Learn About Investing

In this section we explore investing basics, common themes and information to help guide your investing journey. 

The information provided is general information only. The information does not take into account your investment objectives, financial situation or particular needs. You should consider your own investment objectives, financial situation and particular needs before acting upon any information provided in this document and consider seeking advice from a financial adviser if necessary.

February 19, 2020
WHITE PAPERS

Is it time to rebalance your retirement portfolio?

By Roger Montgomery

In the current environment of ultra-low interest rates, generating enough income for retirement can be challenging. Instead of being able to add to their nest egg, many retirees find themselves needing to withdraw capital to make up a shortfall between their lifestyle requirements and their income.
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February 13, 2020

Are quality businesses set to shine again?

By Tim Kelley

Some years ago, we put together a notional “High-minus-low quality” portfolio, which holds long positions in ASX-listed companies that we consider to be high-quality, and short positions in companies that we consider to be lower-quality. The absolute return from this portfolio provides an indication of whether the higher quality companies are outperforming the lower-quality companies.
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February 3, 2020

What’s behind the weak performance of quantitative investing?

By Tim Kelley

Equity markets have been very kind to investors in recent years, with stock indices setting new records in Australia and overseas. Notwithstanding some episodes of turbulence along the way, these good results continue a decade-long run of mainly positive returns following the depths of the GFC in early 2009.
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January 31, 2020

Does valuation not matter for high quality businesses?

By George Hadjia

One characteristic of a high-quality business is its ability to grow its intrinsic value over time. So does that mean that it’s possible to overpay for a high quality business and then wait for it to “grow into its valuation”? This depends on a number of things which we will attempt to tease out.
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December 18, 2019
WHITE PAPERS

Part II: Low rates, assets inflate

By Andrew Macken

Since the Global Financial Crisis (GFC) in 2008, central bankers worldwide have pursued expansionary monetary settings to buoy tepid economic growth by cutting policy rates and buying government bonds. As a result, low interest rates have been a fact of life in large developed economies for the past decade – and counting.
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December 3, 2019
WHITE PAPERS

Part I: Low rates, assets inflate

By Andrew Macken

Across the developed world, historically low interest rates are the new normal – not just temporary. Our latest Whitepaper points to five structural reasons driving this change. Although low rates are highly advantageous for those with an ability to buy assets, they come with some strong downsides.
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October 21, 2019

Why you need to include cybersecurity in your investment thesis

By Andreas Lundberg

According to the Australian Government’s Cyber Security Review, cybercrime is costing the nation up to $1 billion annually in direct costs alone. And the costs are rising. Clearly, it’s time for investors to factor the risk, and potential impact, of cyberattacks on the businesses they invest in.
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October 18, 2019

Why I think NextDC is undervalued

By Gary Rollo

What’s going on with the share price of data center provider NextDC (ASX: NXT)? Over the past year, it has massively underperformed other firms in both the tech and AREIT sectors.
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October 15, 2019

Where does Montgomery invest its cash?

By Dean Curnow

For those unaware, Montgomery has a dual objective in its flagship equity strategies being The Montgomery Fund and Montgomery Global Fund, and that is to outperform their respective, full invested equity benchmarks over the medium to longer term, whilst also aiming to preserve invested capital as much as we can in equity markets.
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October 11, 2019

Are stock valuations naturally biased upwards?

By Daniel Wu

Conventional wisdom and historical evidence support the observation that “stock prices always go up over time”. On a long enough timeline, stock returns of substantially all developed countries have been positive, driven by inflation and real GDP growth if nothing else.
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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.
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.
New Fund

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

Unlisted from $50,000

Montgomery Alpha Plus Fund

Global
Aims to generate positive returns in both rising and falling markets. Invests in 80 to 180 global businesses expected to deliver above-average returns, while selling short a similar-sized portfolio expected to deliver below-average returns. Priced daily.
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.