| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Montaka's March quarter was challenging with most portfolio holdings declining due to valuation multiple compression rather than fundamental deterioration. The manager maintained conviction in competitively advantaged businesses despite viral market narratives, particularly around AI's impact on software companies. Key detractors included Microsoft, KKR, ServiceNow, MongoDB, Meta Platforms, and Salesforce, while portfolio-weighted revenues continued showing double-digit growth. The manager added four new positions: BAE Systems as defense spending beneficiary, TSMC for AI semiconductor monopoly, Uber for network advantages, and Intercontinental Exchange for volatility benefits. Geopolitical conflict in Iran dominated the quarter, but the manager believes this has reduced Taiwan conflict probability by highlighting chokepoint vulnerabilities. The firm sees significant opportunity in cloud hyperscalers given exponential compute demand growth outpacing capacity expansion. Current valuations present attractive entry points in quality businesses, with Meta at 13x 2026 EBIT and Salesforce at 4.8x gross profits. The manager maintains long-duration investment approach focused on structural transformations.
Montaka maintains high-conviction positioning in competitively advantaged businesses benefiting from long-term structural transformations, particularly AI infrastructure and defense spending, which are trading at attractive valuations following recent market selloffs.
Manager maintains long-term investment philosophy focused on exploiting market inefficiencies in competitively advantaged businesses. Sees current market selloff as creating opportunities in strong businesses trading at attractive valuations. Believes portfolio positioning in structural transformations like AI and defense spending will deliver superior long-term returns despite short-term volatility.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 23 2026 | 2026 Q1 | BA.L, CRM, ICE, KKR, META, MSFT, SPGI, TSM, UBER | AI, Cloud, defense, geopolitics, semiconductors, software, Valuations |
BA.L TSM UBER ICE |
Montaka's March quarter saw broad portfolio declines driven by valuation compression, not fundamental weakness. The manager added BAE Systems, TSMC, Uber, and Intercontinental Exchange while maintaining conviction in AI infrastructure and defense themes. Despite short-term volatility from geopolitical conflicts and software sector narratives, strong competitive advantages are now available at attractive valuations, creating compelling long-term opportunities. |
| Jan 31 2026 | 2025 Q4 | 0700.HK, ALB, AMZN, BX, CRM, FND, GOOGL, KKR, MA, MDB, META, MOGL.AX, MSFT, NOW, ORCL, REA.AX, SPGI, SPOT, U, V | AI, Cloud, geopolitics, Lithium, software, technology, value |
ALB FND NOW BX KKR |
Montaka's Q4 2025 letter highlights strategic repositioning amid AI-driven market transformation. Despite underperformance, they added to undervalued enterprise software and payment companies while trimming winners. New lithium investment Albemarle reflects supply shortage thesis. Manager emphasizes long-term structural change focus while acknowledging geopolitical risks and inequality concerns. Portfolio risk-adjusted upside improved significantly. |
| Nov 7 2025 | 2025 Q3 | 0700.HK, AMD, AMZN, BX, CRM, DASH, FLUT.L, FND, GOOGL, KKR, MC.PA, MDB, META, MSFT, NOW, NVDA, ORCL, RIGD.NS, SPOT, U | AI, First Principles, Flywheel, growth, long duration, Structural Change, technology, value | - | Montaka focuses on advantaged businesses within long-term structural changes, adding DoorDash for its winner-take-most food delivery position while trimming Flutter and adding to undervalued LVMH. Despite political uncertainty and complex macro backdrop including US trade policy shifts and geopolitical tensions, the firm sees abundant opportunities in AI-driven transformations with years of runway ahead. |
| Jul 24 2025 | 2025 Q2 | BX, FND, KKR, MC.PA, SPOT | active management, Competitive Advantage, Concentration, Flywheels, long-term, Quality |
FND FND |
Montaka delivered 20%+ annualized returns across multiple timeframes through concentrated ownership of competitively advantaged businesses with flywheel dynamics. The firm used Q2 2025 market volatility to add to positions like KKR while maintaining 76% concentration in top holdings. Their focus on companies sharing economics with customers creates self-reinforcing growth cycles that should drive continued outperformance. |
