Andrew Macken of Montaka Global Investments presented his investment thesis on KKR & Co. Inc. (US: KKR) at Wide-Moat Investing Summit 2023.

Thesis summary:

Building on its successful nearly fifty-year history, Andrew views KKR as a high-probability long-term winner in the alternative asset management space.

This is a particularly pertinent idea because the alternatives industry is in the early stages of three large structural tailwinds, associated with: (1) Asia, (2) insurance, and (3) retail / private wealth. It appears likely that a disproportionate share of this growth will be captured by the biggest brands with the most tenured track records.

KKR shareholders are set to participate in a reliably growing earnings stream with minimal capital intensity. KKR’s significantly higher future earning power is not being adequately reflected in the recent stock price.

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About the instructor:

Andrew Macken is the Co-Founder and CIO of Montaka Global Investments, a global equity manager based in Sydney and New York. Prior to establishing Montaka, Andrew worked as a senior member of Jim Chanos’ research team at Kynikos Associates, a global equity long/short fund based in New York. Andrew holds a Master of Business Administration (Dean’s List) from the Columbia Business School in New York. Andrew also graduated with High Distinction with a Master of Commerce; and First Class Honours with a Bachelor of Engineering from the University of New South Wales in Sydney.

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