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In short, value is difficult to find

In short, value is difficult to find

Asset prices across all investment classes are at record highs, including and perhaps especially assets that produce no income.


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Roger is the Founder and Chief Investment Officer of Montgomery Investment Management. Roger brings more than two decades of investment and financial market experience, knowledge and relationships to bear in his role as Chief Investment Officer. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.

This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.

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  1. roger hewitt

    Hi Roger M
    We are in the main Montgomery Fund (not the Alpha Plus Fund) – so I understand that short selling is not an option. We assume that reverting to cash is part of the protection but how does the Mont Fund manage to reduce the risk of falling prices for the shares that are held? Roger H

    • Hi Roger, In our a long only equity funds it’s the broader flexibility (than many other equity funds) to hold a large amount of cash is the means of overall capital protection.

  2. lakun agrawal

    Hi Roger – does (or will) the Montgomery Fund actively engage in short selling, given your view that asset prices are too high and subject to numerous risks?

    Would you consider selling down some of your shareholdings, and holding a larger proportion as cash.. as a safer bet ‘until the dust settles’?

    • The Montgomery Alpha Plus Fund does short sell and yes, we are actively discussing our cash position daily. The Montgomery Fund has the ability to hold as much as 50% cash in extenuuating circumstances. But keep in mind over the long run, you are bettr off in equities than cash.

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