| Jan 7 2025 | 2024 Q4 | AMZN, BABA, BX, CRM, FND, GOOGL, KD, KKR, MC.PA, MDB, META, MSFT, NOW, SPGI, SPOT, UNH | AI, Alternative Assets, Cloud, Concentration, Enterprise Software, growth, technology | - | Montaka's concentrated portfolio of advantaged businesses within structural transformations delivered strong Q4 results. The fund is positioned for four 2025 cyclical upswings: alternative asset monetizations, enterprise AI deployments, policy tailwinds, and housing recovery. Top holdings include AI-advantaged hyperscalers and enterprise software leaders plus alternative asset managers Blackstone and KKR. The MFF tie-up provides permanent capital for long-duration compounding. |
| Oct 17 2024 | 2024 Q3 | AMD, AMZN, BX, CRM, FND, GOOGL, KD, KKR, MA, META, MSFT, NOW, SPGI, SPOT, V | AI, Asset Management, Cloud Computing, Global Equities, long-term, payments, technology | - | Montaka maintains concentrated exposure to advantaged companies in cloud computing, payments, asset management, and AI-enabled platforms. The fund opportunistically added Floor & Decor and increased Amazon allocation during Q3 volatility. With solid fundamentals, falling rates, and reasonable valuations, the manager sees abundant opportunities despite near-term political and geopolitical risks. |
| Jul 30 2024 | 2024 Q2 | AAPL, AMD, AMZN, BRK-A, BX, GOOGL, KD, KKR, MC.PA, META, MSFT, NVDA, SPOT, TSLA | AI, Cloud, Compounding, Concentration, growth, technology, value | - | Montaka defends their concentrated tech and alternative asset management strategy despite market concerns about the Magnificent Seven's dominance. With Microsoft, Amazon, KKR and Blackstone comprising 40% of holdings, they argue current valuations offer excellent long-term value when viewed through five-year earnings multiples. The AI revolution and structural industry growth support their unchanged positioning for continued compounding. |
| Apr 27 2024 | 2024 Q1 | AAPL, AMD, BX, KD, MC.PA, MRNA, WMT | AI, compounders, global, Structural Change, technology |
AMD KD |
Montaka continues strong performance with portfolio companies showing robust earnings growth that remains underappreciated. Added tactical positions in AMD and Kyndryl while exiting Apple on valuation. AI demand exceeding expectations with AMD forecasts revised dramatically upward. US economy strong, inflation moderating, rate cuts expected. Focused on structural transformation winners with competitive protection trading below intrinsic value. |
| Jan 28 2024 | 2023 Q4 | 0700.HK, AMZN, BABA, BX, CG, CRM, GOOGL, KKR, LVMH.PA, META, MSFT, NOW, SPGI, SPOT, V | AI, Alternative Assets, compounders, Digital Marketing, Financial Services, global, Luxury, technology |
MC.PA ABX KKR SPGI ^VIX |
Montaka delivered strong 2023 performance owning megacap winners while maintaining concentrated exposure to structural transformation themes. Added LVMH after 30% decline, sold Carlyle Group. Portfolio focused on AI beneficiaries, alternative asset managers, luxury brands, and mission-critical financial platforms. Low turnover strategy emphasizes time horizon arbitrage with multi-year earnings power growth expectations exceeding market pricing. |
| Oct 19 2023 | 2023 Q3 | AMZN, BAC, CRM, META, MSFT, NOW, SPOT, STJ.L, U | active management, AI, Cloud, Concentration, geopolitics, Streaming, technology | - | Montaka's concentrated global equity strategy delivered strong Q3 results, owning 11 of the top-performing S&P 500 stocks. The team believes markets have entered a higher dispersion period favoring active management. Key holdings like Salesforce demonstrated impressive margin expansion while AI advances create new opportunities. Portfolio remains US-weighted with minimal China exposure given geopolitical risks. |
| Aug 8 2023 | 2023 Q2 | AAPL, AMD, AMZN, BX, CRM, GOOGL, KKR, META, MSFT, NOW, NVDA, SPOT, TSLA | AI, Alternative Assets, Cloud, growth, large cap, technology, US |
AMZN AAPL|MSFT|NFLX|NVDA|UNH ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO ABX KKR |
Montaka's concentrated portfolio of AI and cloud leaders delivered strong first-half returns but managers are holding tight despite gains. Amazon, Microsoft, and Meta are capturing multi-trillion-dollar AI opportunities while trading below 2022 levels. Alternative asset managers Blackstone and KKR are positioned for private wealth expansion. Economic backdrop improving with moderating inflation and expected Fed rate cuts. |
| Apr 12 2023 | 2023 Q1 | AMD, BAC, GOOGL, MSFT | AI, Banking, China, credit, geopolitics, Microsoft, semiconductors, technology |
ABAC AMD |
