Aura Group
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Aura Private Credit: Letter to investors 03 March 2023
Brett Craig
March 3, 2023
This week, the ABS data has begun to paint a picture of a more subdued economic environment, where we are starting to see a slight drop in inflation, household savings and Gross Domestic Product (GDP) in the data. The RBA likely sees the shift in inflation as welcome news, with the effective monetary policy tightening to date finally starting to take effect. The market is still pricing in several hikes in the next 3 months. continue…
by Brett Craig Posted in Aura Group.
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Why Private Debt may be superior to bonds
Roger Montgomery
March 3, 2023
Looking for a higher rate of income? Who isn’t? But are bonds best? For decades investors have been told bonds provide uncorrelated ‘ballast’ for a portfolio of shares whilst generating much-needed regular income. The idea has been that shares offer growth, with bonds also offering diversification and stability. continue…
by Roger Montgomery Posted in Aura Group, Editor's Pick.
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Aura Private Credit: Letter to investors 24 February 2023
Brett Craig
February 24, 2023
Given this week’s quiet data release cycle, we thought we would explore some methods of funding that can be used by lenders we work with and to give context to where we participate in capital markets. continue…
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High monthly income with equity-type returns – I need more of that!
David Buckland
February 23, 2023
I was recently asked by a client what the long-term expectations were for various asset classes offered by Montgomery. Taking work done by Elroy Dimson, Paul Marsh and Mike Staunton1 from the London Business School and the results produced from Montgomery’s business partners, Australian Eagle Asset Management, Montgomery Lucent Investment Management and Polen Capital, I concluded that equities deliver an average annual (nominal) return of around 10.0 per cent, assuming reinvestment of dividends/ distributions/ income. continue…
by David Buckland Posted in Aura Group.
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The silver lining in higher rates
Roger Montgomery
February 21, 2023
Financial media is replete with stories observing the fastest increase in interest rates in recent memory, the end of the declining interest rate era, how the fastest rise in short-term rates is inverting the yield curve (2-year bond yields higher than 10-year bonds) and predicting a recession, rising rates are causing the property market to collapse, and how causal inflation is responsible for it all and the financial destruction of many peoples’ lives. continue…
by Roger Montgomery Posted in Aura Group.
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Aura Private Credit: Letter to investors 13 February 2023
Brett Craig
February 13, 2023
Last week, the Reserve Bank of Australia (RBA) lifted interest rates off the back of the heightened inflation data that came in for the December 2022 quarter. continue…
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Aura Private Credit: Letter to investors 06 February 2023
Brett Craig
February 6, 2023
ADIs, or Authorised Deposit-taking Institutions, have been looking into how to incorporate the same underwriting technology that many fintech/non-bank lenders already have for some time now, with the intention of utilising the technology on unsecured SME credit. continue…
by Brett Craig Posted in Aura Group.
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Australian superfunds driving growth in private debt
Dean Curnow
February 3, 2023
At the end of 2021, Ernst and Young in an annual paper exploring the private debt market in Australia estimated its size to be AU$133 billion and growing 21 per cent year on year.[1] Whilst at a record size for Australia, it remains vastly immature when compared globally where the private debt market is estimated to be as large as US$1.2 trillion which has grown by 13.5 per cent annually over the last decade.[2] continue…
by Dean Curnow Posted in Aura Group.
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A $9 billion Opportunity for Non-bank SME Lenders
Brett Craig
January 30, 2023
The conclusion of the Term Funding Facility and conclusion of the Federal Government Coronavirus SME Guarantee Scheme means approximately $9 billion1 of SME credit will require refinancing by Australian non-bank lenders over 2023 and 2024. continue…
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Aura Private Credit: Letter to investors 27 January 2023
Brett Craig
January 27, 2023
This week, the December 2022 quarterly Consumer Price Index (CPI) reported the fourth consecutive quarter to show a rise greater than any seen since the introduction of GST in 2000. With the persistent inflationary pressure not yet showing any signs of slowing, further RBA rate rises are certainly on the cards. continue…
by Brett Craig Posted in Aura Group, Editor's Pick.
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