Overview
- Montaka Global Investments, which released its Q1 2026 letter Thursday, said the March Iran conflict drove sharp cuts to stock valuation multiples and lowered portfolio marks even as company fundamentals held up.
- The update set three lenses for picking stocks: progress in AI, geopolitical risk, and market pricing, and it reaffirmed a patient, long-term stance.
- TSMC was a new buy, with Montaka saying rising AI compute needs and limited U.S. power growth boost demand for more efficient chips and give the foundry outsized pricing power despite Taiwan risk.
- S&P Global looked priced for only about 3% annual revenue growth, which Montaka contrasted with its record of growing at more than double that rate in most of the past 15 years and guidance of 6% to 8% for 2026 excluding currency effects.
- Montaka’s internal markers showed Salesforce at 4.8 times projected 2026 gross profit and KKR at about 17 times expected 2026 fee-related earnings, with those fees forecast to grow more than 20% this year.