Montaka added Bank of America and AMD as tactical plays while trimming Alphabet due to AI disruption risks. GPT-4's release marks a historic inflection point, with Microsoft monetizing AI integration. Banking stress benefits large institutions through deposit flows. Economic slowdown ahead but should enable Fed easing. Portfolio positioned for AI-driven opportunities despite near-term headwinds. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIManager sees great investment opportunity in Western cloud hyperscalers (Amazon, Microsoft, Alphabet) due to exponential growth in compute demand, limited capacity expansion, and strengthening competitive advantages. AI adoption is accelerating enterprise cloud migration beyond just AI workloads. |
Cloud Hyperscalers Compute Infrastructure Enterprise |
Defense SpendingManager believes a rearmament supercycle is underway driven by shift toward multipolar world and reduced US security reliance. Added BAE Systems as beneficiary of structural acceleration in global defense spending with countercyclical value during conflicts. |
Rearmament NATO Geopolitics Military Contractors | |
CloudGrowth in compute demand far outstrips capacity expansion due to physical and political bottlenecks, giving pricing power to hyperscalers. Barriers to entry are rising with tens of billions required quarterly for competitive infrastructure. |
Infrastructure Capacity Pricing Power Barriers Investment | |
SemiconductorsAdded TSMC as world's effective monopolist in AI semiconductor fabrication. Enhanced power efficiency will be primary source of compute capacity expansion, giving TSMC extreme pricing power that remains underestimated by markets. |
Fabrication Monopoly Power Efficiency Pricing Power Taiwan | |
| 2025 Q4 |
AIMassive capex cycle linked to AI representing increasing cash flow from hyperscalers. Signs that AI adoption is flatlining with unclear use cases for profitability. Reliance on Magnificent 7 for equity market performance continues, with credit markets becoming increasingly sensitive to AI companies. |
Artificial Intelligence Hyperscalers Capex Technology Valuations |
GoldExceptionally strong performance with gold returning 65% for 2025 and silver 148%. Trend continued into 2026 with gold rising 13.3% and silver 18.9% by end of January. Extreme moves following very strong performance last year. |
Precious Metals Safe Haven Inflation Hedge Commodities | |
CreditCredit spreads remained tight at historic levels with returns mainly generated by carry. Four of the largest credit issuers in 2025 were hyperscalers. High dispersion under tight spreads with significant refinancing requirements in 2026-2027. |
Credit Spreads Corporate Bonds Refinancing High Yield | |
GeopoliticalPresident Maduro taken from Venezuela, fracturing of Western alliance as Trump looked to acquire Greenland, protests in Iran violently suppressed. Tensions between countries may make cross-border transactions more difficult as countries favor national champions. |
Geopolitics Venezuela Iran Trade Policy National Security | |
| 2025 Q3 |
AIAI is accelerating change across the economy with both prudent and risky capital allocations. Companies like Meta, Alphabet, and Tencent are investing enormous sums and earning significant returns due to AI's complementarity with their core businesses. However, OpenAI's massive spending commitments raise questions about revenue generation and customer validation. |
Artificial Intelligence Machine Learning Data Analytics Automation Cloud |
E-commerceDoorDash represents the evolution of online food ordering into a critical marketing and commerce platform for merchants. The company exhibits winner-take-most dynamics with numerous adjacencies and flywheel effects that strengthen competitive advantages over time through user density, merchant attraction, and loyalty programs. |
Online Commerce Digital Platforms Marketplaces Food Delivery Consumer Technology | |
LuxuryLVMH can be acquired on a depressed multiple of temporarily depressed earnings despite its irreplicable brands. The global luxury giant represents significant undervaluation that Montaka has been adding to during the quarter. |
Premium Brands Consumer Discretionary Global Brands Retail Fashion | |
GamingTencent's gaming businesses benefit from AI through improved coaching of new players and accelerating game-creation productivity. International gaming is growing at 35% per annum, representing one of the fastest-growing segments within Tencent's portfolio. |
Video Games Entertainment Digital Content Mobile Gaming Interactive Media | |
CloudTencent operates as a major player in cloud computing with flywheel dynamics where increased business usage drives greater scale and lower fixed costs. Cloud computing revenue is growing in the teens percentage despite being capacity constrained on AI chips. |
Cloud Computing Infrastructure Data Centers Enterprise Software Technology Services | |
| 2025 Q2 |
