Companies
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The Montgomery Fund’s investment thesis in Treasury Wine Estates
Roger Montgomery
October 18, 2022
As part of Montgomery’s transition with Australian Eagle Asset Management, one of the new companies in The Montgomery Fund and The Montgomery [Private] Fund is Treasury Wine Estates (ASX:TWE). Here I’d share a high-level overview of the thesis for the inclusion of Treasury Wine Estates in the portfolios. continue…
by Roger Montgomery Posted in Companies, Editor's Pick, Stocks We Like.
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Three new buys from the Polen Capital Global Growth Fund
David Buckland
October 13, 2022
As many of our readers would know, Montgomery Investment Management has partnered with US-based Polen Capital to manage the investment function of its Global Growth Fund. The Fund has used recent market volatility to add three quality businesses to its portfolio. continue…
by David Buckland Posted in Companies, Polen Capital, Stocks We Like.
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Reporting season in review – a small companies perspective
Michael Gollagher
September 27, 2022
Leading into reporting season this year, it felt more critical than usual from an investor’s perspective. This was driven mainly by the ever-changing macro backdrop which at this point in time could be argued is driving share prices more so than company fundamentals. continue…
by Michael Gollagher Posted in Companies, Editor's Pick, Stocks We Like.
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Why we are underweight consumer discretionary companies?
Roger Montgomery
September 12, 2022
There are no doubts some extraordinary businesses exist in the Australian consumer discretionary sector. Names like ARB, Nick Scali, JB Hi-Fi and Lovisa jump to mind as soon as talk turns to the consumer. But as we examine the shape of our portfolios, one glaring active weight is the underweighting we have to consumer discretionary companies. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick.
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ARB and the long game
Roger Montgomery
September 6, 2022
ARB Corporation (ASX:ARB) – the Australian-based global manufacturer and distributor of aftermarket 4WD parts and accessories – has been a stellar performer since listing on the ASX in 1987. It’s a quality business, with sustainable and valuable competitive advantages that enjoys attractive long-term economics. ARB’s share price soared during the lockdowns, but has dropped over 42 per cent in the past year. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary, Editor's Pick.
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August reporting season wrap
Roger Montgomery
September 5, 2022
In the wash-up of the FY22 reporting season a significant amount of focus has been directed to the proportion of companies that beat, met or missed expectations. Roughly 30 per cent of companies beat analyst forecasts, slightly more than 41 per cent were in line with estimates, and the remaining 29-odd per cent missed estimates. continue…
by Roger Montgomery Posted in Companies, Editor's Pick.
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The REA Group wild share price ride
Roger Montgomery
August 31, 2022
For a company with such high quality, REA Group (ASX:REA) has experienced an amazing share price range in the last twelve months. On 5 November 2021 REA hit a market capitalisation of $23.9bn when somebody paid $180.67 per share. Just seven months later, the share price hit $93.77 giving the company a market value of $12.4bn. And 43 trading days later, with the share price up 45.8 per cent at $136.70, the market value of REA Group was $18.1bn. continue…
by Roger Montgomery Posted in Companies, Stocks We Like.
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What the Supercheap and Adairs results tell us about the retail sector
Roger Montgomery
August 25, 2022
Some retailers – such as Supercheap Auto (ASX:SUL) – are reporting better than expected results this reporting season. But this hasn’t prevented many analysts from painting a gloomy picture of the retail sector, due largely to the impact of rising interest rates and inflation on consumers’ wallets. If they’re right, then there’s no need for investors to rush back in. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Is Beacon Lighting shooting the lights out long-term?
Roger Montgomery
August 23, 2022
Beacon Lighting (ASX:BLX) supplies and distributes lighting and fans through a network of 117 company stores and two franchised stores, five of which were opened in FY22. The company’s own research suggests capacity for 184 stores in Australia. continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Why our small caps team likes IPH
Roger Montgomery
August 18, 2022
IPH Limited (ASX:IPH) is the leading intellectual property services group in the Asia Pacific region and its shares had fallen as much as 15 per cent from their 2020 highs, for no apparent reason, at which point Gary and Dominic from the Montgomery Small Companies Fund added it to the portfolio on the back of its defensive growth characteristics, strong balance sheet and monumental cash generation. The shares have subsequently rallied from $7.16 to $8.80 prior to today’s results announcement. continue…
by Roger Montgomery Posted in Companies, Stocks We Like.
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