Montgomery is focused on the ownership of high quality businesses – that can be purchased at attractive valuations – and generating superior returns over the long term. We are value investors committed to preserving and growing your capital. Read more about our investment approach.
*this is a forward pricing fund, the price you receive is based on close of market prices.
Comparative Returns Since Inception to 31/12/2020 (After all fees)
|Montaka Global 130/30||
MSCI World Net Total Return Index (AUD)
|June 2020 distribution|
|Distribution per unit||0.0499 cents|
|June 2019 full year distribution|
|Distribution per unit||0.099861 cents|
You should read the Product Disclosure Statement (PDS) before deciding to acquire the product.
Units in the Montaka Global 130/30 Fund (ARSN: 632 941 238) are issued by the Fund’s responsible entity Perpetual Trust Services Limited ACN 000 142 049, AFSL 236 648. Copies of the PDS are available by downloading them from this web page. 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.
After an initial discussion with Montgomery about investing in the Montaka Global 130/30 Fund:
Read the Product Disclosure Statement in full
Complete the online application form and ID verification online (approx. 15 minutes) and submit the completed application form to the Administrator online
Transfer the funds and an investment confirmation will be issued by the Administrator
For assistance completing the application form, you can speak directly with the Administrator, Mainstream Fund Services on 1300 133 451.
The Montaka Global 130/30 Fund is usually limited to stocks listed on major global stock exchanges with a focus on North America, Western Europe, the United Kingdom, Japan, Hong Kong, Singapore and Australia.
The fund’s typical activity includes investing in 15-30 high conviction extraordinary businesses when they are undervalued, whilst also (short) selling 25-40 stocks based on our proprietary framework that classifies them into at least one of the following categories: (i) thematic structural declines, (ii) divergent expectations; (iii) asymmetries; and/or (iv) misperceptions. The net exposure (long exposure minus short exposure) to the market would typically remain at approximately 100 percent at all times.
The Fund will typically operate in a way that provides investors “net market exposure” (long minus short positions) of 100% (+/- 10%) by holding 130% Long Portfolio (+/- 5%) and 30% Short Portfolio (+/- 5%).
As an example, The Fund uses cash to purchase $100 in shares it believes to be undervalued. The Fund also borrows $30 worth of shares it believes to be overvalued and sells them. The Fund uses the proceeds from these sales to purchase an additional $30 in stocks The Fund judges to be undervalued. This strategy results in $130 invested in long positions and $30 invested in short positions, resulting in $100 net market exposure.
When borrowed securities are sold for the Short Portfolio, the Fund receives cash from these sales, which it can use to acquire more securities for the Long Portfolio. The Short Portfolio, therefore, provides leverage. The Fund will typically operate with gross leverage of 160% (+/- 10%) of the net asset value of The Fund. Please refer to “Disclosure Principle 6: Leverage” for more information.
The Fund maintains a portfolio which is carefully constructed to manage investment and currency risk.
The Fund is designed for investors who want full 100% net exposure to global equity markets, while also leveraging the stock selection expertise of the Montaka investment team. Furthermore, the Fund offers global equity and currency diversification benefits.
The Fund’s typical net market exposure (long exposure minus short exposure) is 100%; and the typical gross leverage (long exposure plus short exposure) is 160%. On this basis, the Fund is not appropriate for investors seeking material downside-protection in a declining equity market environment. Furthermore, given the Fund’s gross leverage, returns may be more volatile than those of the Benchmark.
Daily. Investors can add to their initial investment on a daily basis (with payment and applications required by the Unit Registry by 3pm Sydney time).
Minimum additional investment is A$5,000.
Any income distributions are paid semi-annually (as at 30 June and 31 December each year) and can be reinvested in full or paid out entirely.
Distribution payments are typically made within 20 business days after the end of the distribution period.
We distribute all taxable income to investors each year, including any taxable capital gains. Distributions may also carry imputation or other tax credits. If there is no net income or net capital gains earned in a particular year, the Fund may not pay a distribution in respect of that year.
In some circumstances, the Fund may distribute a payment out of capital in addition to, or instead of, a distribution of net income or net capital gains.
The default option is for distributions to be reinvested. Investors can elect to be paid in cash by completing the ‘Distribution payment instructions’ section of The Fund’s application form. Distribution payments are typically made within 20 business days after the end of the distribution period. Distributions will not be paid by cheque.
There is no fee.
There is no fee.
Capped at 0.93% of the gross asset value of the General Class.
The performance fee for the General Class is 20% of the amount by which the performance of the class, after fees and ordinary expenses have been deducted, exceeds the Benchmark return at the end of the calculation period (being 30 June 2019, and semi-annually thereafter) and has achieved positive performance. It is calculated daily and paid semi-annually in arrears.
Our administrator, Mainstream Fund Services, has a portal that investors can access to see their balance and download all statements. Once invested, you will be given registration details.
Redemption requests are required to be received by the Unit Registry by 3pm Sydney time (via post, fax or email).
The redemption request must be signed by the investor or authorised signatories and must specify the investor number, amount (in dollars or units) and account name, BSB number and account number of the bank account to which payment is to be made.
Investors should note that redemption proceeds will only be paid into the original account in the name of the investor from.