Entry is by invitation or referral

A concentrated, all-cap wholesale Australian equities fund seeking to deliver absolute returns from a portfolio of high-quality Australian and New Zealand businesses. Capital preservation is paramount.

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Overview

Investment Manager

The Montgomery [Private] Fund invests principally in listed companies in Australian and New Zealand. Montgomery is regarded as a ‘focused’ or ‘high conviction’ investment manager and aims for capital preservation first. While difficult to achieve, Montgomery seeks positive long-term returns irrespective of the direction of the market. The Montgomery [Private] Fund long-term objective is to provide absolute returns to investors in the form of capital growth and income.

While Montgomery aims to invest in companies that meet its criteria for superior financial position and performance, companies deemed attractive may not necessarily appear cheap on conventional measures. Up to 100% of the Fund’s assets can also be held in cash when suitable investments cannot be found or in order to manage risk.

Why invest

  • The potential to generate capital growth over the medium to longer term as well as income from its investment in listed stocks
  • Invests in a concentrated high conviction portfolio of 15 to 30 companies
  • The flexibility to preserve capital and hold 100% in cash at times in order to manage risk
  • Information and insights about stock holdings upon request
  • High level of personalised contact and access to the investment team. 

Fund Profile

Number of holdings 15-30
Style Growth & Value
Benchmark S&P/ASX 200 Industrials 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 Roger Montgomery provides his key observations on The Montgomery [Private] Fund's investment approach, strategy to minimise risk and the qualities we look for in companies we invest in.

Performance

Comparative Returns Since Inception to 30/09/2021 (After all fees)

