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Letter from the PMs – January 2024

– Andrew Macken & Chris Demasi


2023 was an extraordinary year characterized by stock returns that were okay for the many (the median stock in the S&P 500 returned 12.7% in 2023), and extraordinary for the few (one stock in eight from the S&P 500 returned 50% or more). Montaka was fortunate to own many of the extraordinary performers in 2023.

As you take a break over the Australian summer, we share in this month’s shortened Monocle a great selection of reading material, as well as some reflections on investing inspired by one of Charlie Munger’s final interviews before he passed away last month.

We wish you and your families a safe and happy new year!




Andrew Macken & Chris Demasi



Podcast: Join the Montaka Global Investments team on Spotify as they discuss the latest 2023 Q3 reporting season in Spotlight Series Podcast. Follow along as we share real-time examples and investing tips that govern our stockpicks. Click below to listen. Alternatively, click on this link: https://podcasters.spotify.com/pod/show/montaka


To request a copy of our latest paper which explores the empirical research around the 3 pillars of active management outperformance, please share your details with us:


Note: Montaka is invested in Amazon, Microsoft, Alphabet, Salesforce, ServiceNow, Spotify, Meta, Blackstone, KKR & S&P Global


Andrew Macken is the Chief Investment Officer & Chris Demasi is the Portfolio Manager at Montaka Global Investments. 
To learn more about Montaka, please call +612 7202 0100 or leave us a line on montaka.com/contact-us


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