Competitive AdvantageMontaka focuses on companies with three types of competitive advantages: economies of scale, customer captivity, and irreplicable assets. These advantages create barriers to entry and enable higher returns on invested capital over time. |
Moats Barriers Scale Captivity Assets |
FlywheelsThe firm emphasizes flywheel dynamics where companies share economics with customers, creating self-reinforcing cycles that strengthen competitive advantages over time. This dynamic drives greater customer adoption, market share, and scale. |
Dynamics Self-reinforcing Customer Scale Growth | |
Alternative Asset ManagersBlackstone and KKR are highlighted as examples of flywheel dynamics, leveraging their scale and full-service offerings to source attractive deals and attract top talent, creating mutually beneficial relationships with clients. |
Private Equity Scale Deals Talent Returns | |
StreamingSpotify exemplifies flywheel dynamics through its free ad-supported tier and low subscription price, creating customer value while gathering data to improve the service for all users. |
Music Data Subscription Value Users | |
Home ImprovementFloor & Decor demonstrates competitive advantages through specialization in hard surface flooring, economies of scale with suppliers, and sharing cost savings with customers through lower prices and wider selection. |
Flooring Scale Pricing Selection Retail | |
| 2024 Q4 |
AIAI represents a major structural transformation where the marginal cost of intelligence is rapidly approaching zero, catalyzing infusion into nearly all aspects of life and the economy. Montaka focuses on owning business advantages in AI rather than technologies, including economies of scale in compute delivery and embedded distribution channels. Enterprise deployments of AI applications are expected to accelerate meaningfully in 2025. |
Enterprise Software Cloud Data Centers Automation Productivity |
Alternative Asset ManagersBlackstone and KKR are positioned to benefit from structural tailwinds including Asian wealth growth, global private wealth allocations to alternatives, and strategic partnerships with insurers. A cyclical upswing in monetizations is expected to accelerate in 2025, boosting performance fees and enabling capital recycling for new funds. |
Private Equity Asset Management Monetizations Performance Fees Capital Recycling | |
CloudOngoing cloud migrations and digital transformations remain in early innings with 80-85% of enterprise workloads still residing on-premise. The three major hyperscalers Amazon, Microsoft, and Alphabet are highly advantaged and positioned to benefit from structurally growing demand for compute, with capacity constraints expected to ease in 2025. |
Data Centers Enterprise Software Digital Transformation Hyperscalers Compute | |
Enterprise SoftwareEnterprise software companies with mission-critical positions and accumulated customer knowledge are uniquely positioned to benefit from AI as a multiplier of existing advantages. Salesforce's Agentforce and ServiceNow's AI-enabled features represent pivotal adoption opportunities in 2025, with potential to significantly expand total addressable markets. |
SaaS AI Customer Data Productivity Mission Critical | |
| 2024 Q3 |
AIAI revolution is overwhelmingly native to the cloud and will drive incremental growth in cloud usage due to its inherently higher compute intensity. Enormous value can be unlocked through productivity enhancements on the enterprise side and engagement boosters on the consumer side. Most value is unlocked when AI models are married with customer data and meta data, favoring incumbents with decades of dataset building and existing customer bases for distribution. |
Machine Learning Enterprise Software Data Analytics Cloud Computing Productivity |
CloudCloud computing market is more than $250 billion excluding China and growing at approximately 25% annually, yet only represents 15-20% of total IT workloads with 80-85% still on-premise. Cloud-based workloads offer better total cost, security and flexibility, driving sustained migration. The space is highly concentrated with Amazon, Microsoft, and Alphabet holding at least 65% combined market share with extraordinary scale advantages through $150 billion in capital investments and $110 billion in R&D annually. |
Infrastructure Enterprise Software Data Centers SaaS Migration | |
PaymentsVisa and Mastercard operate duopolies in global payment processing with competitively protected and reliably growing core businesses. They have significant growth opportunities in new processing areas including peer-to-peer, business-to-business, business-to-consumer, and government-to-consumer payments, plus value-added services including risk, fraud-detection, issuance, acceptance, and open banking. |
