Investor Insights

A REVIEW OF MARKETS IN 2020

 

With 2020 almost now behind us, lets look at the year that was. It’s safe to say this year is unlikely to be forgotten for everyone, and not just those invested in equity markets. After a very strong January, investors and markets grappled with the uncertainty and severe volatility brought upon by COVID-19’s spread around the world.

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November 20, 2020

Looking across the earnings valley

By David Buckland

Those companies which record the largest retreat in profitability during a recession often see the biggest rebounds in subsequent years. Company reports and consensus Earning Per Share (EPS) estimates for the US S&P500 market points to a similar experience for this cycle.
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November 19, 2020

The eighth wonder of the world and the Montgomery Small Companies Fund

By David Buckland

While small capitalisation companies generally involve more risk because of their lower liquidity, their greater sensitivity to managements’ influence, 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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November 17, 2020

Property market ringside: Frydenberg v Jones

By Roger Montgomery

At Montgomery we have always kept an eye on the residential property market. While it’s important to many as an investment market in its own right, it also influences consumer behaviour and its significance in terms of the nation’s wealth makes it critical from a fiscal and monetary policy perspective.
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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.
November 9, 2020

Why you need to understand ESG investing

By Tim Kelley

For much of the last hundred years or so, investment decisions have tended to be framed primarily in terms of a hard-nosed assessment of just one thing – shareholder value.
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October 2, 2020

Investment and speculation

By George Hadjia

For centuries there have been speculators hoping to find the path of least resistance to wealth and riches. Stock markets as an asset class have proven potential to create immense wealth, but are an open arena for both the speculator and investor.
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September 29, 2020

What do low interest rates mean for equity markets?

By Tim Kelley

The last 30-40 years has seen a dramatic shift down in interest rates for much of the developed world. For example, the ten-year government bond yields in Australia and the US have declined from around 14 per cent in the early 80s to more recently lie somewhere not unadjacent to zero.
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September 21, 2020

Why value investing makes sense

By George Hadjia

While there are a number of strategies to make money in the stock market, the Montaka funds subscribe to a value investing philosophy. But why does this make sense, and why is it likely to lead to favourable investment returns over time? Picture this scenario: you are walking through the supermarket doing the standard weekly grocery shop.
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Latest Insights

December 17, 2020

Another stellar performance from Codan

By Andreas Lundberg

Codan is a rare company with a clear market leading position in its niche and is producing very attractive returns and growth rates with sales growth of 28 per cent and profit growth of 40 per cent in FY20.
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December 15, 2020

Why I think share markets will boom in 2021

By Roger Montgomery

As 2020 draws to a close, the finance world is awash with market commentators making bold predictions for the year ahead. For what it’s worth, here’s mine: I think 2021 could see a surge in asset prices driven by the rollout of a COVID-19 vaccine, loose money supply and pent-up consumer demand.
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December 15, 2020

A review of markets in 2020

By Joseph Kim

With 2020 almost now behind us, I thought it was worthwhile looking at the year that was. It’s safe to say this year is unlikely to be forgotten for everyone, and not just those invested in equity markets.
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Media Clips

November 23, 2020

Pitfalls of chasing growth over value

By Roger Montgomery

In this article for the Herald Sun Roger questions whether it is time to tilt your portfolio towards income and yield stocks.  As rates approach zero, we believe a final wave of investors who have suffered from inertia will finally give up on their savings and seek to invest elsewhere. Read here.
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November 23, 2020

The uncertainty of chasing true value

By Andrew Macken

In this article for the Herald Sun Andrew discusses logical analytical steps that can be taken by diligent investors to ascertain, with some degree of accuracy, the true value of businesses — or range of values more typically — with a reasonable degree of confidence. Read here.
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November 20, 2020

NSW budget flags the phasing out of payroll tax

By Roger Montgomery

Roger joined Michael McLaren on 2GB overnight to discuss Treasurer Dominic Perrottet’s undertaking of NSW’s biggest tax reform in decades as NSW records a historic $16 billion budget deficit.
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November 3, 2020

ASX edges up ahead of big decisions

By Roger Montgomery

In this article for 7 News Steven Deare discusses the Aussie market return and what’s in store with decisions of the US election and RBA monetary policy meeting to come. Steven shares Roger’s thoughts that the media coverage of the results would dwarf that of the RBA decision.
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THINK FOR YOURSELF.
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At Montgomery, we’re independent thinkers who look past market noise to focus on the long-term prospects for companies. We don’t follow the herd. Subscribe now to receive our articles, whitepapers and insights.

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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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