Minimum initial investment:

Applying Montgomery’s value investing approach to Australian and NZ equities, the Fund invests in high quality companies in a benchmark unaware approach.



Investment Strategy

The Montgomery Fund invests principally in listed shares of Australian and New Zealand companies and as much as it is achievable in equity markets, the first objective of is the preservation of capital. The Fund seeks to generate capital growth, rising income and to outperform the S&P/ASX 300 Accumulation Index over the medium to long term.

The Fund has an “All Cap” exposure meaning it can invest in small, mid and large capitalisation companies and has the flexibility to move up to 30% of the portfolio into the safety of cash and sometimes more in anticipation of extreme market disruption.

Why invest

  • The potential to generate capital growth over the medium to longer term as well as income from its investment in listed stocks
  • Access to a concentrated high-conviction portfolio of 20 to 40 companies
  • Investments can be added to or withdrawn daily (on Sydney business days)
  • Can hold 30% of its portfolio in cash as a margin of safety
  • Distributions may carry imputation or other tax credits

Fund Profile

Number of holdings 20-40
Style Growth & Value
Benchmark S&P/ASX 300 Accumulation Index
Fund fact sheet Download

Investment Manager

Montgomery Investment Management is a value investor applying a highly disciplined and fact-based investment process that identifies quality listed companies that have the potential to deliver superior, long-term outcomes.

About the fund See all videos


In this video Joseph Kim discusses the key drivers of The Montgomery Fund’s performance for calendar year 2021 by sharing the sector breakdown of the returns versus the S&P/ASX 300 Accumulation Index.


In this video Roger Montgomery provides his key observations on The Montgomery Fund's investment approach and strategy and the qualities we look for in companies we invest in.


Comparative Returns Since Inception to 31/12/2021 (After all fees)

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Most Recent Unit Price* SEE HISTORY


*this is a forward pricing fund, the price you receive is based on close of market prices.

Fund Performance

The Montgomery Fund
ASX 300 Accum. Index
Out/Under Performance
  The Montgomery Fund S&P 300 Accum. Index Out/Under Performance
1 month 1.71% 2.65% -0.94%
3 months 1.73% 2.21% -0.48%
6 months 7.37% 4.03% 3.34%
12 months 25.15% 17.54% 7.61%
3 years (p.a) 14.16% 13.96% 0.20%
5 years (p.a) 9.40% 9.94% -0.54%
7 years (p.a) 8.93% 9.15% -0.22%
9 years (p.a) 10.00% 9.83% 0.17%
Since inception 175.49% 152.77% 22.72%
Compound annual return 11.42% 10.40% 1.02%
The Montgomery Fund inception date is 17/08/2012. Performance is net of fees and assumes distributions are reinvested, which is industry standard. Past performance is not an indicator of future performance.
  Distribution per unit Reinvestment price
December 2021 (payments to be made on 11 January) 1.0019 cents  $1.7495
June 2021  5.0329 cents  $1.6388
December 2020 0.4601 cents $1.4491
June 2020 1.6831 cents $1.2989
June 2019 8.5643 cents $1.3813
June 2018 12.8559 cents $1.4082 
June 2017 2.1137 cents $1.4067
June 2016 7.7190 cents $1.4047
June 2015 13.0725 cents $1.3326
June 2014 4.0489 cents $1.2874
June 2013 7.2834 cents $1.1904

You should read the Product Disclosure Statement (PDS) before deciding to acquire the product.

The issuer of units in The Montgomery Fund (ARSN 159 364 155) (Fund) is the Fund’s responsible entity Fundhost Limited (ABN 69 092 517 087) (AFSL 233045). The Product Disclosure Statement (PDS) contains all of the details of the offer. Copies of the PDS and Target Market Definition (TMD) are available to download from this page and at

An investment in the Fund must be through a valid paper or online application form accompanying the PDS. Before making any decision to make or hold any investment in the Fund you should consider the PDS and TMD in full.

The information provided does not take into account your investment objectives, financial situation or particular needs. You should consider your own investment objectives, financial situation and particular needs before acting upon any information provided and consider seeking advice from a financial advisor if necessary.

You should not base an investment decision simply on past performance. Past performance is not an indicator of future performance. Returns are not guaranteed and so the value of an investment may rise or fall.

Investment Team


Investors in The Montgomery Fund receive the full benefit of sixteen decades of experience spread across the six professional investors dedicated to the stewardship of your wealth. We have witnessed a broad variety of market conditions and a multitude of influences impacting the returns of investors. What we have learned is that a sensible approach has nothing to do with predicting the next market move, and everything to do with purchasing, at a rational price, an interest in a business whose earnings will be materially higher in the years to come.

