Our Private Office

The Montgomery
[Private] Fund

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. Investments start from $1 million and entry is by invitation or referral.

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Are you an Adviser? Please visit our adviser area for fund details.

Features

  • Invests in a concentrated high conviction portfolio of 15 to 30 companies
  • Investment approach incorporates hitherto unavailable proprietary methods and techniques
  • Information and insights about stock holdings available on request

Benefits

  • The flexibility to preserve capital and hold 100% in cash at times in order to manage risk
  • Investors enjoy a high level of personalised contact and access
  • Distributions may carry imputation or other tax credits

Inside the The Montgomery [Private] Fund

 

Our Approach

Montgomery is focused on the ownership of high quality businesses – that can be purchased at attractive valuations – and generating superior returns over the long term. We are value investors committed to preserving and growing your capital. Read more about our investment approach.

Find Out More

FUND PERFORMANCE AND PRICING

Comparative Returns Since Inception to 30/09/2020 (After all fees)

115.18%
The Montgomery [Private] Fund
83.43%
ASX 300 Accum. Index
115.99%
ASX 200 Industrials Accum. Index (Benchmark)
-0.81%
Out/Under performance (Benchmark)
37.0%
Average Cash Balance

Most Recent Unit Price*

See History
Buy
1.2051
Redeem
1.1991
Mid
1.2021

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

Fund Performance

Comparative Returns Since Inception to 30/09/2020 (After all fees)

  The Montgomery [Private] Fund ASX 200 Industrials Accum. Index Out/Under Performance
3 months 3.07% 0.28% 2.79%
6 months 13.41% 15.63% -2.22%
12 months -5.06% -13.11% 8.05%
3 years (p.a) 4.48% 3.75% 0.73%
5 years (p.a) 5.63% 7.96% -2.33%
7 years (p.a) 5.86% 9.11% -3.25%
9 years (p.a) 8.87% 10.77% -1.90%
Since inception 115.18% 115.99% -0.81%
Compound annual return 8.16% 8.20% -0.04%
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.
Performance Chart
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]]
June 2020  
 Distribution per unit  3.8429 cents
Reinvestment price  $1.1091
June 2019  
Distribution per unit 6.0173 cents
Reinvestment price $1.2014
June 2018  
Distribution per unit 12.0517 cents
Reinvestment price $1.2036
June 2017  
Distribution per unit 6.1093 cents
Reinvestment price $1.2126
June 2016  
Distribution per unit 17.2143 cents
Reinvestment price $1.2534
June 2015  
Distribution per unit 14.6151 cents
Reinvestment price $1.2553
June 2014  
Distribution per unit 4.4934 cents
Reinvestment price $1.2346
June 2013  
Distribution per unit 12.8334 cents
Reinvestment price $1.1854
June 2012  
Distribution per unit 2.8771 cents
Reinvestment price $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.

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.

Register Your Interest
02 8046 5000
David Buckland
Chief Executive Officer
david buckland
Dean Curnow
National Account Manager
dean curnow

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?

Latest Fund Insights

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Why yield investors should take a look at Centuria

By Stuart Jackson

If you’re looking for a robust income stock, Centuria Capital Group (ASX:CNI) is worth considering. Centuria owns a suite of assets focused on property and investment bonds, and pays an annual yield of around 4. 3 per cent. Making this business even more appealing, is a share price that keeps heading in the right direction.
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October 1, 2020

The future is always clearest once it is in the past

By Roger Montgomery

In this article for Firstlinks Roger questions whether markets are really that expensive? For stock market transactions to occur, there must be a buyer and a seller.  Australia, like the US, has experienced a similar expansion of price to earnings multiples as a function of ultra-low interest rates and the migration out of cash and into growth assets.
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September 29, 2020

What do low interest rates mean for equity markets?

By Tim Kelley

The last 30-40 years has seen a dramatic shift down in interest rates for much of the developed world. For example, the ten-year government bond yields in Australia and the US have declined from around 14 per cent in the early 80s to more recently lie somewhere not unadjacent to zero.
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September 23, 2020

How long will the shift in retail spending continue?

By Stuart Jackson

One of the thematics from the last few months has been the material change in retail spending. With COVID-19 related lockdowns and restrictions on population movement and activity, the ability to spend on services such as out of home entertainment and activities has been significantly curtailed.
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Close

Our Funds

Concentrated High Conviction Equities

Listed

Montgomery Global Equities Fund (ASX:MOGL)

Global
Available on the ASX as an Exchange Traded Managed Fund, invests in 15 to 30 quality global businesses for long-term capital growth with a target distribution yield of 4.5% per annum. Mirrors the strategy of the Montgomery Global Fund.
Unlisted From $25,000

Montgomery Global Fund

Global
Invests in 15 to 30 quality global businesses for long-term capital growth. Priced daily. Mirrors the strategy of the Montgomery Global Equities Fund (ASX:MOGL).
Unlisted from $25,000

The Montgomery Fund

Australia/NZ
Aims to provide long-term growth and income by investing in 20 to 40 high-quality Australian and New Zealand businesses trading at attractive valuations. Priced daily.
UNLISTED FROM $25,000

Montgomery Small Companies Fund

Australia/NZ
Aims to provide long-term growth by investing in 30 to 50 high quality, undervalued, Australian and NZ small and emerging companies with strong growth potential. Priced daily.
Unlisted from $1 Million

The Montgomery [Private] Fund

Australia/NZ
Seeks to deliver absolute returns from a portfolio of high-quality Australian and New Zealand businesses. Capital preservation is paramount. By invitation only.

Alternate Equity Strategies

New Fund

Montaka Global Extension Fund (ASX: MKAX)

GLOBAL
An ASX-quoted managed fund, typically, the Fund seeks to hold 15 to 30 long positions and partially offsets these with 10 to 40 short positions, operating with 130% exposure to its long portfolio and 30% exposure to its short portfolio, resulting in a net market exposure of around 100%. Features a target distribution yield of 5% per annum.
Unlisted from $50,000

Montaka Global Access Fund

Global
Aims to generate materially higher risk-adjusted returns, net of fees, than is generally available in the equities market over the medium term. Priced monthly. Provides retail investors access to the Montaka Global Fund.
Unlisted from $1million

Montaka Global 130/30 Fund

Global
Provides the opportunity to benefit from both the gains of extraordinary businesses and the declines of deteriorating businesses through a global equity active extension strategy, which has the potential to significantly outperform the broader equities market over time. Seeks to generate double-digit annual average returns, net of fees. Daily priced.
Unlisted From $1 Million

Montaka Global Fund

Global
Aims to generate materially higher risk-adjusted returns, net of fees, than is generally available in the equities market over the medium term. By invitation only.