PERFORMANCE CHART
LATEST UNIT PRICE
FUND PERFORMANCE
INCOME DISTRIBUTION
[["date","The Montgomery [Private] Fund","ASX200 Industrials Accum. Index","ASX300 Accum. Index"],["23\/10\/2010",1000000,1000000,1000000],["31\/12\/2010",1002000,993000,989000],["31\/01\/2011",1008000,995000,991000],["28\/02\/2011",1020000,1008000,1014000],["31\/03\/2011",1028000,1011000,1020000],["30\/04\/2011",1026000,973000,1017000],["31\/05\/2011",1023000,982000,997000],["30\/06\/2011",1022000,955000,977000],["31\/07\/2011",1018000,949000,940000],["31\/08\/2011",1020000,912000,921000],["30\/09\/2011",1002000,860000,863000],["31\/10\/2011",1029000,921000,926000],["30\/11\/2011",1031000,926000,894000],["30\/12\/2011",1023000,919000,881000],["31\/01\/2012",1056000,977000,926000],["29\/02\/2012",1089000,1041000,945000],["31\/03\/2012",1098000,1056000,956000],["30\/04\/2012",1091000,1045000,969000],["31\/05\/2012",1062000,957000,904000],["29\/06\/2012",1055000,910000,908000],["31\/07\/2012",1062000,912000,947000],["31\/08\/2012",1095000,933000,967000],["28\/09\/2012",1113000,938000,988000],["31\/10\/2012",1153000,972000,1017000],["30\/11\/2012",1175000,962000,1021000],["31\/12\/2012",1221000,1017500,1055000],["31\/01\/2013",1274000,1073000,1107000],["28\/02\/2013",1346000,1138800,1166000],["28\/03\/2013",1357000,1120900,1140000],["30\/04\/2013",1403000,1122200,1189000],["31\/05\/2013",1378000,1074600,1135000],["28\/06\/2013",1351000,1046500,1107000],["31\/07\/2013",1350000,1062000,1166000],["31\/08\/2013",1408000,1109000,1195000],["30\/09\/2013",1444000,1172900,1221000],["31\/10\/2013",1446000,1194300,1269000],["29\/11\/2013",1392000,1153200,1252000],["31\/12\/2013",1390000,1182000,1262000],["31\/01\/2014",1373200,1158000,1224000],["28\/02\/2014",1449000,1206700,1285000],["31\/03\/2014",1484000,1220600,1287000],["30\/04\/2014",1495900,1224600,1309000],["31\/05\/2014",1499900,1255700,1317000],["30\/06\/2014",1457800,1222600,1298000],["31\/07\/2014",1508200,1269700,1356000],["31\/08\/2014",1549800,1295600,1364000],["30\/09\/2014",1518800,1231300,1291000],["31\/10\/2014",1568500,1276800,1346000],["30\/11\/2014",1554000,1261000,1303000],["31\/12\/2014",1569000,1336000,1329000],["31\/01\/2015",1582000,1357000,1372000],["28\/02\/2015",1689000,1430000,1467000],["31\/03\/2015",1720000,1457000,1466000],["30\/04\/2015",1699000,1466000,1442000],["31\/05\/2015",1714000,1549000,1448000],["30\/06\/2015",1655000,1424000,1371000],["31\/07\/2015",1730000,1517000,1430000],["31\/08\/2015",1649000,1443000,1320000],["30\/09\/2015",1636000,1473000,1282000],["31\/10\/2015",1735000,1548000,1339000],["30\/11\/2015",1829000,1564000,1330000],["31\/12\/2015",1889000,1720000,1366000],["31\/01\/2016",1822000,1626000,1292000],["29\/02\/2016",1764000,1598000,1270000],["31\/03\/2016",1815000,1645000,1330000],["30\/04\/2016",1831000,1670000,1375000],["31\/05\/2016",1933000,1711000,1417000],["30\/06\/2016",1879000,1698000,1383000],["31\/07\/2016",1972000,1816000,1471000],["31\/08\/2016",1962000,1733000,1448000],["30\/09\/2016",1944000,1730000,1456000],["31\/10\/2016",1837000,1657000,1424000],["30\/11\/2016",1840000,1680000,1460000],["31\/12\/2016",1853000,1720000,1528000],["31\/01\/2017",1830000,1639000,1516000],["28\/02\/2017",1850000,1700000,1549000],["31\/03\/2017",1880000,1774000,1600000],["30\/04\/2017",1910000,1851000,1615000],["31\/05\/2017",1880000,1939000,1571000],["30\/06\/2017",1910000,1931000,1574000],["31\/07\/2017",1891000,1871000,1575000],["31\/08\/2017",1874000,1957000,1587000],["30\/09\/2017",1886000,1934000,1587000],["31\/10\/2017",1942000,2015000,1651000],["30\/11\/2017",1990000,2059000,1679000],["31\/12\/2017",2001000,2034000,1710000],["31\/01\/2018",1993000,1991000,1703000],["28\/02\/2018",1984000,1984000,1709000],["31\/03\/2018",1977000,1963000,1645400],["30\/04\/2018",2012000,2031000,1707500],["31\/05\/2018",2073000,2053600,1727900],["30\/06\/2018",2085000,2068000,1783000],["31\/07\/2018",2102000,2140000,1806300],["31\/08\/2018",2090000,2210000,1831600],["30\/09\/2018",2077000,2159000,1809700],["31\/10\/2018",1999000,2049000,1698300],["30\/11\/2018",1983000,2038000,1661400],["31\/12\/2018",1947000,2034000,1657600],["31\/01\/2019",1989000,2097000,1721700],["28\/02\/2019",2086000,2230000,1825200],["31\/03\/2019",2090000,2273000,1838600],["30\/04\/2019",2151000,2336000,1883800],["31\/05\/2019",2154000,2338000,1916700],["30\/06\/2019",2186000,2466000,1986500],["31\/07\/2019",2218000,2549000,2045500],["31\/08\/2019",2226000,2486500,1999100],["30\/09\/2019",2267000,2486000,2037200],["31\/10\/2019",2307000,2560000,2029500],["30\/11\/2019",2333000,2664000,2094000],["31\/12\/2019",2312000,2585000,2051600],["31\/01\/2020",2419000,2635000,2151900],["29\/02\/2020",2282000,2418000,1984800],["31\/03\/2020",1897000,1868000,1571400],["30\/04\/2020",2002100,2105000,1713200],["31\/05\/2020",2090000,2183000,1791700],["30\/06\/2020",2088000,2154000,1835000],["31\/07\/2020",2036000,2071000,1846300],["31\/08\/2020",2172200,2166000,1902600],["30\/09\/2020",2152000,2160000,1834300],["31\/10\/2020",2136000,2075000,1868900],["30\/11\/2020",2343000,2300000,2060000],["31\/12\/2020",2343000,2267000,2087200],["31\/01\/2021",2375000,2199000,2094100],["28\/02\/2021",2392000,2160000,2125000],["31\/03\/2021",2438000,2242000,2173800],["30\/04\/2021",2556000,2337000,2254200],["31\/05\/2021",2599000,2313000,2306200],["30\/06\/2021",2680000,2384000,2358200],["31\/07\/2021",2730000,2485000,2384300],["31\/08\/2021",2856000,2553000,2553000],["30\/09\/2021",2823000,2542000,2400300]]

