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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Montaka maintains a concentrated portfolio of competitively advantaged businesses positioned for the reversal of extreme market mispricings. While the fund delivered positive returns in Q2 2026, the trailing 12-month period was materially negative due to the SaaSpocalypse selloff in software and AI-exposed names. However, portfolio earnings power continued growing at annual rates in the teens even as valuation multiples compressed substantially. The market has been dominated by historically cyclical semiconductor stocks up 170% and metals stocks up 60%, while quality software and financial platforms have been overlooked. Manager sees significant downside risk in rallied cyclicals and significant upside in advantaged businesses like Visa, Mastercard, and Salesforce that are priced for overly conservative growth despite strong fundamentals. Political backlash against AI buildout is emerging due to electricity costs and inequality concerns, while smaller AI model adoption could disrupt semiconductor demand. Portfolio actions included substantially increasing Visa and Mastercard positions while trimming TSMC and Alphabet after their run-ups. Manager remains confident this approach will deliver excess long-term returns as mispricings reverse.
Montaka is positioned for the reversal of extreme market mispricings where historically cyclical semiconductor and commodity stocks have driven overwhelming index returns while the world's most durably advantaged businesses with dominant market positions are priced for overly conservative expectations far below what they will deliver.
Manager expects extreme market mispricings to reverse with significant downside in cyclical semiconductor and commodity stocks that have rallied sharply, and significant upside in competitively advantaged businesses currently overlooked. Believes concentrated portfolio of high-conviction, long-duration businesses bought at attractive prices will deliver excess returns over the long term despite near-term headwinds from narrow market leadership.
As of Jul 17, 2026
Founded in 2014 by Andrew Macken and Chris Demasi, who previously collaborated at Montgomery Investment Management leading global funds. Andrew Macken serves as Chief Investment Officer with previous experience at Kynikos Associates, while Chris Demasi functions as Portfolio Manager. The team includes Amit Nath as Director of Research and additional senior analysts. The firm manages approximately $260 million across three investment vehicles and is being acquired by MFF Capital Investments while maintaining operational independence.
Montaka employs an 'expectations first' approach to global equity investing, focusing on identifying high probability, advantaged long-term winning businesses positioned to benefit from large structural transformations. The firm combines proprietary quantitative models with fundamental research to identify businesses where market-implied expectations are too conservative. They operate with a highly concentrated portfolio strategy where top 10 companies account for 75% of total portfolio allocation, paired with patient investment approach maintaining 4-year average holding periods.
Lead Portfolio Manager
Chris Demasi & Andrew Macken
Managing Partner
High Conviction Bullish
Market Conviction
Manager demonstrates high conviction through concentrated portfolio of 17 named positions with specific weightings disclosed (top theme exposures totaling 92% of NAV). Letter provides detailed position-level analysis including Salesforce case study with specific valuation metrics and customer ROI data. Manager explicitly states 'concentrated portfolio of high-conviction, long-duration, competitively advantaged businesses' and demonstrates willingness to hold through volatility as evidenced by maintaining software positions despite SaaSpocalypse. Specific position sizing actions described including 'substantially increased' Visa and Mastercard. Language is declarative with clear thesis per holding rather than hedged or exploratory.
Growth Outlook
Manager acknowledges tough quarter and market challenges but frames current conditions as opportunity. Sees attractive valuations in quality businesses and maintains constructive long-term view on structural themes like AI and defense spending.
Risk Appetite
Manager actively deployed capital by adding four new positions during the quarter and maintained existing holdings despite declines. Portfolio remains concentrated in high-conviction themes with deliberate US bias, showing moderate risk appetite.
Capital Deployment
Manager engaged in capital rotation rather than net deployment or de-risking. Substantially increased Visa and Mastercard positions while trimming TSMC and Alphabet and exiting Spotify. No cash level changes disclosed, indicating proceeds from trims funded new additions. This represents active portfolio management and selective deployment into newly attractive opportunities, but not net new cash being put to work. Scores modestly positive for the active adding to Visa/Mastercard positions which suggests some incremental deployment bias beyond pure rotation.
Forward Guidance
Manager expresses intent to continue exploiting market inefficiencies and maintain long-term perspective. Recently started deploying AI tools to expand research coverage, indicating selective deployment bias going forward.
Language Signal
Language is mixed with significant bearish framing on semiconductors, commodities, and AI buildout risks balanced against bullish language on specific advantaged businesses. Bearish terms include 'significant downside risk,' 'extreme mispricings,' 'SaaSpocalypse,' 'backlash,' and 'disrupted.' Bullish language includes 'great investment opportunity,' 'extraordinarily advantaged,' 'enormous gains,' and 'very optimistic.' The net balance leans mildly positive given the constructive framing on portfolio holdings, but substantial risk discussion prevents a higher score.
Perceived Risk
Manager identifies multiple specific risks including geopolitical conflict in Iran, valuation multiple compression, viral market narratives around AI impact on software, and US market underperformance. Discusses power generation constraints and Taiwan geopolitical risks with meaningful detail.
Opportunity Density
Manager sees selective but compelling opportunities in defined areas. Explicitly states seeing 'numerous examples today of advantaged businesses being overlooked by a market focused elsewhere' and provides specific examples including Visa, Mastercard, and Salesforce with detailed valuation analysis. However, characterizes environment as requiring selectivity given extreme mispricing in semiconductors and commodities. Not a broad opportunity set across markets, but manager clearly identifies multiple attractive ideas in quality businesses at compelling valuations.
Time Horizon
Manager explicitly emphasizes long-term approach with multi-year thesis horizon. States 'we firmly believe this approach will deliver investors excess returns over the long term' and 'over the longer term, however, we believe Montaka's strategy will deliver investors excess returns.' References that 'over the long-term, earnings power is the dominant driver of company valuation' while dismissing short-term multiple movements. Demonstrates patience by holding through SaaSpocalypse selloff and explicitly states 'we remain resolutely focused' on durable advantages. However, does discuss near-term catalysts like capex downgrades and agentic consumption growth, preventing a score above 0.80.
Top Conviction Themes
Key Catalysts
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