Investor Insights

October 18, 2022

The Montgomery Fund’s investment thesis in Treasury Wine Estates

By Roger Montgomery

As part of Montgomery’s transition with Australian Eagle Asset Management, one of the new companies in The Montgomery Fund and The Montgomery [Private] Fund is Treasury Wine Estates (ASX:TWE). Here I’d share a high-level overview of the thesis for the inclusion of Treasury Wine Estates in the portfolios.
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October 14, 2022

Which investors didn’t lose money in September?

By Roger Montgomery

  In this week’s video insight Roger identifies how credit income funds work and why most equity investors invest for the growth provided by growing businesses, and they also invest in cash, bonds or hybrids, looking for monthly income and returns that are uncorrelated with their equities and other assets.
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October 13, 2022

Three new buys from the Polen Capital Global Growth Fund

By David Buckland

As many of our readers would know, Montgomery Investment Management has partnered with US-based Polen Capital to manage the investment function of its Global Growth Fund. The Fund has used recent market volatility to add three quality businesses to its portfolio.
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October 12, 2022

Why it might be time to be greedy once more

By Roger Montgomery

Currently, price-to-earnings ratios are at levels unseen since the 2020 COVID sell-off and the Global Financial Crisis. Many quality companies are now ‘on sale’. This is creating an ideal environment for judicious investors to take advantage of mis-priced businesses. During bull markets, investors can only see the positives.
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October 12, 2022

Why I think inflation is heading in the right direction

By Roger Montgomery

With stocks on the rocks, everyone I bump into understandably wants to know if it’s a good time to buy equities – the lure of buying at the bottom is just too great for many to resist.   Of course, I don’t have a crystal ball, but there are signs that inflation is heading in the right direction.
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October 10, 2022

Aura Private Credit: Letter to investors 07 October 2022

By Brett Craig

The Reserve Bank of Australia (RBA) landed on a 25 basis point rise last week, which some are viewing as adopting a “wait and see” approach. The 25 basis point rise last week brought the official cash rate to 2. 60 per cent, the highest rate we have seen in nine years.
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October 10, 2022

Three scenarios that could kickstart a new bull market

By Roger Montgomery

As you’ve no doubt noticed, the world’s market commentators, brokers and analysts have turned decidedly bearish. And they have good reason to be pessimistic. But this bear market will eventually end, to be followed by the next bull market. To my mind, there are three distinct economic scenarios that could kickstart the next upswing.
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October 7, 2022

Know what you own: stocks vs. businesses

By Polen Capital

Successful business owners are often said to be able to feel the pulse of the companies they lead. For instance, great restaurateurs know what dishes are most popular on the menu, who their regular patrons are, when suppliers will deliver fresh ingredients, and how much revenue is needed to cover basic expenses such as salaries and rent.
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September 28, 2022

Small to medium enterprises throughout the pandemic and beyond

By Brett Craig

Small to medium enterprises (SMEs) have been underserviced in the lending market for some time, further exacerbated by the COVID-19 global pandemic. The onset of the COVID-19 Global Pandemic in March 2020 brought shock and great uncertainty for individuals and business owners.
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September 27, 2022

Reporting season in review – a small companies perspective

By Michael Gollagher

Leading into reporting season this year, it felt more critical than usual from an investor’s perspective. This was driven mainly by the ever-changing macro backdrop which at this point in time could be argued is driving share prices more so than company fundamentals. The second key point to consider is the operating period over which reporting season resides.
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