FinTech Digital Payments Financial Services Transaction Processing Network Effects | |
Alternative Asset ManagersBlackstone and KKR have been successfully investing client capital for nearly 40 and 50 years respectively, with more than $1.6 trillion in assets under management between them. The alternatives space sits at around $12 trillion today and is set to grow substantially, driven by growth in three underpenetrated markets: Asia, the insurance sector, and the enormous private wealth channel. This growth will likely disproportionately favor today's leaders. |
Private Equity Asset Management Institutional Capital Fee Income Scale Advantages | |
| 2024 Q2 |
AIThe letter emphasizes AI as a huge boost to mega-cap tech companies, with Nvidia taking advantage of its stranglehold on insatiable demand for AI chips in a supply constrained market. Amazon and Microsoft's hyperscale cloud platforms AWS and Azure are positioned to keep winning big from the AI revolution. |
Artificial Intelligence Machine Learning Chips Computing Revolution |
CloudAmazon and Microsoft are among the largest holdings because of their leading hyperscale cloud platforms AWS and Azure. The letter positions these platforms as key beneficiaries of the AI revolution and structural growth drivers. |
AWS Azure Infrastructure Computing Platforms | |
Alternative Asset ManagersKKR and Blackstone are top holdings representing almost 20% of the portfolio because the managers believe they will continue to lead explosive growth in the alternative asset management industry. The letter details parallels between KKR and Warren Buffett's Berkshire Hathaway. |
Private Equity Asset Management Growth Industry Leadership | |
StreamingSpotify is highlighted as the best performer and the stock that has added the most value to the portfolio this year, described as the world's pre-eminent audio streaming company with a 67% share price gain in the first half. |
Audio Music Digital Entertainment Platform | |
| 2024 Q1 |
AIThe AI wave has commenced and is already much larger than previously anticipated by industry insiders. AMD's AI chip was just released and the company revised their AI chip revenue forecast from $2 billion to $3.5 billion in just 92 days due to overwhelming customer demand. Future earnings forecasts for AMD will likely need substantial upward revisions. |
Semiconductors Chips Revenue Growth Demand Forecasts |
| 2023 Q4 |
AIMontaka sees AI winners across three dimensions: those that can distribute AI benefits to customers (Microsoft, ServiceNow, Salesforce, Spotify), those that employ AI in their operations (Meta, Alphabet), and those that sell compute and services for AI applications (Amazon, Microsoft, Alphabet). The firm believes large-scale AI rollouts have not yet begun despite early experimentation. |
Machine Learning Cloud Enterprise Software Data Centers Hyperscalers |
Alternative Asset ManagersThe alternative asset management space is undergoing structural transformation with significant room to grow from $10 trillion today toward global stocks and bonds of $200+ trillion. Growth drivers include insurance partnerships ($30 trillion), retail/private wealth channels ($80+ trillion), and Asian allocations. Scale advantages favor leading managers like Blackstone and KKR. |
Private Equity Asset Management Insurance Wealth Management Scale | |
LuxuryLVMH owns prestigious brands including Christian Dior and Louis Vuitton. In a world where the wealthy continue to grow wealthier, price increases are not questioned by customers and actually increase brand cachet and exclusivity. Long-term profit margins will likely exceed market expectations due to pricing power. |
Premium Brands Pricing Power Wealth Exclusivity Margins | |
Digital MarketingDigital marketing gatekeepers like Meta, Alphabet, Amazon, and Tencent continue growing in importance for revenue generation across industries. As businesses become more sophisticated with customer data and platforms improve targeting, advertisers' willingness to pay grows structurally. L'Oreal exemplifies this with 75% digital allocation driving 15% revenue growth. |
Advertising Data Analytics Customer Targeting ROI Platform | |
Financial ServicesMission-critical financial platforms like S&P Global and Visa are undervalued. S&P Global faces temporary ratings demand weakness but $8 trillion in refinancings through 2026 will drive earnings recovery. Visa's newer businesses in Visa Direct and B2B payments offer higher growth and large addressable markets beyond core consumer payments. |
Credit Ratings Payments Refinancing B2B Networks | |
| 2023 Q3 |
