Montaka Global Extension Fund
The Fund is highly focussed on investing in long-term winners in attractive transforming markets when they are undervalued and offer outsized return potential.
The Montaka Global Extension Fund (ASX: MKAX) is highly focussed on investing in long-term winners in attractive transforming markets when they are undervalued and offer outsized return potential.
The Fund also short-sells single stocks and ETFs to make additional investments in these winners with the proceeds and as an absolute profit centre. Investors benefit from an easily accessible listed structure with ‘live’ pricing and sufficient liquidity around ‘fair value’.
Investors can buy and sell units on the ASX (ticker: MKAX) in the same way as other listed securities, through a broker or trading account or they can also choose to invest directly with the Fund.
- ASX-listed with additional direct unlisted access
- Concentrated portfolio of typically 15-30 long and 25-40 short positions
- Long-term capital growth
- Target distributions 5% p.a.
- Inception June 2020
The Fund aims to provide Unitholders with long term capital growth, with a focus on managing downside risk.
The investment objective is not intended to be a forecast. It is only an indication of what the investment strategy aims to achieve over the medium to long term, assuming financial markets remain relatively stable during that time. The Fund may not be successful in meeting this objective.
Returns are not guaranteed.
The Fund invests in a portfolio of quality global equities listed on major global exchanges (The Long Portfolio) purchased at a discount to Montaka Global’s estimate of their intrinsic value. The Fund also seeks to profit through borrowing and short selling (The Short Portfolio) the securities of companies Montaka Global believes are, for example, deteriorating, misperceived and overvalued.
Typically, the Fund seeks to hold 15 to 30 long positions and partially offsets these with 25 to 40 short positions.
The Fund provides Unitholders with the opportunity to benefit from both the gains of extraordinary businesses and the declines of deteriorating businesses.
The Fund portfolio will generally include:
- International and Australian listed equities (up to 150% of gross asset value (GAV));
- OTC derivatives (FX forwards only– to hedge currency risk) (notional exposure up to 150% of GAV)
- Exchange-traded derivatives (notional exposure up to 150% of GAV);
- Exchange traded funds (up to 150% of GAV);
- Cash and cash equivalent investments (up to 50% of GAV);
The Investment Manager actively adjusts the investment mix within the ranges above. It should be noted that the investment mix can change within the ranges and sometimes quickly. Ask your adviser or contact the Investment Manager for information about the investment mix and size of the Fund.
Investors can buy and sell Units in the Fund by either:
- transacting on the ASX via a broker and using your HIN; or
- sending a completed Application Form and associated identification documents to the Fund’s Unit Registry along with payment for the purchase of Units, or exit the Fund by sending a withdrawal request to the Unit Registry for processing.
The method by which you enter the Fund does not affect the method by which you can exit the Fund. For example, investors can buy Units in the Fund on the ASX and sell those Units on the ASX or redeem those Units directly via the Unit Registry.
An investor that applies for Units directly via the Unit Registry may pay a different price for Units in the Fund to an investor who buys Units on the ASX at the exact same time. Similarly, an investor who redeems Units directly via the Unit Registry is likely to receive a different price for Units in the Fund to an investor who sells Units on the ASX at the exact same time. These differences in prices received by investors may result in a different return from an investment in the Fund.
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- You should read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding to acquire the product.
- The issuer of units in Montaka Global Extension Fund (Quoted Managed Hedge Fund) is The Fund’s responsible entity Perpetual Trust Services Limited ACN 000 142 049 (AFSL 236648). The Product Disclosure Statement (PDS) contains all the details of the offer.
- Copies of the PDS and TMD are available for download on this web page under the 'Documents' header. Before making any decision to make or hold any investment in the Fund you should consider the PDS in full. An investment in the Fund must be through a valid application form attached to the PDS. You should not base an investment decision simply on past performance. Past performance is not an indicator of future performance. The investment returns of the Fund are not guaranteed, and so the value of an investment may rise or fall.
- The information provided is general in nature and does not take into account your investment objectives, financial situation or particular needs. You should consider your own investment objectives, financial situation and particular needs before acting upon this information and consider seeking advice from a licensed financial advisor if necessary.
- This Fund is appropriate for investors with “High” risk and return profiles. A suitable investor for this Fund is prepared to accept high risk in the pursuit of capital growth with a medium to long investment timeframe. Investors should refer to the Target Market Determination (TMD) for further information.
Montaka Global is a specialist global equities manager established in 2015 by Andrew Macken and Christopher Demasi with offices in Sydney, Melbourne and New York.
Montaka’s mission is to achieve superior long-term compounding of investor capital, alongside the capital of our principals, team, and owners.
Montaka Global is a specialist global equities manager established in 2015 by Andrew Macken and Christopher Demasi with offices in Sydney, Melbourne and New York.
Montaka’s mission is to achieve superior long-term compounding of investor capital, alongside the capital of our principals, team, and owners.
