Latest Insights

October 28, 2020

How to assess the value of stocks with extreme PE multiples

By Roger Montgomery

You’ve probably heard bullish commentators argue that declining interest rates explain, and justify, the extraordinary price to earnings (PE) multiples being paid for growth stocks.   Many of these commentators also maintain that, because rates are going to stay lower for longer, these stocks are a defensive, sensible, and even safe investment.
Read Article
Share
October 27, 2020

Why growth stocks could keep rising

By Roger Montgomery

The share prices of growth companies – particularly quality businesses such as the much heralded FAAMGs – have been on a tear since March. How much further could they go?  Well, quite a bit further I think, if rates stay low and governments keep providing financial support. Recent headlines suggest COVID-19 is not going away any time soon.
Read Article
Share
October 21, 2020

Bapcor remains a great play on domestic tourism

By Dominic Rose

Bapcor (ASX:BAP) – Australia’s leading aftermarket auto parts distributor – has enjoyed very strong trading conditions since mobility restrictions have eased, and its share price has rallied accordingly.  BAP has both growth and defensive qualities and remains a great way to play the domestic tourism thematic which could prove stronger for longer.
Read Article
Share
October 19, 2020

3 places to invest as interest rates head south

By Roger Montgomery

With interest rates heading to zero, keeping your money in the bank has become a poor way to increase – or even preserve – your wealth. A better strategy, I believe, is a well-chosen portfolio of stocks. In this blog, I highlight three types of businesses that should provide compelling returns in the years to come.
Read Article
Share
October 16, 2020

Flying high – a remarkable track record

By Gary Rollo

Back in 2002 Alliance Aviation Services (ASX:AQZ) commenced flying with just two aircraft. Today, the operating aircraft fleet size has grown to 43, with a further 14 new aircraft set to arrive in the next 12 months. AQZ’s business is literally flying! The company operates fly-in fly-out charter services for Australian mining companies and a range of ancillary aviation services, and has a strong track record of consistent profits and growth.

Read Article
Share
October 13, 2020

Why yield investors should take a look at Centuria

By Stuart Jackson

If you’re looking for a robust income stock, Centuria Capital Group (ASX:CNI) is worth considering. Centuria owns a suite of assets focused on property and investment bonds, and pays an annual yield of around 4. 3 per cent. Making this business even more appealing, is a share price that keeps heading in the right direction.
Read Article
Share
October 12, 2020

Dissecting the hype around US sports betting

By Lachlan MacKay

Plenty of noise has been generated in the US online sports betting space this year. DraftKings stock has grown +400 per cent year-to-date, Penn National +170 per cent and Australia’s Pointsbet +150 per cent. The excitement is around an expected $20-30 billion addressable market, growing from around $1 billion in 2019.
Read Article
Share
October 9, 2020

Our thoughts on the Ant Group IPO – Part I

By Daniel Wu

Chinese payments and fintech giant Ant Group is expected to IPO in October at a valuation exceeding US$200 billion. Being investors in Alibaba Group, which owns 33 per cent of Ant, it was imperative for us to form a view on the Ant business.
Read Article
Share
October 8, 2020

The $18.0 billion Merger of two Aussie Gold Miners

By David Buckland

In November 2019, Saracen Mineral Holdings (ASX: SAR) acquired 50 per cent of the Fimiston Open Pit, known colloquially as the Kalgoorlie Super Pit, from Barrick Resources for US$800 million. A month later Northern Star Resources (ASX: NST) bought Newmont’s 50 per cent stake for US$750 million.
Read Article
Share
October 8, 2020

How much higher can Buy-Now-Pay-Later stocks go?

By Roger Montgomery

As you’ve no doubt noticed, Buy-Now-Pay-Later (BNPL) providers, like Afterpay and Zip, are all the rage. But do their soaring share prices reflect their real value and future earning power? Or are we just witnessing the latest incarnation of tulip mania? I sometimes wonder how we will look back on the rise of profitless growth stocks.
Read Article
Share
October 6, 2020

An exciting growth stock: Macquarie Telecom

By Roger Montgomery

  In this week’s video insight Roger discusses cloud computing and a small cap opportunity in the space. We currently believe companies within this sector will see a long runway for growth. One company delivering the framework on which this innovation cycle is being built is Macquarie Telecom. The Montgomery Small Companies Fund  owns shares in Macquarie Telecom.
Read Article
Share
Close

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.
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).
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.
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.
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.

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.
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.
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.
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.