Joseph Kim joined Montgomery in June 2018 and in 2020 was promoted to the Head of Fundamental Research. Joseph and Andreas Lundberg have joint portfolio management responsibilities for The Montgomery Fund.

Meet our people

Joseph Kim

Portfolio Manager and Head of Fundamental Research
Read Bio +

Andreas Lundberg

Joint Portfolio Manager
Read Bio +


After accessing the Product Disclosure Statement and reading in full the investment objectives and risks of investing in The Montgomery Fund:


Complete the online application form at Olivia 123 and ID verification online (approx. 10 minutes)


Submit the completed application form to the Administrator online


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, Fundhost Limited on 02 8223 5400.


Download the fund information pack or if you would prefer to talk it over, call David Buckland or Toby Roberts on 02 8046 5000 to discuss The Montgomery Fund in more detail.

Want to invest in your personal super instead?

Our partnership with industry-leading superannuation provider, netwealth, can help.

Insights Subscribe to insights

January 17, 2022

The Montgomery Fund – year in review

By Dean Curnow

The Montgomery Fund (The Fund) closed an impressive 2021, outperforming the S&P/ASX 300 Accumulation Index by 7. 61 per cent, after fees. Over the year The Fund also paid a solid distribution at 30 June and a smaller one at 31 December, which collectively represented approximately 4.
December 17, 2021

A review of markets in 2021

By Joseph Kim

2021 is almost in the books, and it’s once again time to have a quick review of how markets fared. While noticeably less “historic” than 2020’s record breaking year in terms of market volatility and extraordinary events, there were enough developments to keep market participants on their toes.
November 24, 2021

Will Aussie banks rebound from here?

By Stuart Jackson

In recent weeks, the share prices of Australian banks have been heading south. The Commonwealth Bank of Australia (ASX:CBA) and Westpac (ASX:WBC) have been hit particularly hard, on the back of material falls in their net interest margins.
November 10, 2021

Sydney Board recommends takeover offer at $8.75

By Joseph Kim

Back in July, the IFM consortium lobbed a full takeover offer for Sydney Airport (ASX:SYD), Australia’s busiest gateway. With the airport about to change hands, here’s why Montgomery Fund’s retained most of its shareholding in SYD throughout the takeover period to date. The initial offer price of $8.

Have More Questions?

Frequently Asked Questions

  • 1. Is this Fund suitable for me? – Target Market Determination (TMD)

    The Fund has a long-term objective and is suitable for those investors willing to assume high risk while seeking capital growth. Statistically, the major share markets produce a negative investment return, on average, every five years (or less) and investors must take the potential for capital loss into consideration. You can learn more in the Target Market Determination (TMD) here.

  • 2. Who can invest in The Montgomery Fund?

    All individuals, families, companies, trustees, charities, custodians and advisers of self-managed super funds, with a minimum of $25,000 to invest are eligible to apply for The Montgomery Fund.

  • 3. Can I invest my personal superannuation in the fund?

    If you do not have an SMSF and want to invest your personal superannuation into the Montgomery funds, you can find out about our partnership with industry-leading superannuation provider, netwealth in more detail on this page: Investing your personal super

  • 4. What is the minimum initial investment?

    A minimum initial investment of $25,000 is required.

    You may also arrange to add to your initial investment through a lump sum additional investment, for which there is a minimum of $1,000, or direct debit monthly savings plan, requiring a minimum investment of $500 per month. This is processed on the 15th of each month or the next business day.

  • 5. How often is income paid?

    Any income distributions are paid semi-annually (as at 30 June and 31 December each year) and can be reinvested in full or paid out entirely to the financial institution account nominated on your application form. We distribute all taxable income to investors each year, including any taxable capital gains. Distributions may also carry imputation or other tax credits. There may be periods when net income could be negative and no distribution is made.

  • 6. How can I see my unit balance and investment value online?

    Our administrator, Fundhost, 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 Fundhost client log in here

  • 7. How do I redeem my funds?

    To redeem your holding, simply fill out the Redemption Request form and have it signed by the authorised signatories on the account. Please see the manage my investments section.

    If Fundhost are paying to a bank account they have on file, they can accept a faxed or scanned copy of the redemption instruction.

    In normal circumstances, redemptions are processed daily, with funds generally received back to the investor within 2 business days. The cut off to receive your redemption request to receive that days price is 4pm Sydney time. Refer to the PDS for more information.

  • 8. Do you pay any advisers remuneration?

    No commissions are paid by us to any financial advisers.

  • 9. What are the advantages of an actively managed fund?

    We have a feature article in our Knowledge Centre on this topic, please visit our Insights area: Learn About Investing

Have another question?


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