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 businesses.
Capital preservation is paramount.

Scroll

Overview

Investment Strategy

The Montgomery [Private] Fund invests principally in a focused or ‘high conviction’ portfolio of companies listed in Australia. The Montgomery [Private] Fund’s long-term objective is to provide absolute returns to investors in the form of capital growth and income.

The Montgomery [Private] Fund aims to invest in companies that meet its criteria for superior financial and managerial attributes, which fall under four categories, including excellent Quality, an attractive purchase Price, shareholder-oriented Management and identified positive Change or catalyst. The Fund retains the flexibility to hold up to 100% of its assets in cash should extreme exogenous circumstances demand it.

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 25 to 35 companies
  • The flexibility to hold up to 100% in cash 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 25-35
Style Growth & Value
Benchmark S&P/ASX 200 Industrials Accumulation Index
Fund fact sheet Download

Investment Manager and Sub Manager

Montgomery Investment Management as investment manager appointed Australian Eagle Asset Management as sub-investment manager to work out of our Sydney offices, to co-manage The Montgomery [Private] Fund’s assets. Opened in Sydney in 2004 Australian Eagle is owned and operated by its team.

Australian Eagle Asset Management applies a highly disciplined and fact-based investment process to identifies high quality listed companies with 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 and the qualities Montgomery and Australian Eagle look for in companies we invest in.

Performance

Comparative Returns Since Inception to 31/12/2022 (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],["31\/10\/2021",2812000,2460000,2402700],["30\/11\/2021",2805000,2483000,2390000],["31\/12\/2021",2848000,2581000,2453300],["31\/01\/2022",2561000,2385000,2295000],["28\/02\/2022",2544000,2394300,2343000],["31\/03\/2022",2621000,2502500,2504450],["30\/04\/2022",2605400,2483500,2589500],["31\/05\/2022",2484710,2415000,2576600],["30\/06\/2022",2332874,2466900,2198400],["31\/07\/2022",2488043,2554186,2329343],["31\/08\/2022",2469900,2585507,2356774],["30\/09\/2022",2281790,2332033,2208422],["31\/10\/2022",2400200,2484514,2340124],["30\/11\/2022",2538500,2631000,2492000],["31\/12\/2022",2457690,2503138,2409953]]

Most Recent Unit Price* SEE HISTORY

Buy
1.2169
Redeem
1.2108
Mid
1.2139

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

Fund Performance

145.77%
The Montgomery [Private] Fund
141.00%
ASX 300 Accum. Index
150.31%
ASX 200 Industrials Accum. Index (Benchmark)
-4.54%
Out/Under performance (Benchmark)
31.0%
Average Cash Balance
  The Montgomery [Private] Fund ASX 200 Industrials Accum. Index Out/Under Performance
3 months 7.71% 7.34% 0.37%
6 months 5.35% 1.47% 3.88%
12 months -13.71% -3.01% -10.70%
3 years (p.a) 2.06% -1.06% 3.12%
5 years (p.a) 4.20% 4.24% -0.04%
7 years (p.a) 3.86% 7.03% -3.17%
9 years (p.a) 6.54% 8.69% -2.15%
11 years (p.a) 8.29% 9.54% -1.25%
Since inception 145.77% 150.31% -4.54%
Compound annual return 7.77% 7.93% -0.16%

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 2022 9.3135 cents $1.0915
June 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 will benefit from Roger Montgomery’s three decades of investment experience and the equally seasoned expertise of Sean Sequeira and Alan Kwan as Co-Portfolio Managers. 

Sean Sequeira jointly established Australian Eagle Asset Management in 2004 and was appointed Australian Eagle’s Chief Investment Officer in 2016. In addition to stock selection and analysis, Sean is responsible for all aspects of the investment process. Sean is head of Australian Eagle’s portfolio risk committee and process integrity committee. 

Alan Kwan is an Actuary and CFA® charterholder. Alan joined Australian Eagle Asset Management in 2011 and is the principal analyst for many stocks in the coverage universe, particularly medium-capitalisation companies. He is a key member of the portfolio management team and implementation process.

Meet our people

Roger Montgomery

Founder and Chairman
Read Bio +

Sean Sequeira

Chief Investment Officer
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.

If you wish to make an additional investment (top-up) an existing investment in The Montgomery [Private] Fund, please see the instructions here.

FOR FURTHER INFORMATION

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

Insights Subscribe to insights

January 25, 2023

Could Newcrest Mining be ready to bounce?

By Sean Sequeira

The share price of Australia’s leading gold miner, Newcrest Mining (ASX:NCM), has been somewhat disappointing for the last few years. That could soon change if the recent recovery of gold price continues, recent corporate actions start to bear fruit and if investors start to take note of the company’s significant copper assets.
January 24, 2023

IMDEX’s strategic acquisition of Devico

By David Buckland

In this week’s video insight David takes a closer look at IMDEX’s (ASX:IMD) acquisition of Devico AS.  The strategic combination expands the product suite and client footprint offers extended market presence in key mining regions as well as cross-selling opportunities for IMD’s integrated solutions, with the global number one position in each of Rock Knowledge Sensors, Drilling Optimisation Products and Real-Time Data and Analytics.

December 9, 2022

Elders shows it is a business for all seasons

By Sean Sequeira

Elders (ASX:ELD) has been a leading Australian agribusiness since 1839. In that time, it’s gone through a number of ups and downs. But under CEO, Mark Allison, it looks to have found its groove – as reflected in the most recent results. Despite the CEO’s impending departure, we think the Elders’ business model will continue to reward investors.

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 increase my holding?

    You can make a form-free additional investment via EFT. Find the full instructions here.

  • 7. 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.

  • 8. Do you pay any advisers remuneration?

    No commissions are paid by us to any financial advisers.

Have another question?

Subscribe for regular fund updates

Access to this content is only intended for the following persons: 'Sophisticated Investors' or 'Wholesale Clients' as defined by the Corporations Act. By checking the 'Wholesale Investor' box, you confirm you meet this criteria. We keep your email address private and secure at all times. We hate spam more than you do. You can unsubscribe at any time from our monthly email. Please take the time to read our Privacy Policy.

Funds

View all funds