Montaka Global Extension Fund - Complex ETF (ASX:MKAX) has released its investment update for the period ending 30 September 2026, disclosing a unit price (NAV) of A$3.3029, a fund size of A$75 million, and a since-inception annualised total return of 5.8%.

Key Points

  • NAV unit price stood at A$3.3029 as at 30 September 2026, with fund size of A$75 million
  • One-month total return was -3.4%; three-year annualised return was 14.2%
  • Microsoft was the largest holding at 15.5% of NAV, with top 10 holdings comprising 86.9% of NAV
  • The fund held 21 long positions and 24 short positions, with gross exposure of 155.3% and net exposure of 97.2%

Total Return Performance as at 30 September 2026

According to the filing, the fund recorded a one-month return of -3.4% and a three-month return of 14.1% for the period ending 30 September 2026. The six-month return was 16.4%, while the one-year return was -14.2%. On an annualised basis, the two-year return was 1.7%, the three-year return was 14.2%, and the five-year return was 3.3%. The fund's since-inception annualised return stood at 5.8%. The filing states that performance figures are pre-tax, net of management fees and costs including any accrued performance fees, and assume reinvestment of distributions.

Top 10 Holdings and Portfolio Composition

The filing disclosed that the fund's top 10 holdings represented 86.9% of NAV as at 30 September 2026. Microsoft was the largest position at 15.5%, followed by Amazon at 14.3% and Meta at 13.1%. KKR accounted for 8.0%, Mastercard 6.8%, Visa 6.4%, Tencent 5.9%, BAE Systems 5.8%, ServiceNow 5.6%, and Uber 5.5%. The fund's key themes by net NAV exposure included Discovery Engines at 24%, Financial and Data Platforms at 22%, Enterprise Software at 21%, Cloud Computing at 20%, and Private Assets at 11%.

Fund Statistics and Structural Details

The filing disclosed that the fund held 21 long positions and 24 short positions as at the report date. Gross exposure (long plus short) was 155.3% of NAV, while net exposure (long minus short) was 97.2%. Cash weighting was 2.79% and Australian dollar currency exposure on a look-through basis was 40.8%. Portfolio turnover was 76.1%. The fund is managed by Andrew Macken and carries a management fee of 1.25% per annum and a performance fee of 20% of total return above the benchmark, subject to a high watermark. The fund targets distributions of 5% per annum, paid semi-annually as at 30 June and 31 December each year.