Most Recent Unit Price* SEE HISTORY

Buy
1.4425
Redeem
1.4354
Mid
1.4389

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

Fund Performance

182.32%
The Montgomery [Private] Fund
140.03%
ASX 300 Accum. Index
154.21%
ASX 200 Industrials Accum. Index (Benchmark)
28.11%
Out/Under performance (Benchmark)
35.0%
Average Cash Balance
  The Montgomery [Private] Fund ASX 200 Industrials Accum. Index Out/Under Performance
3 months 5.35% 6.64% -1.29%
6 months 15.79% 13.39% 2.40%
12 months 31.20% 17.69% 13.51%
3 years (p.a) 10.78% 5.59% 5.19%
5 years (p.a) 7.75% 8.00% -0.25%
7 years (p.a) 9.26% 10.91% -1.65%
9 years (p.a) 10.90% 11.72% -0.82%
Since inception 182.32% 154.21% 28.11%
Compound annual return 10.12% 9.05% 1.07%
The Montgomery [Private] Fund inception date is 23/12/2010. 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
June 2021
(Payments to be made 08/07/2021)
6.2857 cents $1.3608
June 2020 3.8429 cents  $1.1091
June 2019 6.0173 cents  $1.2014
June 2018 12.0517 cents  $1.2036
June 2017 6.1093 cents  $1.2126
June 2016 17.2143 cents  $1.2534
June 2015 14.6151 cents  $1.2553
June 2014 4.4934 cents  $1.2346
June 2013 12.8334 cents  $1.1854
June 2012 2.8771 cents  $1.0263

You should read the Information Memorandum before deciding to acquire the product.

Units in The Montgomery [Private] Fund are issued by the Funds trustee Fundhost Limited (ABN 69 092 517 087) (AFSL: 233045). Before making any decision to make or hold any investment in the Fund you should consider the Information Memorandum in full. You should not base an investment decision simply on past performance. Past performance is not an indicator of future performance. The investment returns of the Fund are not guaranteed, and so the value of an investment may rise or fall.

Investment Team

Investors in The Montgomery [Private] 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.

Meet our people

Roger Montgomery

Chairman and Chief Investment Officer
Read Bio +

Stuart Jackson

Portfolio Manager
Read Bio +

How to Invest

After an initial discussion with Montgomery about investing in The Montgomery [Private] Fund:

1

Read the Information
Memorandum in full

2

Complete the application form and ID requirements and send this to the Administrator

3

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.

FOR FURTHER INFORMATION

Please call David Buckland or Dean Curnow on 02 8046 5000 to discuss The Montgomery [Private] Fund in more detail.

Insights Subscribe to insights

August 25, 2021

After a record year, what next for Adairs?

By Stuart Jackson

As with many other discretionary retailers, FY21 proved to be a bumper year for homewares and online furniture retailer, Adairs (ASX: ADH). The company enjoyed record sales growth and operating margins. But there are already signs that FY22 will not be as easy.
August 18, 2021

Why we see further upside for ResMed

By Roger Montgomery

In June this year, Philips was forced to recall 14 sleep and respiratory care devices due to safety concerns. While this has been a setback for the Dutch company, it’s been a major plus for Australia’s ResMed, which is poised to significantly boost its market share.
August 16, 2021

Why REA could be a better way to invest in property

By Roger Montgomery

According to a recent rent report by Domain, gross rental yields have dived to around 4 per cent on the back of soaring property prices. This makes direct investment in property less appealing than it once was. But there are other ways to profit from Australia’s obsession with property.

Have More Questions?

Frequently Asked Questions

  • 1. How often does The Montgomery [Private] Fund price?

    The Net Asset Value (after expenses) is calculated weekly, every Thursday.

  • 2. How is the portfolio constructed?

    The Montgomery [Private] Fund’s portfolio is built up stock-by-stock. As each company that meets the Fund’s criteria is added, the portfolio should exhibit characteristics the average value of which is superior to the broader markets. As a consequence, the portfolio should also demonstrate below-average characteristics for business risk.

    Also consequently, investment weightings will vary considerably from general industry benchmarks such as the S&P/ASX 200. Please refer to the Information Memorandum Section 3 for more information on the investment strategy and process.

  • 3. What is the minimum initial investment?

    A minimum initial investment of $1,000,000 is required. Montgomery Investment Management can waive this minimum at their discretion.

    Investors can add to their initial investment at any time, through a lump sum additional investment, for which there is a minimum of $50,000. Additional investments will be processed weekly.

  • 4. How often is income paid?

    Any income distributions are paid annually (as at 30 June each year). Distributions can be reinvested in full back into the Fund 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. Generally, net income is difficult to predict, and the size of distributions may vary from year to year. There may be periods when net income could be negative and no distribution is made.

  • 5. 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
    Login

  • 6. How do I redeem my funds?

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

    Redemptions can be made semi-annually at 31 January and 31 July.

    Withdrawal requests will be processed using the unit price effective for 31 July or 31 January (as appropriate).

    Fundhost must receive your request by 4pm Sydney time 45 days before 31 July or 31 January (as appropriate).

    Withdrawal requests at other times may be permitted but will attract a Redemption Levy of 0.5%, which is retained by the Fund. Please refer to the Information Memorandum Section 4 for more information.

  • 7. Do you pay any advisers remuneration?

    No commissions are paid by us to any financial advisers.

Have another question?

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