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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Sep 30, 2026
Montaka Global Investments recorded strong relative performance for the quarter ended September 2026, delivering meaningful outperformance against global equity benchmarks. Strategy gains were driven primarily by enterprise software platforms, including Microsoft, Salesforce, and ServiceNow, as well as Meta Platforms following early commercial adoption of its agentic AI offering, Muse. Performance was partially dampened by share price weakness in Floor & Decor and LVMH, which faced valuation pressure resulting from rising sovereign bond yields. Montaka maintained a disciplined capital posture throughout the period, executing measured portfolio adjustments while leaving overall equity exposures targeted toward structurally advantaged compounders. The manager's macro framework focuses on dual structural headwinds: emerging tail risks in artificial intelligence and acute sovereign debt fragility. Montaka emphasizes that frontier AI models pose escalating systemic cybersecurity vulnerabilities, potential legal liabilities, and public opposition to data center power demands. Concurrently, rising bond yields driven by persistent inflation and massive AI infrastructure capital expenditures threaten to push heavily indebted nations—including the United States, France, and Italy—into mathematical debt traps, compounded by roughly $15 trillion in U.S. Treasuries requiring refinancing over the next two years. Portfolio activity was characterized by strategic capital redeployment into highest-conviction holdings. Montaka completely exited positions in TSMC and REA Group to fund higher-return opportunities, while trimming Salesforce and Moderna following substantial share price appreciation. Capital was added to Uber, while Amazon Web Services was highlighted as a premier long thesis where expanding compute capacity, surging multi-year contract renewals, and high-margin AI model distribution fees are poised to drive revenue growth far ahead of consensus forecasts.
The market systematically undervalues competitively advantaged businesses capable of reliably growing revenues and earnings across durably expanding sectors over multi-decade horizons.
Montaka anticipates that hyperscale cloud computing revenues and earnings power will substantially exceed conservative Wall Street consensus estimates through 2028, driven by a doubling of physical capacity, rising contract pricing, and high-margin AI model distribution fees. Concurrently, the manager warns that financial markets face significant medium-term friction from rising sovereign bond yields, acute refinancing requirements on US public debt, and escalating political and regulatory resistance against energy-intensive data centers.
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