors finally succumb and buy equities or the …

When is the Top of the Cycle Really the Top? Read More »

As the range gets wider, investing gets harder

There are lots of things that could happen; but only one thing that will happen. This is one of the better articulations out there of the concept of risk. Understanding risk is at the core of any investment because substantially all investments could result in a range of possible outcomes. Sometimes that range is narrow …

As the range gets wider, investing gets harder Read More »

A New Paradigm in Book Retail or Destined to Repeat History?

Elliott Management, the activist U.S. hedge fund, famous for seizing an Argentinean ship after the country refused to make good on a bond payment, once again acquired a somewhat unusual asset, this time a chain of bookstores called Barnes & Noble. While most would agree, the nostalgia and whimsy of walking the aisles of a …

A New Paradigm in Book Retail or Destined to Repeat History? Read More »

Beware of “Network Effects”

The term network effects gets thrown around a lot, particularly when describing tech platforms. However, only a select number of businesses experience genuine network effects, and not all network effects are created equally. A recent video by venture capital firm Andreesen Horowitz sheds some light on this topic, and provides useful information to build out a …

Beware of “Network Effects” Read More »

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

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.

Our
Strategies

Our Strategies

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

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.