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  • Performance to 31 January 2013

    Roger Montgomery
    February 4, 2013

    The Montgomery Fund was launched on 17 August 2012.  In the five and a half month period to 31 January 2013, the Fund has recorded a return of 20.65%, after all expenses.

    Over the period under review it has out-performed its benchmark, the S&P/ ASX 300 Accumulation Index, by 6.56%.

    The Montgomery [Private] Fund was launched on 23 December 2010.  In the twenty five month period to 31 December 2013, the Fund recorded a return of 27.36%, after all expenses.
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    by Roger Montgomery Posted in Value.able.

  • MEDIA

    What are Tim Kelley’s views on Infrastructure stocks?

    Roger Montgomery
    January 24, 2013

    In these highlights from the 24 January of Sky Business’ Your Money Your Call Program, Tim Kelley discusses Atlas Iron (AGO), SMS Management (SMX), United Overseas Australia (UOS), Metals X (MLX), Northern Star (NST) and Oz Minerals (OZL) – do they make the coveted A1 Grade? Watch now to find out, and also learn Tim’s insights into investing in infrastructure stocks. Watch here.

    by Roger Montgomery Posted in TV Appearances, Value.able.

  • The 5000 mark

    Ben MacNevin
    January 16, 2013

    The S&P/ASX200 Index has increased by 15 per cent since mid-2012 to its current level of 4720, which has focused the attention of market commentators on the “psychologically important” 5000 mark. Since the GFC, the S&P/ASX200 Index has not been able to break through 5000 despite nearing this level in early 2010 and early 2011.

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    by Ben MacNevin Posted in Insightful Insights, Value.able.

  • Breville Partnership

    Russell Muldoon
    January 11, 2013

    Announced on Tuesday via a leading retail industry Appliance Website, Breville (ASX: BRG) is set to partner with Nespresso to produce a new range of co-branded portioned coffee machines in 2013.

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    by Russell Muldoon Posted in Value.able.

  • Performance to 31 December 2012

    David Buckland
    January 7, 2013

    The Montgomery Fund was launched on 17 August 2012. In the period to 31 December 2012 The Fund delivered a return of 16.88%, after expenses.

    Over the same period the S&P/ ASX 300 Accumulation Index appreciated by 8.68%.
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    by David Buckland Posted in Insightful Insights, Value.able.

  • WHITEPAPER

    INTEREST RATES, THE BEST IT GETS. IT’S TIME TO DEPLOY CASH

    Curious about the investment landscape in 2024? It appears that the current market offers a plethora of enticing opportunities for investors, a rarity not experienced since pre-pandemic times. This unique scenario stems from a confluence of factors, including elevated yields and comparatively rational equity valuations.

    READ HERE

  • Signs of a merry Christmas at JB Hi Fi?

    Tim Kelley
    December 24, 2012

    JB Hi Fi (ASX:JBH) is a retailer we have followed closely over the years. What attracted us to the business was a focused and well-executed business model that delivered strong returns on equity, coupled with a store roll-out program that allowed those returns to be realized on an expanding pool of assets. Over time, this led to increasing market share and growing EPS. In fact, between 2004 and 2010 EPS grew at a rate of over 30% p.a. compound.

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    by Tim Kelley Posted in Companies, Insightful Insights, Value.able.

  • Peace and joy to all at Christmas

    Roger Montgomery
    December 23, 2012

    Thank you for your support in 2012 and for all of your wonderful contributions to the knowledge bank.

    I am delighted to finish the year again on a positive note.

    I am pleased to report The Montgomery Fund’s initial investors (the fund was launched 17 August this year) have received a return of 15.2% after all fees in the four months to December 17, 2012. Over the same period, the ASX 300 Accumulation Index increased 6.8%. While the Fund has delivered 8.4% of out-performance, it is over a short time frame and our focus remains firmly on the long-term performance prospects for our businesses.

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    by Roger Montgomery Posted in Value.able.

  • We are delighted by Silver Chef

    Russell Muldoon
    December 20, 2012

     

    We are delighted by the trading update provided late Wednesday night by Silver Chef’s (ASX: SIV) – a business I mentioned just last week on the Sky Business Channel as a ‘Stock to Watch’. It is also one we own in the both The Montgomery Fund and The Montgomery [Private] Fund.

    Management have forecast strong EPS growth of 12.7% to 18.3% for the first half. This would be an excellent achievement in what many have dubbed a tough retailing environment. Clearly not everyone in the retail sector deserve to be tarred with the same brush.

    Our expectations are for the business to report earnings at the top-end of this range given the underlying momentum and demand for their product suite.

    Silver Chef provides lease financing to hospitality businesses under the Silver Chef brand and more recently, for commercial businesses under its GoGetta brand and excellent risk management processes appear to be in place. Both brands enjoy a growing a reputation as industry-leading financing product providers. In particular Rent-Try-Buy and Rent-Grow-Own put less stress on a businesses cash flow in their start-up phases, a large reason for their take-up.

    Management have indicated to us that they believe their potential market is equivalent to about $250m in revenue per annum. At the full year 2012, SIV reported $85m in revenue. With the potential to expand by a factor of 3x from here, we are long-term holders and anticipate many more positive future updates. Keep watching this space.

    A word of caution. We have a large holding across our two well-diversified funds in Silver Chef and as shown, the share price has performed spectacularly well recently. Please therefore seek professional advice and understand the risks.

    by Russell Muldoon Posted in Companies, Insightful Insights, Market Valuation, Value.able.

  • A 2012 Report Card

    Tim Kelley
    December 20, 2012

    At this time of year, many of us are inclined to take stock of highlights and lowlights of the year gone by, and perhaps to consider what we might wish for the year ahead. Accordingly, we thought it might be interesting to look at the best and worst performing ASX stocks during the past 12 months, and see what sort of story they tell.

    The list below sets out the top performers according to Bloomberg. We have limited the analysis to stocks with a market capitalization of at least $200m.
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    by Tim Kelley Posted in Insightful Insights, Market Valuation, Value.able.

  • Billabong shareholders receive third bid in a year

    David Buckland
    December 19, 2012

    With the wipeout in the Billabong (BBG) share price, from a high of $14.00 in mid-2007, the Company has now received its third takeover bid in a year.

    President of the America’s Division since 1998, Paul Naude, together with a consortium of financiers, have “dropped in” a $1.10 per share bid, valuing BBG at $527m. This is a slight premium to the deeply discounted 6/7 rights issue at $1.02 per share, which delivered $225m in mid-2012 for debt reduction purposes.

    The Board’s response will be interesting. Recently appointed CEO, Launa Inman, has well developed plans in getting Billabong back into the competition.

    We have been told there are pockets of operational excellence at Billabong, but these need to be scaled-up across the organisation. The severe under-spend on IT is also being addressed.

    by David Buckland Posted in Value.able.