Whitepapers
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WHITEPAPERS
The eighth wonder of the world and the Montgomery Small Companies Fund
David Buckland
November 19, 2020
While small capitalisation companies generally involve more risk because of their lower liquidity, their greater sensitivity to managements’ influence, and their greater sensitivity to economic conditions, they have proven over a long time horizon to be a rewarding asset class to allocate capital – preferably for patient investors who grasp the power of compounding. continue…
by David Buckland Posted in Editor's Pick, Whitepapers.
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WHITEPAPERS
Investing in pandemic markets
Roger Montgomery
April 22, 2020
Stuck with one per cent returns on cash balances, investors migrated to equities for their superior yields and hoped-for capital gains. What was forgotten in the mad dash for a better return, was that ‘one per cent is better than minus twenty.’ continue…
by Roger Montgomery Posted in Whitepapers.
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WHITEPAPERS
Is it time to rebalance your retirement portfolio?
Roger Montgomery
February 19, 2020
In the current environment of ultra-low interest rates, generating enough income for retirement can be challenging. Instead of being able to add to their nest egg, many retirees find themselves needing to withdraw capital to make up a shortfall between their lifestyle requirements and their income. Meanwhile, if you receive income from an annuity, those payments will also come from the capital in your investment portfolio. With less capital available it becomes harder to weather market volatility. continue…
by Roger Montgomery Posted in Whitepapers.
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WHITEPAPERS
Why invest in a market neutral fund
Tim Kelley
May 20, 2019
One of the things that characterises sophisticated investors is the way they use investment strategies that are designed to produce returns uncorrelated with equity market returns. continue…
by Tim Kelley Posted in Whitepapers.
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WHITEPAPERS
Is this another diversification trap?
Roger Montgomery
November 9, 2018
In the wake of the global financial crisis (GFC), index ETFs were meant to offer risk-averse investors a safe and easy way to gain diversification. But nine years into the global market’s bull run, they appear to be pushing US tech stocks into unrealistic valuations in ways that may end badly for many. continue…
by Roger Montgomery Posted in Whitepapers.
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WHITEPAPER
HIGHER RETURNS AND LOWER RISK? YES, IT’S POSSIBLE WITH PRIVATE CREDIT
Discover how private credit can deliver higher returns with lower risk in our latest whitepaper. Learn how the Aura Core Income Fund’s AA equivalent rated portfolio has consistently outperformed while maintaining transparency and robust risk management. Unlock the insights to achieve superior risk-adjusted returns today.
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WHITEPAPERS
A fork in the road
Roger Montgomery
April 9, 2018
We are value investors for many reasons, one of which is that establishing an estimated intrinsic value provides an anchor or a solid point of reference from which the turbulence of markets can be viewed dispassionately. continue…
by Roger Montgomery Posted in Editor's Pick, Whitepapers.
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Why investors do worse than the funds they invest in
Roger Montgomery
February 22, 2017
Over the very long term, it has been shown that equities provide the highest return for investors, and yet most investors are not reaping the full benefit of these returns. Intuitively investors know the principles of buying low and selling high, however research confirms that most investors fail to execute on this basic premise – consistently underperforming the funds they invest in. continue…
by Roger Montgomery Posted in Editor's Pick, Whitepapers.
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Stocks or Property, where to invest next?
Roger Montgomery
December 21, 2016
Today, many investors in property and stocks face the prospect of inferior returns over the coming years. Principally, these are investors who have entered the overheated, over-geared apartment market, and those whose equity portfolios are dominated by low growth, large cap companies. For these investors, there is now a rare opportunity to rotate into smaller, high quality companies with bright prospects – many of which have had their prices knocked down to very compelling levels. continue…
by Roger Montgomery Posted in Whitepapers.
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Bond Rates
Roger Montgomery
October 24, 2016
Arguably the greatest risk to investors today is an underappreciation of how significant a change in bond interest rates will be on the market prices of every asset from shares, to property to collectible licence plates. continue…
by Roger Montgomery Posted in Editor's Pick, Whitepapers.
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Earning or Yearning?
Roger Montgomery
June 20, 2016
The S&P/ASX 100 (XTO) is a stock market index capturing Australia’s top 100 companies by market capitalisation. It accounts for 63 per cent (at April 2016) of the Australian equity market, however it might surprise investors to learn that for 10 years to 8 June 2016, the S&P/ASX 100 has returned just 1.1 per cent per annum. Why has a portfolio of so called “blue chips” delivered investors such poor returns? In this paper we review the ten largest companies listed on the ASX. continue…
by Roger Montgomery Posted in Whitepapers.
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