Montaka Global Long Only Equities 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 Long Only Equities Fund (Managed Fund) (the Fund) aims to provide Unitholders with long term capital growth and income distributions of 4.5% p.a. through a portfolio of quality global shares and to outperform the MSCI World Net Total Return Index, in Australian Dollars over a rolling 5-year period, net of fees. Note the investment return objective is not intended to be a forecast. It is merely an indication of what the Fund aims to achieve over the medium to longer term on the assumption that equity markets remain relatively stable throughout the investment term. The Fund may not be successful in meeting this objective. Returns are not guaranteed.
Montaka Global has developed a proprietary approach to fundamental research to help achieve the investment return objective. This approach is adopted by the Montaka Global Long Only Fund and it is intended that the Fund will share the same underlying investment strategy and substantially the same portfolio composition as the Montaka Global Long Only Fund.
The Fund is quoted on ASX under stock code MOGL.
The Fund typically invests in a high conviction portfolio of 15 to 30 businesses listed on major global stock exchanges, and cash. Montaka Global is a value investor dispassionately applying a highly disciplined and fact-based fundamental investment process, which focuses on investing in what Montaka Global regards as high quality global businesses with attractive future prospects trading at attractive valuations.
The Fund may hold cash or cash equivalents (such as cash based exchange traded funds and term deposits) in times when the Fund considers there to be limited investment opportunities. While the mandated maximum cash holding is 20% of the portfolio, it is not envisaged that the Fund would reach such a level absent an extreme market scenario. The Fund will typically operate with a cash weighting of 0 - 5%.
The Fund’s target allocation to any individual Global Industry Classification Standard (GICS) sector is 30 percent, or less (measured at cost). The Fund’s target allocation to any individual country of domicile is 30 percent, or less (measured at cost). The one exception to this rule is the United States which has a target allocation of 75 percent, or less (measured at cost). The Fund targets ownership of businesses with market capitalisations of $1 billion, or more.
The Fund will not use short selling techniques or securities lending.
The Fund will not use derivatives to a material extent.
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. Investors can buy Units in the Fund on the ASX and sell units in the ASX or redeem directly with 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 time. Similarly, a Unitholder who redeems Units via the Unit Registry is likely to receive a different price for Units in the Fund to a Unitholder who sells Units on the ASX at the exact same time. These differences in prices received by Unitholders 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 Long Only Equities Fund (Managed 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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MOGL will typically invest in an all-cap portfolio of 15 to 30 high quality businesses listed on major global stock exchanges with a focus on North America, Western Europe, the United Kingdom, Japan, Hong Kong, Singapore and Australia.
If an insufficient number of individual company names are appealing in terms of the prevailing share price relative to the Montaka Global’s assessment of their intrinsic value, we may consider the overall market ‘expensive’ and in an effort to preserve the market value of the portfolio, may allow the cash component of the portfolio to build.
While the mandated maximum cash holding is 50% of the portfolio, it is not envisaged that the Fund would reach such a level absent an extreme market scenario. The practical maximum cash weighting of the Fund is 30%; and the practical minimum is 0 - 5%.
Montaka Global may, on occasion, hedge the Fund against movements in the Australian Dollar and other currencies, but the default position is to remain unhedged.
You can purchase units in MOGL via your trading account or through your preferred broker subject to their minimum and brokerage fees.
Please note, Montaka Global is not a broker and as such cannot facilitate the buying or selling of MOGL units via the ASX.
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.
You can sell units in MOGL via your trading account or preferred broker, just like you would a share on the ASX.
Investors do not need to complete any paperwork or submit a redemption form. Settlement of the sale of units will occur in the same way as the sale of listed securities via the ASX CHESS settlement service on a T+2 cycle.
Please note Montaka Global is not a broker and as such cannot facilitate the buying or selling of MOGL via the ASX.
No commissions are paid by us to any financial advisers or brokers.
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.
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.
MOGL is a listed fund, quoted on the ASX, and issue investors with units that can be traded at any time through an online trading account or through a stock broker. Montaka Global Long Only Fund is an unlisted managed fund that issues you with units.
While they are completely different trusts under separate investment vehicles, both funds share the same common investment strategy and we expect that performance will closely follow the equivalent listed MOGL, as it maintains the same investment strategy, investment process and substantially the same portfolio.
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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