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Banking on lower Growth

12112019_Big 4 banks

Banking on lower Growth

As highlighted in the recent results announcements from Australia and New Zealand Banking Group (ASX:ANZ), Westpac (ASX:WBC) and National Australia Bank (ASX:NAB), the earnings and profits of our major banks are on the slide. It’s further justification for the investment strategy of The Montgomery Fund and The Montgomery [Private] Fund to have an 85 per cent active underweight position in the major banks.

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Stuart is the Portfolio Manager of The Montgomery [Private] Fund. Stuart joined Montgomery in 2015 after spending 19 years in research roles with JP Morgan in Australia and in New York. Stuart was appointed Executive Director at JP Morgan in 2005 and for 8 years was Deputy Head of Research. Prior to this he worked as an analyst in the Australian Equities team at Bankers Trust Asset Management for 3 years. Stuart is a CFA® charterholder.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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