Andrew Macken
Andrew Macken is the Chief Investment Officer of the Montaka funds and the Montgomery Global funds. He established MGIM in 2015 in partnership with Montgomery.
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articles by Andrew Macken
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Active management and the paradox of skill
Andrew Macken
May 17, 2019
In the world of active equity management, investment managers – ourselves included – seek to “outperform” the broader equity market index. This outperformance is typically referred to as “alpha” in the industry jargon. Of course, alpha can be both positive – when a manager outperforms; and negative – when a manager underperforms. Continue…
by Andrew Macken Posted in Investing Education.
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Income yield a smokescreen too many investors focus on
Andrew Macken
May 8, 2019
In this article for the Herald Sun Andrew discusses the issue with investing for yield only by taking a look at an example – the Commonwealth Bank of Australia. Read here.
by Andrew Macken Posted in In the Press.
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The hunt for red herring
Andrew Macken
May 6, 2019
A “red herring” is known as something that distracts from a more important area of focus. There are numerous different attributions to the etymology of this saying. From 17thcentury fox hunters deceiving dogs with herring; to 19thcentury bandits using herring to throw bloodhounds off their scent; to early New England settlers leaving bits of red herring along their trail to confuse the wolves that were following. In equities today, perhaps “income yield” is the red herring – throwing investors off the scent of “total returns”. Continue…
by Andrew Macken Posted in Editor's Pick, Investing Education.
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What is our approach to IPOs?
Andrew Macken
April 16, 2019
For many private companies, it’s the moment they’ve been waiting for: the opportunity to go public. Ride-sharing business Lyft has just listed with Uber still to come; and others including AirBnB are teed up to go public in the coming months. So how do we think about Initial Public Offerings in our process? Continue…
by Andrew Macken Posted in Investing Education.
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Do we invest in themes?
Andrew Macken
April 11, 2019
In recent weeks we have been asked about thematic investing. We never just buy a theme. But we do love investing with strong thematic tailwinds at our backs. What is important for us, however, is that the theme we are buying is underappreciated by stock prices. Continue…
by Andrew Macken Posted in Investing Education.
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Do we see an upside for the Aussie dollar?
Andrew Macken
April 1, 2019
We have recently been asked about the Australian currency from several of our investors, and while it’s impossible to predict the future, do we foresee continued pressure on the Aussie dollar against the US dollar over the next 6 – 12 months? Continue…
by Andrew Macken Posted in Foreign Currency.
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Algorithms could create unusual rotations in equity markets
Andrew Macken
March 29, 2019
Oksana Patron published an article in Money Management which discuss Andrew and Chris’ latest whitepaper. The paper identifies unusual rotations in global equity markets which could be due to algorithmic trading and discusses how the global market has actually delivered approximately zero in the past four years. Read here. Continue…
by Andrew Macken Posted in On the Internet.
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The Marvelous Mr. Market
Andrew Macken
March 29, 2019
Over the last four years, global equities have delivered a real return of approximately zero… True or false? Continue…
by Andrew Macken Posted in Whitepapers.
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Are equities as expensive as everyone thinks?
Andrew Macken
March 26, 2019
In this week’s video insight Andrew and Chris provide a preview into our latest whitepaper. They explore the idea that stocks are not as risky as everyone thinks right now. Find out the reason behind this. Continue…
by Andrew Macken Posted in Video Insights.
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Online shopping just doesn’t add up for grocery giants
Andrew Macken
March 22, 2019
In this article for the Herald Sun Andrew identifies the increased demand for online shopping. As online penetration continues to grow it is difficult to see how the profit margins of Woolworths and Coles can remain unscathed. Read here. Continue…
by Andrew Macken Posted in In the Press.
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