The month of May saw the market experience the impact of the sudden realization that the mining boom is over. Due to the absence of value in the market, and our expectation that other investors would eventually catch on to the impact of a recession in mining and mining services, both Montgomery funds had already moved to a high cash weighting. Continue reading
The Montgomery [Private] Fund and The Montgomery Fund – performance to 30 April 2013.
At Montgomery we have several investment themes that influence our enthusiasm for an investment that meets all our other criteria.
Dear Value Investors,
Please find below our updated returns to the end of March. With many of the companies we have purchased at lower prices now reaching our intrinsic value estimates, and in some cases exceeding them, there is not a lot of activity at Montgomery. Indeed it seems investors would be well served to always be prepared.