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.
Price as at 31/12/2020. Price is in AUD.
*Applicable to General Class
Comparative Returns Since Inception to 31/12/2020 (After all fees)
|Montaka Global Fund $A||Average Net Market Exposure|
|3 years (p.a)||-3.7%||49%|
|5 years (p.a)||-0.8%||48%|
|Compound annual return||1.9%||48%|
|No distribution for the period|
|Distribution per unit||2.2972 cents|
|Distribution per unit||8.032 cents|
|No distribution for the period|
|Distribution per unit||2.0 cents|
You should read the Information Memorandum before deciding to acquire the product.
The Montaka Global Fund is available to wholesale investors, and is by invitation only, and will not be available for distribution to the general public. Montgomery Investment Management Pty Ltd (ACN 139 161 701) (AFSL: 354564) (Montgomery Investment Management or MIM) is the trustee of the Montaka Global Fund. An investment in the Montaka Global Fund will only be available through a valid subscription agreement attached to the Information Memorandum. Before making any decision to make or hold any investment in the Montaka Global Fund you should consider the Information Memorandum in
full. 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.
After an initial discussion with Montgomery about investing in the Montaka Global Fund:
Read the Information Memorandum in full
Complete the subscription agreement and ID requirements and send this to the Administrator
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, Citco Fund Services (Australia) Pty Ltd on 02 9005 0400.
The Net Asset Value (after expenses) is calculated monthly, the first business day of each month.
The Montaka Global Fund will typically invest in a portfolio of 15 to 30 high conviction 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 Montaka Global Fund will also short sell typically 25-40 stocks based on a novel framework that categorises stocks into at least one of the following:
The net exposure to the market (long exposure minus short exposure) would typically be between 30 per cent and 70 per cent; and can vary over time as market conditions change.
Units in the Fund will be issued and redeemed in AUD.
The assets of the Underlying Funds (Montaka Global Master Fund and Montaka Global Offshore Fund) may be invested in securities and other investments denominated in currencies other than AUD and the functional currency of the Underlying Funds, being USD. The value of such investments may be affected favourably or unfavourably by fluctuations in exchange currencies. Transactions undertaken to hedge adverse currency exchange movements may also involve the risk that a counterparty to any transaction may default on its obligation thereunder.
The Fund implements its investment strategy by investing in the Australian dollar denominated participating shares of the Underlying Funds. The Underlying Funds issue shares in other currencies.
The Underlying Funds may engage in foreign exchange hedging transactions for the Australian dollar denominated participating shares of the Underlying Funds. The relevant hedges will be based upon an estimate of the NAV of the Australian dollar denominated participating shares of the Underlying Funds on each Valuation Day (last day of each month). Any gains or losses arising on foreign exchange contracts relating to the Australian dollar denominated participating shares in the Underlying Funds will only be applied to the relevant Australian dollar denominated participating shares.
Exchange rate fluctuations and the costs of the currency hedging arrangements utilised in respect of the Australian dollar denominated shares may prejudicially affect the net asset value of such shares even where investment performance in respect of those shares is positive.
A minimum initial investment of $1,000,00 is required. Montgomery Investment Management, as Trustee, can waive this minimum at their discretion.
Investors can add to their initial investment at any time, through a lump sum additional investment.
Applications and electronic payment needs to be received by the Administrator at least three business days prior to the relevant Subscription Day. Applications can be made by fax or email, however, original applications should be subsequently delivered to the Administrator.
The Montaka Global Fund should not be acquired with income in mind. While the Fund may pay distributions in the early years of its life, the Investment Manager expects that the Fund will ultimately discontinue the payment of distributions, with income and realised gains reinvested instead.
The Montaka Global Offshore Fund, the Cayman Islands company into which the Montaka Global Fund will invest, will initially be classed as a Controlled Foreign Corporation (CFC) by the ATO and may pay annual distributions. In the future, however, we expect the Montaka Global Offshore Fund to be deemed a non-CFC by the ATO, following which distributions will likely cease.
To be deemed a non-CFC by the ATO, the Montaka Global Offshore Fund requires greater investment by foreign investors than by Australian investors. It is the intention of the Investment Manager to pursue such a strategy in the future. For this reason, the Fund should not be acquired with income in mind as it is intended that future income and realized gains will be reinvested.
Our administrator, Citco, has a portal that investors can access to see their balance and download all statements. Once invested, you will be given registration details.
Access the Citco client log in here:
If you want to withdraw your money, simply contact Citco Fund Services (Australia), the Administrator of the Fund, in writing advising how much you wish to withdraw at least 60 days ahead of the date at which you wish to redeem. This is called a redemption request.
Redemption dates occur on the last day of each month. Investments can be redeemed by mailing, faxing or emailing the Administrator a redemption request. Requests that are faxed or emailed will be processed, however, original requests should be subsequently delivered to the Administrator.
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 which the subscription proceeds were derived. Note that normal bank charges apply. Please refer to section 5.2 page 08 of the Investment Memorandum.