AIRecent advances in the AI revolution are moving at the fastest pace of all. ChatGPT can now see, hear and talk. Microsoft is releasing its Copilot. Meta AI is being infused into Meta's properties and hardware. Spotify is using AI to translate podcasts. ServiceNow is using generative AI to dramatically increase productivity of service assistants. |
Artificial Intelligence Generative AI Productivity Automation Machine Learning |
CloudMontaka remains very happy with major investee companies including cloud businesses. These are businesses that have tremendous advantages that remain underappreciated. The team has been particularly pleased with significant cost controls effected by these businesses, with Salesforce demonstrating operating margin improvements of more than 10 percentage points year-over-year. |
Software SaaS Operating Leverage Cost Control Margins | |
StreamingSpotify remains an investment opportunity with a wide lead in global audio streaming and tremendous data advantages that will result in further monetisation opportunities. Cost-base rationalization will be the primary driver of substantial profit growth over the next 1-2 years, which remains underappreciated by the stock market. |
Audio Data Monetization Cost Optimization Profit Growth Market Leadership | |
| 2023 Q2 |
AIAI is driving a multi-trillion-dollar opportunity in cloud computing, with AWS and Microsoft Azure capitalizing through specialized chips, machine learning models, and AI-assisted programs. Microsoft's Copilot AI assistant promises 40% premium pricing for Office applications, while Meta uses AI for content recommendations and ad targeting to overcome previous headwinds. |
Machine Learning ChatGPT Cloud Computing Productivity Advertising |
CloudCloud computing represents a multi-trillion-dollar opportunity being captured by hyperscaler platforms. AWS revenues doubled to $83 billion over three years with $122 billion in long-term commitments, while Microsoft Azure tripled revenues to $56 billion and expanded its OpenAI partnership for AI services. |
Hyperscaler Infrastructure Enterprise Revenue Growth Market Share | |
Alternative Asset ManagersBlackstone and KKR are positioned to capitalize on the $195 trillion private wealth channel and $65 trillion institutional market. Blackstone manages almost $1 trillion in assets and recently closed a record $30.4 billion real estate fund, while KKR doubled assets to half a trillion dollars over three years. |
Private Wealth Institutional Real Estate Asset Growth Fee Income | |
| 2023 Q1 |
AIThe release of OpenAI's GPT-4 represents a historically momentous occasion with implications not yet understood. The model can ace university-level exams and shows extreme improvement rates. Microsoft is integrating GPT-4 into its Office suite, creating opportunities for software leaders to charge premiums while disrupting others' business models. |
GPT-4 OpenAI Microsoft Software Disruption |
Credit StressThe collapse of Silicon Valley Bank and Credit Suisse demonstrates financial consequences of rapid monetary tightening. With $350 trillion of global debt and average five-year maturity, $70 trillion needs refinancing annually. Banking stresses feed back to the real economy quickly, as seen in retail spending declines. |
Banking Refinancing SVB Credit Suisse Monetary | |
SemiconductorsInvestment in AMD ahead of multiple coinciding dynamics: new AI accelerator chip cycle, positive margin mix from new products, economic cycle rebound in core business, and synergy acceleration from Xilinx acquisition. US export bans on advanced chips to China reflect strategic positioning. |
AMD Xilinx Accelerator China Export |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 12, 2023 | Fund Letters | Montaka Global Investments | ABAC | Bank of America | Financials | Banks | Bull | NYSE | Banks, Deposit Flows, financials, Flight-to-quality, Regional banking stress, Tactical Investment, Value, well-capitalized | Login |
| Apr 12, 2023 | Fund Letters | Montaka Global Investments | AMD | Advanced Micro Devices | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI accelerators, Cyclical Recovery, data center, margin expansion, Product cycle, semiconductors, Tactical Investment, Xilinx acquisition | Login |
| Apr 23, 2026 | Fund Letters | Montaka Global Investments | BA.L | BAE Systems | Aerospace & Defense | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, AUKUS, backlog visibility, countercyclical, Defense Contractor, Equity, Geographic Diversification, geopolitical, NATO, Rearmament, UK | Login |
| Apr 23, 2026 | Fund Letters | Montaka Global Investments | TSM | Taiwan Semiconductor Manufacturing Company | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | advanced nodes, AI, Cloud computing, Equity, geopolitical risk, Monopolist, power efficiency, Pricing power, semiconductors, Taiwan | Login |