Overview of Montaka
Boutique specialist global equities manager
- Established in 2015 by principals Andrew Macken and Christopher Demasi
- Team of 8 in Sydney and NYC are equity partners and fund investors
- ASX-quoted mangaged funds (Ticker - MOGL and MKAX) Strategic long-term relationships
Strategic long-term relationships
- Backed by Chris Mackay’s private family company as shareholder and investor
Distribution partnership with Hillcrest (Damian Craven and Alistair Dunne)
Concentrated and patient portfolio of winners
- Top 10 represent ~70% of portfolio with average hold period ~ 4 years
- Long-term winners in attractive transforming markets with outsized return potential
We can be a partner of choice for global equities.
- Built on trusted partnerships
- Long-term perspective
- Dedicated to ongoing improvement
- Patient long-term backing
- Strong alignment with client outcomes
- Governed by investors with committed distribution
- Concentrated in high-conviction opportunities
- Patient with long-duration horizons
- Focussed on long-term winners in attractive transforming markets with outsized return potential
Andrew established Montaka in 2015 in Sydney. Prior to this, Andrew lived in New York working as a senior member of Jim Chanos’ research team at Kynikos Associates, a multi-billion dollar global long short hedge fund. It was here where Andrew developed particular expertise in short portfolio management.
Prior to this, Andrew worked as a management consultant at Port Jackson Partners (PJP), a leading advisor to corporates based in Australia and abroad. At PJP, Andrew focused on corporate strategy for major clients in Australia and overseas.
Andrew holds a Master of Business Administration (Dean’s List) from the Columbia Business School in New York. Previous to this, Andrew also graduated with a Master of Commerce (High Distinction), focusing on Finance; and First Class Honours with a Bachelor of Engineering under a Co-Op Scholarship from the University of New South Wales in Sydney.
Andrew is a founding shareholder in Montaka Global Investments.
Christopher joined Montaka in January 2015 after more than four years with LFG, the private investment group of the Lowy family. Christopher was a senior member of the LFG investment team – a group focused on investing the family’s significant capital directly in public equities across a broad range of geographies and industries. After an initial period in Sydney, Christopher relocated to help LFG establish its New York office.
Prior to this, Christopher worked as a Research Analyst at One East Partners, a multi-billion dollar global long/short fund based in New York, where he concentrated on fundamental and event-driven global equity investments. He began his career in the Investment Banking Division at Goldman Sachs in Sydney.
Christopher holds a Bachelor of Commerce (Double Major in Actuarial Studies and Finance) with High Distinction under a Co-Op Scholarship from the University of New South Wales in Sydney. Christopher is a founding shareholder of Montaka Global Investments.
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The Fund invests in a portfolio of quality global equities listed on major global exchanges (The Long Portfolio) purchased at a discount to Montaka Global's estimate of their intrinsic value. The Fund also seeks to profit through borrowing and short selling (The Short Portfolio) the securities of companies Montaka Global believes are, for example, deteriorating, misperceived and overvalued. From time to time, the Fund may employ tools to manage downside risk, including the purchase of listed put options and exchange traded funds.
The specific risks of investing in the Fund are described in section 5 of the PDS.
An active Exchange Traded Managed Fund (ETMF) is, most simply, a managed fund that is traded on a stock exchange such as the ASX. They are built like managed funds, but trade like shares, meaning that pricing is transparent and they can be bought and sold during any trading day just like ordinary shares.
Active ETMFs share many similarities with exchange traded funds (ETFs) but have one key difference: ETFs are “passively managed” and aim to track a particular benchmark or index, whereas ETMFs are “actively” managed by fund managers with the aim of outperforming a relevant benchmark.
There is no minimum investment amount.
Distributions are targeted to be paid semi-annually, being; end of calendar year and end of financial year. They should be received within 20 business days of each end of period.
Like an unlisted managed fund, the distributions might include income and realised capital gains of the fund and any additional amounts of cash, income or capital.
Yes. The default is for distributions to be reinvested; however, you can choose to have them paid out in cash.
You can update your distribution election by logging in to your portfolio at Mainstream Fund Services Pty Ltd https://montaka.mainstreamfs.com/login and selecting the ‘Fund Name’, select ‘Settings’ then ‘Direct Credit’ and complete ‘Linked Bank Accounts’.
Alternatively, you can download a 'Request for Direct Credit Payment Form'. The form can be downloaded from the fund page of the Montaka website, under ‘Documents’.
If you are using the 'Single Holding' login, you will be unable to update your election online, the 'Request for Direct Credit Payment Form' will be required.
For additional transparency, MKAX will disclose an indicative net asset value (iNAV) which is updated regularly during the trading day. The purpose of the iNAV is to provide investors with an intra-day view of the ‘fair value’ for the Fund. The iNAV will be updated for foreign exchange movements in the Fund’s portfolio of stocks and will also be updated in respect of stocks that have live market prices during the trading day. The Fund may use one or more other index futures, such as S&P futures, as a proxy to account for movements in the Fund’s exposure to certain stocks and derivatives that do not have live market prices during the ASX Trading Day.
Click here to access the iNAV page.
You can sell units in MKAX via your trading account or preferred broker, just like you would a share on the ASX.
Alternatively an off-market redemption request can be submitted directly with the unit registry.
No commissions are paid by us to any financial advisers or brokers.
Statutory Statement
The issuer of this product is identified at the top of this page. The PDS and target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the PDS before deciding to acquire the product. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.
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