Overview

• Montaka released its second‑quarter 2025 investor letter on Sept. 24, detailing how it navigated sharp market swings in June.
• It characterizes an early double‑digit S&P 500 drop after President Trump’s “Liberation Day” tariff announcement and a near‑25% rebound despite reported Israeli and U.S. attacks on Iran as fertile ground for new buys.
• The firm says it increased its KKR position during the turbulence after the stock fell 44% and then rallied 50%, arguing the company’s long‑term prospects remain intact.
• Montaka reiterates a high‑conviction approach with significant concentration, noting its top 10 holdings account for 76% of the portfolio.
• It highlights “flywheel” advantages at large platforms, citing Blackstone, KKR and Spotify, and reports Sept. 23 closes and positioning: KKR at $147.25 with 84 hedge funds holding it (down from 88), Blackstone at $184.91 with 72 (down from 81), and Spotify at $718.94 with 111 (up from 106).