| Apr 23, 2026 | Fund Letters | Montaka Global Investments | UBER | Uber Technologies Inc | Software - Application | Interactive Media & Services | Bull | New York Stock Exchange | Agentic AI, autonomous vehicles, Equity, Flywheel, Market expansion, mobility, Multi-sided Platform, network effects, Real World Logistics | Login |
| Apr 23, 2026 | Fund Letters | Montaka Global Investments | ICE | Intercontinental Exchange Inc | Financial Data & Stock Exchanges | Capital Markets | Bull | New York Stock Exchange | Clearing Houses, countercyclical, Energy Futures, Equity, Financial infrastructure, geopolitical, market volatility, NYSE, risk management, trading volumes | Login |
| Jan 31, 2026 | Fund Letters | Andrew Macken | ALB | Albemarle Corporation | Materials | Specialty Chemicals | Bull | New York Stock Exchange | Batteries, Commodities, energy storage, Lithium, renewables, Supply Shortage | Login |
| Jan 31, 2026 | Fund Letters | Andrew Macken | FND | Floor & Decor Holdings, Inc. | Consumer Discretionary | Specialty Retail | Bull | New York Stock Exchange | Flooring, Housing, operating leverage, Specialty retail, valuation | Login |
| Jan 31, 2026 | Fund Letters | Andrew Macken | NOW | ServiceNow, Inc. | Information Technology | Application Software | Bull | New York Stock Exchange | Agentic, Automation, enterprise, Subscriptions, switching costs, Workflow | Login |
| Jan 31, 2026 | Fund Letters | Andrew Macken | BX | The Blackstone Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, Fees, Fundraising, M&A, Private Credit, Realizations | Login |
| Jan 31, 2026 | Fund Letters | Andrew Macken | KKR | KKR & Co. Inc. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Alternatives, Carry, Fundraising, M&A, Private Credit, Realizations | Login |
| Jul 24, 2025 | Fund Letters | Andrew Macken | FND | Floor & Decor Holdings, Inc. | Consumer Discretionary | Specialty Stores | Bull | New York Stock Exchange | Flywheel, Hard Flooring, Housing, retail, scale | Login |
| Jun 1, 2025 | Fund Letters | Montaka Global Investments | FND | Floor & Decor Holdings, Inc. | Consumer Discretionary | Home Improvement Retail | Bull | NYSE | Cyclical Recovery, economies of scale, Flooring, home improvement, housing market, market share gains, retailer, Specialty retail, store rollout, supply chain, US | Login |
| Apr 27, 2024 | Fund Letters | Montaka Global Investments | AMD | Advanced Micro Devices Inc | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI chips, Artificial Intelligence, Revenue Growth, semiconductors, Tactical position, technology hardware | Login |
| Apr 27, 2024 | Fund Letters | Montaka Global Investments | KD | Kyndryl Holdings Inc | Information Technology | IT Services | Bull | NYSE | Earnings transformation, Enterprise Technology, IT services, Mission-critical systems, Outsourcing, Tactical position | Login |
| Jan 28, 2024 | Fund Letters | Montaka Global Investments | MC.PA | LVMH | Consumer Discretionary | Textiles, Apparel & Luxury Goods | Bull | Euronext Paris | Consumer Discretionary, European Equity, Luxury goods, margin expansion, premium brands, Pricing power, Wealth Concentration | Login |
| Jan 28, 2024 | Fund Letters | Montaka Global Investments | ABX | Blackstone | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, Asian markets, asset management, Insurance partnerships, network effects, private equity, Scale Advantages, Structural Growth | Login |
| Jan 28, 2024 | Fund Letters | Montaka Global Investments | KKR | KKR & Co | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, Asian markets, asset management, Insurance partnerships, network effects, private equity, Scale Advantages, Structural Growth | Login |
| Jan 28, 2024 | Fund Letters | Montaka Global Investments | SPGI | S&P Global | Financials | Financial Exchanges & Data | Bull | NYSE | credit ratings, Cyclical Recovery, financial data, Mission-Critical Platform, oligopoly, Pent-up Demand, Refinancing Cycle | Login |
| Jan 28, 2024 | Fund Letters | Montaka Global Investments | ^VIX | Visa | Information Technology | Data Processing & Outsourced Services | Bull | NYSE | B2B payments, Compounding growth, digital payments, Large Addressable Market, network effects, Payments Network, Visa Direct | Login |
| Aug 8, 2023 | Fund Letters | Montaka Global Investments | AMZN | Amazon | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Artificial Intelligence, AWS, Cloud computing, e-commerce, growth, SaaS, technology | Login |
| Aug 8, 2023 | Fund Letters | Montaka Global Investments | AAPL|MSFT|NFLX|NVDA|UNH | Microsoft | Information Technology | Systems Software | Bull | NASDAQ | Artificial Intelligence, Azure, Cloud computing, growth, Office 365, SaaS, technology | Login |
