Tosca UCITS will emulate Tosca, an offshore Long/short equity fund focused on global financials, property and business services. The Fund will seek to generate returns through capital appreciation and will be managed by Johnny de la Hey, who has been the manager for Tosca since 1st December 2008.

Tosca UCITS will invest primarily in equities across the entire value chain of financials globally. This large, liquid and diverse universe is rich in alpha, with varied drivers of profitability. Deep dive, fundamental analysis is at the core of the investment process where the six person strong investment team has over 90 years combined experience in this specialised and inherently complex area of the market. The team’s extensive expertise as well as the breadth and depth of their contacts and relationships offers investors a significant and sustainable edge.




The financial sector has experienced significant structural change over recent years driven by macro factors such as QE in the wake of the GFC, regulation and the increased adoption of technology which is facilitating the adoption of new business models disrupting the incumbent players. This backdrop has provided both cyclical and secular investment opportunities which the manager has successfully exploited through the investment process and an emphasis on mid-cap stocks which provide most opportunity for alpha capture. It is the manager’s firm belief that specialised knowledge is required to successfully invest in this technically complex financial sector.


The manager adopts a holistic approach to portfolio construct and risk management seeking to generate attractive risk adjusted returns over the medium term. Volatility is inherent in this universe and the focus is on reducing risk with particular attention paid to managing concentration and liquidity characteristics of the underlying investments. Hard limits on gross (175%) and net (50%) exposure, individual stock positions and liquidity parameters engender disciplined balance sheet management and ameliorate volatility, allowing the PM to manage through periods of weakness and benefit from the fruits of the teams fundamental analysis. The Fund typically holds 30-40 long positions and a diversified short book with a primary focus on alpha generation.


The team is led by Johnny de la Hey who has 25+ years of experience in financial services research and investing supported by a team of five dedicated analysts. The team has been together over the duration of the fund manager’s tenure and each analyst provides specialised research coverage of defined sub-sectors within the broad financials universe. Toscafund’s Chief Risk Office monitors adherence to the prescribed risk limits within which the portfolio operates.

Terms and Conditions Apply

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Waystone Investment Management (IE) Limited, 23 St. Stephen's Green, Dublin 2, D02 AR55, Ireland is licensed to provide Investment Management services to Professional Clients (including Collective Investment Schemes) by the Central Bank of Ireland.

MontLake UCITS Platform ICAV is an umbrella open-ended Irish collective asset-management vehicle with segregated liability between Funds formed in Ireland under the Irish Collective Asset-management Vehicles Act 2015 and authorised by the Central Bank as a UCITS pursuant to the UCITS Regulations.

The Manager of MontLake UCITS Platform ICAV is Waystone Fund Management (IE) Limited, a company regulated by the Central Bank of Ireland. 

This website is directed mainly for professional and institutional clients who possess the necessary experience, knowledge and expertise to make their own investment decisions and properly assess the risk that it incurs.

Information on this website was obtained from various sources and the company does not guarantee its accuracy. The information is for your private use and discussion purposes only and expressed views and opinions may change.

The Performance figures quoted refer to the past and past performance is not a guarantee of future performance or a reliable guide to future performance. The value of your investment and their income may go down as well as up.

Your investment may also be subject to currency, interest rate, as well as market fluctuations. Consequently the Investor may not get back a sum equal to that he / she originally invested.

Investors should note that an investment in those Sub-Funds which may invest in emerging markets should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.

The Sub-Funds may invest in Over the Counter as well as Exchange Traded derivative instruments to enhance return or hedge against fluctuations in security prices or market rates as well as to short sell a security through the use of a derivative instrument. Transactions in derivative instruments involve a risk of loss or depreciation of capital due to adverse changes in security prices, exchange rates or interest rates or in the case of OTC instruments default of Counterparty. This investment may not be suitable for all types of investors. It is therefore recommended that you consult your investment advisor.

A commission or sales fee may be charged at the time of the initial purchase for an investment and may be deducted from the invested amount therefore lowering the size of your investment. The Investment Manager will be entitled to receive a performance fee as well as a management fee, calculated on a daily basis and paid quarterly by the sub-funds.

The Levels and bases of taxation are dependent on individual circumstances and subject to change and therefore it is highly recommended that you consult a professional tax advisor.