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.

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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.

 

March 2023: Roger Montgomery was joined by co-Portfolio Managers Sean Sequeira and Alan Kwan from Australian Eagle, to discuss how The Montgomery [Private] Fund portfolio has been positioned to best take advantage of the investment conditions we see ahead in 2023.

Performance

Comparative Returns Since Inception to 31/08/2023 (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],["31\/01\/2023",2585290,2622106,2561477],["28\/02\/2023",2548300,2662700,2496180],["31\/03\/2023",2569050,2669504,2490292],["30\/04\/2023",2645560,2788210,2536300],["31\/05\/2023",2556009,2767060,2472100],["30\/06\/2023",2582512,2771252,2514909],["31\/07\/2023",2640664,2836973,2587702],["31\/08\/2023",2631730,2779332,2567938],["",null,null,null]]

Most Recent Unit Price* SEE HISTORY

Buy
1.1522
Redeem
1.1465
Mid
1.1493

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

Fund Performance

163.17%
The Montgomery [Private] Fund
156.79%
ASX 300 Accum. Index
177.93%
ASX 200 Industrials Accum. Index (Benchmark)
-14.76%
Out/Under performance (Benchmark)
8.7%
Average Cash Balance 1/07/2022 - 31/08/2023
  The Montgomery [Private] Fund ASX 300  Accum. Index Out/Under Performance ASX 200 Industrials Accum. Index Out/Under Performance
3 months 2.96%  3.88% -0.92% 0.44% 2.52%
6 months 3.27% 2.87%  0.40% 4.38% -1.11%
12 months 6.55% 8.96%  -2.41% 7.50% -0.95%
3 years (p.a) 6.61% 10.51%  -3.90% 8.67% -2.06%
5 years (p.a) 4.72% 6.99%  -2.27% 4.71% 0.01%
7 years (p.a) 4.29% 8.53%  -4.24% 6.98% -2.69%
9 years (p.a) 6.06% 7.28%  -1.22% 8.85% -2.79%
11 years (p.a) 8.29% 9.29%  -1.00% 10.43% -2.14%
Since inception 163.17% 156.79%  6.38% 177.93% -14.76%
Compound annual return 7.93% 7.72%  0.21% 8.39% -0.46%

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 2023 5.1987 cents $1.1563
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 +

Roger Montgomery

Founder and Chairman

Bachelor of Commerce. Senior Fellow, Financial Services Institute of Australia.

Roger founded Montgomery Investment Management in 2010.

Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and financial advice.

Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merill Lynch.

In 2010, Roger published his first book, the best-selling investment title Value.able. Buy it here.

Watch video

Sean Sequeira

Chief Investment Officer
Read Bio +

Sean Sequeira

Chief Investment Officer

CFA; Bachelor of Business
 
Sean Sequeira jointly established Australian Eagle Asset Management in 2004. Sean 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. He is also one of the three investment team members that make up the portfolio construction committee.

Having gained global experience within investments banks in Europe during the late 1990’s, Sean returned to Australia and in 2000 working for Tower Asset Management dealing and analysing Australian equities under the mentorship of Albert Hung, co-founder of Australian Eagle. 


Sean is a CFA® charterholder and holds a Bachelor of Business majoring in Finance and Economics from the University of Technology, Sydney.

 

Watch video

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.

Register Your Interest
02 8046 5000

Insights Subscribe to insights

August 25, 2023

Altium - A quality stock with excellent momentum

By David Buckland

In this week’s video insight, David Buckland, CEO of Montgomery, and Sean Sequeira, Chief Investment Officer of Australian Eagle Asset Management, discuss the investment landscape surrounding Altium (ASX:ALU). The discussion delves into Altium’s historical performance, its emphasis on quality, and its ambitious growth aspirations. Through an exploration of Altium’s positioning, management consistency, and recent achievements, this discussion underscores the significance of these factors in evaluating the company’s investment potential.

Read Article
August 18, 2023

Two high-quality stocks we own in The Montgomery Funds’ portfolio

By David Buckland

In this video insight, David Buckland, CEO of Montgomery, and Sean Sequeira, Chief Investment Officer of Australian Eagle Asset Management, discuss the positive impact of Australian Eagle’s partnership with Montgomery. They delve into recent company earnings reports, highlighting Cochlear’s (ASX:COH) return to growth as indicative of its strong business quality and long-term potential, independent of external factors. They also mention QBE’s (ASX:QBE) efforts to improve margins through enhanced risk management for better earnings quality, potentially leading to a higher market rating.

Read Article
August 2, 2023

Navigating the 2023 August reporting season: earnings estimates and market insights

By Roger Montgomery

In this week’s video insight, Roger Montgomery discusses the August reporting season for 2023. Earnings estimates are uncertain, and the economy’s strength raises concerns due to inflation and higher interest rates. Company fundamentals take centre stage as macroeconomic factors recede. Transcript: Hi I’m Roger Montgomery and welcome to this week’s video insight.
Read Article
July 26, 2023

Stayer’s secrets: Mercer’s top fundie

By Sean Sequeira

Australian Eagle Asset Management is the top performing fund manager over a five-year period with their Equity Strategy Fund delivering an impressive return of 11.6% per annum. Sean Sequeira, Chief Investment Officer at Australian Eagle joined the AFR to discuss their successful investment approach. Montgomery entered into a partnership with Australian Eagle last September to manage their domestic large cap portfolios. 

Read Article

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?

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