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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Montaka is positioned for mean reversion as semiconductor mania has created extreme mispricings. Portfolio earnings grew at teens annually while multiples compressed during the SaaSpocalypse."
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.
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