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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In the space of five months, consumer online buying in the United States grew from around 15 per cent to 45 per cent for most categories. This is an extraordinary acceleration in consumer behaviour towards digital channels – and one that is likely here to stay. For those in the business of marketing to consumers, this new reality has significant implications, as McKinsey points out in their recent note on the subject. Continue…
With COVID-19 cases surging again in the US, Europe and elsewhere, you might reasonably be scratching your head at the ongoing surge in stock prices. After all, if it was the pandemic that caused the severe sell off in March, wouldn’t a resurgence in cases and deaths in the world’s largest economies have a similar effect? Continue…
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.
With all the noise in recent days over new antitrust initiatives in the Chinese technology space, the stellar ongoing performance of Tencent’s many businesses seems to have been lost in the mix. Continue…
Hidden amongst the barrage of news over recent days was a particularly strong quarterly result by Microsoft (NASDAQ: MSFT) last week. What caught our attention was the framing of the long-term opportunity for the business by CEO, Satya Nadella. Continue…
As Warren Buffett once said: “Price is what you pay; value is what you get.” This simple definition underpins the logical pursuit of value investors to make investments in businesses only when prices are materially below their true value. This seems absurdly obvious and yet executing on this approach is rather difficult. Why? Because “true value” is, essentially, unobservable. Continue…
In this article for the Herald Sun Andrew discusses the recent strength in the Aussie dollar. Putting aside the large dip and rebound in March and April, the Aussie has continued to appreciate by about 10 per cent in the past three months against the US dollar. So what is causing this? Read here.
In this quarterly update, Andrew Macken, Montaka’s Chief Investment Officer touches upon a range of possible medium-term economic outcomes. He also shares a brief update on the current portfolio positioning of the global strategies. Continue…
With all the news around COVID-19 and the ongoing political dramas surrounding the US general election, it seems a historic change in European philosophy has gone largely unnoticed. In July, EU leaders agreed to an extraordinary €750 billion recovery package called the Next Generation EU (NGEU). Continue…
For value investors like us who seek to own the world’s long-term winning businesses in attractive markets, there is an ongoing philosophical imperative to ensure the quality we identify is not already fully reflected in the current stock price of the business. After all, if the true quality and growth prospects of any business are accurately reflected in the stock today, then your chance of generating outsized returns is zero, by definition. Continue…
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