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THE EIGHTH WONDER OF THE WORLD AND THE MONTGOMERY SMALL COMPANIES FUND

WHILE SMALL CAP COMPANIES GENERALLY INVOLVE MORE RISK BECAUSE OF THEIR LOWER LIQUIDITY AND THEIR GREATER SENSITIVITY TO ECONOMIC CONDITIONS, THEY HAVE PROVEN OVER A LONG TIME HORIZON TO BE A REWARDING ASSET CLASS TO ALLOCATE CAPITAL – PREFERABLY FOR PATIENT INVESTORS WHO GRASP THE POWER OF COMPOUNDING. 

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HOW TO ASSESS THE VALUE OF STOCKS WITH EXTREME PE MULTIPLES

ARE LOW INTEREST RATES RESPONSIBLE FOR THE MASSIVE EXPANSION IN PE MULTIPLES BEING PAID FOR GROWTH STOCKS?WE JUST AREN’T SURE INTEREST RATES ACTUALLY HAVE THE RELATIONSHIP TO EQUITIES THAT MANY THEORISTS HAVE RELIED ON TO ARGUE THEIR CASE FOR CURRENT MARKET VALUATIONS.

OUR ANALYSIS SUGGESTS THAT THERE ARE OTHER EXPLANATIONS FOR THE EXTREME PES WE ARE CURRENTLY SEEING.

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SMALL, INTENSE WITH HUGE POTENTIAL. WE BELIEVE IN THE POWER OF SMALL COMPANIES

GARY ROLLO AND DOMINIC ROSE SHARE WITH YOU THEIR INVESTMENT PROCESS TO FIND THE VERY BEST SMALL COMPANIES AND KEY THEMES TO IDENTIFY THOSE COMPANIES WE BELIEVE ARE POSITIONED FOR GROWTH.

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3 PLACES TO INVEST AS INTEREST RATES HEAD SOUTH

IF RATES ON YOUR TERM DEPOSIT WENT NEGATIVE AND IT WAS COSTING YOU MONEY TO KEEP YOUR MONEY IN THE BANK, WOULD YOU LEAVE IT THERE? THE ANSWER IS THAT YOU WOULD LOOK FOR ALTERNATIVES.

DUE TO CURRENT MARKET CONDITIONS, WE BELIEVE THERE ARE THREE AREAS IN THE STOCK MARKET THAT INVESTORS SHOULD KEEP AN EYE ON FOR COMPELLING RETURNS.

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Montgomery’s Private Office focuses on the best vehicles and strategies for investments starting from $1 million.

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Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Consider the product disclosure statement before making an investment decision. Please read our Financial Services Guide for more information.

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Montgomery manages value-oriented funds focused on ownership of high quality businesses and generating superior returns over the long term. Read more about our investment approach.

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Investor Insights & Media

November 23, 2020

Is Qantas returning to normal, or something better?

By Tim Kelley

Back in May, we wrote about potential investment merit in Qantas, noting that, while airlines do not readily fit into the “exceptional business” category, we could see good reasons why an investor might be attracted to Qantas (ASX:QAN) at the mid-$3 price that prevailed at the time.
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November 20, 2020

Why our confidence in EML has increased

By Dominic Rose

News of a potentially highly effective COVID-19 vaccine has provided a welcomed boost for so called ‘out and about’ stocks which are viewed as key beneficiaries of an economic re-opening scenario. Over the past few months, the Montgomery Small Companies Fund has been busy seeking ‘vaccine insurance’ to position the portfolio further towards the re-opening trade.
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November 19, 2020

Full steam ahead for these two companies

By Roger Montgomery

In this week’s video insight Roger discusses companies set to benefit from the news of a vaccine. Some of the companies that were beaten down during the pandemic – those we believe would inevitably recover once a vaccine was announced – have bounced, but they are yet to fully reflect a return to normal, or in some cases even a return to subnormal.  One company to clearly benefit from higher levels of activity is Qantas, while another, Megaport recently reported high levels of connection activity following a COVID inspired slowdown in June and July.

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November 16, 2020

How much further will the WES share price run?

By Stuart Jackson

Wesfarmers’ (ASX:WES) trading update for the first four months of FY21 showed the robustness of its retailing businesses. Sales growth for its two best-known brands, Bunnings and Officeworks, was particularly strong, as was the performance of its online channel, Catch. In brief, sales growth for WES’s core retailing operations remained strong through to the end of October.
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Our Funds

Concentrated High Conviction Equities

Listed

Montgomery Global Equities Fund (ASX:MOGL)

Global
Available on the ASX as an Exchange Traded Managed Fund, invests in 15 to 30 quality global businesses for long-term capital growth with a target distribution yield of 4.5% per annum. Mirrors the strategy of the Montgomery Global Fund.
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Unlisted From $25,000

Montgomery Global Fund

Global
Invests in 15 to 30 quality global businesses for long-term capital growth. Priced daily. Mirrors the strategy of the Montgomery Global Equities Fund (ASX:MOGL).
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Unlisted from $25,000

The Montgomery Fund

Australia/NZ
Aims to provide long-term growth and income by investing in 20 to 40 high-quality Australian and New Zealand businesses trading at attractive valuations. Priced daily.
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UNLISTED FROM $25,000

Montgomery Small Companies Fund

Australia/NZ
Aims to provide long-term growth by investing in 30 to 50 high quality, undervalued, Australian and NZ small and emerging companies with strong growth potential. Priced daily.
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Unlisted from $1 Million

The Montgomery [Private] Fund

Australia/NZ
Seeks to deliver absolute returns from a portfolio of high-quality Australian and New Zealand businesses. Capital preservation is paramount. By invitation only.
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Alternate Equity Strategies

New Fund

Montaka Global Extension Fund (ASX: MKAX)

GLOBAL
An ASX-quoted managed fund, typically, the Fund seeks to hold 15 to 30 long positions and partially offsets these with 10 to 40 short positions, operating with 130% exposure to its long portfolio and 30% exposure to its short portfolio, resulting in a net market exposure of around 100%. Features a target distribution yield of 5% per annum.
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Unlisted from $50,000

Montaka Global Access Fund

Global
Aims to generate materially higher risk-adjusted returns, net of fees, than is generally available in the equities market over the medium term. Priced monthly. Provides retail investors access to the Montaka Global Fund.
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Unlisted from $1million

Montaka Global 130/30 Fund

Global
Provides the opportunity to benefit from both the gains of extraordinary businesses and the declines of deteriorating businesses through a global equity active extension strategy, which has the potential to significantly outperform the broader equities market over time. Seeks to generate double-digit annual average returns, net of fees. Daily priced.
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Unlisted From $1 Million

Montaka Global Fund

Global
Aims to generate materially higher risk-adjusted returns, net of fees, than is generally available in the equities market over the medium term. By invitation only.
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