Investor Insights

August 25, 2022

What the Supercheap and Adairs results tell us about the retail sector

By Roger Montgomery

Some retailers – such as Supercheap Auto (ASX:SUL) – are reporting better than expected results this reporting season. But this hasn’t prevented many analysts from painting a gloomy picture of the retail sector, due largely to the impact of rising interest rates and inflation on consumers’ wallets.
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August 23, 2022

Is Beacon Lighting shooting the lights out long-term?

By Roger Montgomery

Beacon Lighting (ASX:BLX) supplies and distributes lighting and fans through a network of 117 company stores and two franchised stores, five of which were opened in FY22. The company’s own research suggests capacity for 184 stores in Australia. After rallying 571 per cent, from its pandemic-inspired share price lows, to $3.
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August 22, 2022
WHITE PAPERS

Are we there yet? What to do when the bottom of the market is unknown

By Roger Montgomery

The current equity market environment reflects soaring inflation, increasing interest rates and the first half of calendar year 2022 saw a double-digit decline in most major indices. The popularity of large-cap U. S. equities decreased significantly in the wake of their 2020 high point and the volatility of mid-cap and small-cap stocks has been dramatic.
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August 19, 2022

Aura High Yield SME Fund: Letter to Investors 19 August 2022

By Brett Craig

The data presented this week highlights the current mismatch in the labour market and the rising cost of living. When considered holistically the high-level inflationary pressure is eliminating any real growth presented by the rise in the wage price index and the reported average weekly earnings. As interest rates continue to rise in order to combat inflation households will face increasing pricing pressure.

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August 18, 2022

Why our small caps team likes IPH

By Roger Montgomery

IPH Limited (ASX:IPH) is the leading intellectual property services group in the Asia Pacific region and its shares had fallen as much as 15 per cent from their 2020 highs, for no apparent reason, at which point Gary and Dominic from the Montgomery Small Companies Fund added it to the portfolio on the back of its defensive growth characteristics, strong…
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August 17, 2022

Is the current rally premature?

By Roger Montgomery

I believe there are good arguments the current rally is premature and might reverse. Keep in mind I am still long and heavily invested in equities. I just think the current rally has got ahead of itself. First, S&P500 forward earnings estimates are declining. Not by much but definitely in the wrong direction.
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August 16, 2022

Has peak inflation passed?

By Roger Montgomery

  In this week’s video insight I ask the question has inflation peaked, and is this leading optimism in the stock market? Stocks rallied sharply last week based on the better-than-expected consumer inflation (CPI) data. Consequently the U. S.
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August 12, 2022

2Q2022 Polen Capital Global Small and Mid Cap Commentary

By Polen Capital

The second quarter of 2022 echoed themes that started earlier this year. High inflation, rising interest rates, and a general “riskoff” mentality have created some difficulty for our investing style in the Polen Capital Global Small and Mid Cap Fund.
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August 11, 2022

Talk Ya Book: A growth stock for your list

By Gary Rollo

Gary Rollo joined Chris Judd’s Talk Ya Book to discuss one of his favourite value picks at the moment, telecom software business Symbio Holdings (ASX:SYM). Symbio is profitable, growing, generates cash flows and is also on 9 times EBITDA which for an industrial stock is cheaper than the market. The Montgomery Small Companies Fund owns shares in Symbio.
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August 10, 2022

2Q2022 Polen Capital Global Growth Commentary

By Polen Capital

The conditions during the second quarter of the year have largely been a continuation of what we experienced during the first quarter, with a long list of exogenous factors continuing to weigh on the market, including persistent inflation, tightening monetary policy, and ongoing supply chain issues.
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August 8, 2022

Aura High Yield SME Fund: Letter to Investors 05 August 2022

By Brett Craig

The RBA raised rates for the fourth consecutive meeting with a view to combat the soaring rate of inflation. They are not shying away from introducing additional rate rises moving forward. As noted last week, the headline inflation for the July quarter came in at 6. 1 per cent, well above the 2–3 per cent target range.
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August 3, 2022

Growth stocks could rebound if inflation turns out to be “transitory” after all

By Roger Montgomery

Since bravely declaring that inflation would be “transitory” the Chair of the U. S. Federal Reserve, Jerome Powell, has been ridiculed for being so wrong.   After all, we’ve since seen inflation exceed initial estimates and be more persistent than anticipated. But now it seems inflation could be transitory after all. And that augers well for quality growth stocks.
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