| Aug 8, 2023 | Fund Letters | Montaka Global Investments | ADI|BDX|FI|FND|HAS|META|MSFT|MSI|ORCL|TMO | Meta Platforms | Communication Services | Interactive Media & Services | Bull | NASDAQ | Artificial Intelligence, digital advertising, growth, Reels, social media, technology, turnaround | Login |
| Aug 8, 2023 | Fund Letters | Montaka Global Investments | ABX | Blackstone | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, financials, Institutional, private equity, Private Wealth, Real Estate | Login |
| Aug 8, 2023 | Fund Letters | Montaka Global Investments | KKR | KKR & Co | Financials | Asset Management & Custody Banks | Bull | NYSE | alternative assets, asset management, financials, investment portfolio, private equity, Valuation Anomaly, Value | Login |
| TICKER | COMMENTARY |
|---|---|
| MSFT | When weighted by their portfolio size, the biggest detractors included Microsoft, KKR, ServiceNow, MongoDB, Meta Platforms, and Salesforce. Against this backdrop, Montaka sees great investment opportunity in the three Western cloud-computing hyperscalers: Amazon, Microsoft, and Alphabet. |
| META | When weighted by their portfolio size, the biggest detractors included Microsoft, KKR, ServiceNow, MongoDB, Meta Platforms, and Salesforce. Meta Platforms — Towards the end of March, Meta's stock price hit US$526 per share, a level that implies an enterprise value (EV) multiple of less than 13x 2026 earnings before interest and tax (EBIT). We assess this valuation multiple is far too low for a business growing revenues faster than 20% per annum and with competitive advantages as strong as Meta's. |
| KKR | When weighted by their portfolio size, the biggest detractors included Microsoft, KKR, ServiceNow, MongoDB, Meta Platforms, and Salesforce. KKR — KKR closed the quarter at US$92.50 per share, a level that implies an EV multiple of 17x 2026 fee-related earnings (FRE) – which itself is expected to grow by more than 20% p.a. this year. |
| CRM | When weighted by their portfolio size, the biggest detractors included Microsoft, KKR, ServiceNow, MongoDB, Meta Platforms, and Salesforce. Salesforce — By quarter-end, Salesforce's EV multiple was down to 4.8x 2026 gross profits (GP). To put this ratio in perspective, at the height of the 2000 'dot com' bubble, Cisco's EV was 70x GP. It was only following the stock's 89% decline that Cisco bottomed at 5x EV/GP in October 2002. |
| BA.L | We acquired BAE Systems. This is a large-scale, best-in-class defence contractor with significant diversification across technologies and customers globally. BAE Systems is not only well positioned to benefit from the structural acceleration in global defence spending, but it also provides Montaka's portfolio with some countercyclical value drivers during times of war. |
| TSM | We also acquired Taiwan Semiconductor Manufacturing Co – more commonly known as TSMC – the world's effective monopolist in AI semiconductor fabrication. The combination of accelerating demand for AI compute, combined with limited opportunities to expand US electric power generation capacity, means enhanced power efficiency will likely be a primary source of compute capacity expansion for the world's cloud computing hyperscalers. And this gives TSMC extreme pricing power that we believe continues to be underestimated. |
| UBER | We acquired Uber on its recent stock price pull-back. Uber's competitive advantages stem from its large-scale networks and flywheels – between users, drivers, merchants, and advertisers – particularly as they interface with the complex and messy real world. Our analysis suggests these advantages will likely thrive in an agentic AI world. Furthermore, recent datapoints suggest the probability of potential disruption from autonomous vehicles is declining, while the probability of the mobility market expanding is increasing. |
| ICE | We also acquired Intercontinental Exchange, owner of the New York Stock Exchange, along with several other exchanges, clearing houses, and technology services. The company has particular strengths in global energy futures and options markets – with demand for risk management services in these markets only strengthening, in our view. And similar to BAE Systems, Intercontinental Exchange benefits from market volatility. |
| SPGI | S&P Global — Another way Montaka routinely evaluates valuation levels is to consider what the stock is pricing in about the future. By quarter-end, we found S&P Global was pricing sustained revenue growth of (only) 3% per annum. This is for a business that has grown at more than double that rate in 13 out of the last 15 years. And S&P Global's guided revenue growth for this year is also 6-8% per annum. |
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