September 14, 2023

Is Tesla just another car company?

By Roger Montgomery

In the ever-evolving landscape of the automotive industry, few companies have captured the world’s attention quite like Tesla. Thirteen years ago, electric cars were synonymous with virtue signalling rather than high-performance excitement. However, Tesla disrupted this perception, transforming electric vehicles into something thrilling and aspirational.
September 13, 2023

Navigating the FY23 reporting season: Tech and retail sector highlights

By Roger Montgomery

In this weeks’ video insight, I wanted to highlight some key takeaways from the reporting season, especially in the tech and retail sector. Retail’s results were mixed, with earnings per share declining in the second half of 2023. Predictions for fiscal year 24 and 25 estimates saw a slight downturn. In the tech sector, performance met expectations, with a noticeable focus on tech companies’ downgrading due to depreciation and amortisation, and capex concerns with a focus on cash flow and the underestimation of rising interest rates.

September 13, 2023

10 reasons to consider private credit

By Roger Montgomery

Fifteen years ago, many of my friends were in their early to mid-fifties. With retirement still a long way off, and living their best lives, the volatility of the stock market was something to be endured, if not salivated over, because it was the price to pay to create serious wealth. That belief remains true today.
September 7, 2023

The Montgomery Small Companies Fund has had a cracking few months

By Gary Rollo

In this week’s video insight I joined David Buckland to dive into the recent performance of the Montgomery Small Companies Fund. As the reporting season concludes, the Fund has delivered 11.19 per cent for the three months to 31 August. This is an outperformance of 8.97 per cent compared to its benchmark the S&P/ ASX Small Ordinaries Accumulation Index. The outperformance can be attributed to several key stocks in the Fund’s portfolio, particularly Megaport (ASX:MP1), Audinate (ASX:AD8), and Aussie Broadband (ASX:ABB), all of which have exhibited strong growth and management excellence.

September 5, 2023

Is Flight Centre about to take off?

By Roger Montgomery

In 2018, Flight Centre Travel Group’s (ASX:FLT) share price was flying high and trading above $61. 00. With 101. 1 million shares on issue, the market capitalisation at the time was just shy of $6. 2 billion.
September 4, 2023

Aura Private Credit insights: monthly CPI indicator is easing

By Brett Craig

The monthly Consumer Price Index (CPI) indicator is continuing to show signs of easing. The 12 months to July reported a 4. 9 per cent increase, which is down from the June figure of 5. 4 per cent. This is a significant improvement off the back of the 8. 4 per cent peak in December 2022.
August 31, 2023

Hidden in plain sight: our quest for quality around the world

By Polen Capital

Recently, we highlighted the attractive opportunity we see in international equities. ¹ On the back of more than a decade of underperformance relative to the U. S. , we believe international now has some notable winds at its back, including cheap absolute and relative valuations and moderating dollar strength.
August 30, 2023

Private Credit outclassing the asset classes

By Roger Montgomery

Every six months, Morningstar assembles its Annual Asset Class Returns “gameboard” (Figure1. ). The matrix displays the performance of seven major asset classes over the last 20 financial years to 30 June 2023. While the compilation doesn’t offer much by way of predictive value, its usefulness is in its educational content.

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