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Aura Private Credit: Letter to investors 14 April 2023
Brett Craig
April 14, 2023
Often, Private Credit investors ask, “are businesses debt serviceability prospects hampered by inflation, relating to good and service production inputs and increasing costs of debt capital?” continue…
by Brett Craig Posted in Aura Group.
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The Aura High Yield SME Fund receives a “Very Strong” rating from Foresight Analytics
David Buckland
April 11, 2023
The Aura High Yield SME Fund recently received a “Very Strong” Investment Rating from Foresight Analytics, indicating a “very strong conviction” Aura “can deliver a risk-adjusted return in line with the investment objectives of the Fund.” And given its “Complex” designation, I thought it valuable to reiterate some of the more insightful points in the report. continue…
by David Buckland Posted in Aura Group.
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Aura Private Credit: Letter to investors 31 March 2023
Brett Craig
March 31, 2023
This week saw the release of two key economic indicators; the monthly indicator of the Consumer Price Index and Job Vacancies data. Both are displaying a slight softening in the economy, perhaps an early indication of the contractionary monetary policies explored last week, increases to the cash rate and quantitative tightening, beginning to take their intended effect. continue…
by Brett Craig Posted in Aura Group.
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Aura Private Credit: Letter to investors 10 March 2023
Brett Craig
March 14, 2023
The RBA is “resolute in its determination to return inflation to target and will do what is necessary to achieve that.” Last week’s 25 basis point rise to the official cash rate, now sitting at 3.6 per cent, forms part of the RBA’s approach to reign inflation back into the 2-3 per cent target range, implying that further pain is ahead. continue…
by Brett Craig Posted in 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…
by Brett Craig Posted in Aura Group.
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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…
by Brett Craig Posted in Aura Group.
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