Search Results for: property
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Qantas’ past, present, and uncertain future: A CEO’s departure raises questions
Roger Montgomery
September 5, 2023
“I leave knowing that the airline is fundamentally strong and has a bright future,” are today’s parting words from Mr. Alan Joyce, now ‘former’ Chief Executive Officer (CEO) of Qantas (ASX:QAN) and pictured below with Australia’s current Prime Minister, Anthony Albanese. Continue…
by Roger Montgomery Posted in Airlines, Companies.
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Wrapping up the 2023 financial year reporting season: A mix of resilience and uncertainty
Roger Montgomery
August 30, 2023
In this week’s video insight, Roger Montgomery delves into the recently concluded 2023 financial year reporting season which presented a mixed picture. Continue…
by Roger Montgomery Posted in Market commentary, Video Insights.
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Private Credit outclassing the asset classes
Roger Montgomery
August 30, 2023
Every six months, Morningstar assembles its Annual Asset Class Returns “gameboard” (Figure1.). The matrix displays the performance of seven major asset classes over the last 20 financial years to 30 June 2023. While the compilation doesn’t offer much by way of predictive value, its usefulness is in its educational content. Continue…
by Roger Montgomery Posted in Aura Group, Market commentary.
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China wakes up, but is the nightmare just beginning?
Roger Montgomery
August 28, 2023
I have long ignored the reported vicissitudes of China’s economy, unable to reconcile the fact their gross domestic product (GDP) data – obtained from an impossibly large and disparate country – is released more quickly at the end of each month than the U.S. and the data is rarely, if ever, subsequently amended or adjusted. They get it right the first time, every time. A quick look at the piles of junked Chinese products at the local waste disposal centre quickly disabuses one of any belief in China’s systems producing data that is right the first time every time. Continue…
by Roger Montgomery Posted in Economics, Editor's Pick, Global markets.
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Navigating the mortgage cliff: why we’re confident it’s more of a steppingstone than a stumble
Roger Montgomery
August 17, 2023
It was comforting to read CoreLogic’s latest update on the state of the property market in August, which also happens to be the peak month for low fixed-rate mortgages rolling off onto much higher variable rates. Continue…
by Roger Montgomery Posted in Property.
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Nick Scali FY23 Results: Onwards and upwards despite consumer volatility
Roger Montgomery
August 15, 2023
There are a handful of retailers in Australia that we can class in terms of quality as superior, if not unsurpassable. Those retailers include JB Hi-Fi, ARB and Reece Plumbing. Another is Furniture giant Nick Scali (ASX:NCK). The company unveiled its financial results for FY23, Friday, demonstrating praiseworthy resilience and adaptability despite the uncertain market conditions. Continue…
by Roger Montgomery Posted in Companies.
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Aura Private Credit letter to investors: 04 August 2023
Brett Craig
August 7, 2023
Over the last two weeks we have explored the different loan and security types of the Aura Private Credit strategies hold exposure to via relationships with non-bank lenders we see as best of breed. These lenders provide Australian small- to-medium enterprises (SME) with specialised funding solutions, utilising securitisation warehouse structures, provided by the Aura Private Credit strategies, as investment vehicles. Continue…
by Brett Craig Posted in Aura Group.
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What can we expect from small caps this reporting season?
Michael Gollagher
August 7, 2023
As we enter reporting season, I thought it would be timely to take a moment and review four key sectors of the small companies market that will no doubt be front of mind for many investors. Continue…
by Michael Gollagher Posted in Companies, Stocks We Like.
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Why REA Group will keep delivering for investors
Roger Montgomery
August 4, 2023
As I’ve written before, I think REA Group (ASX: REA), is one of Australia’s highest quality businesses. REA’s online portal – realestate.com.au – is the go-to destination for people wanting to buy, sell or rent property, and this has led to massive earnings growth, and turbo-charged REA’s share price. Looking at the metrics of the business, I see no reason why this will not continue. Continue…
by Roger Montgomery Posted in Companies, Stocks We Like.
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Why invest in Private Credit through Brett Craig’s Aura High Yield SME Fund
Roger Montgomery
August 3, 2023
For decades in the U.S. and Europe, private credit investing has been the prized preserve of High Net Worth, Ultra High Net Worth and Family Office investors. Indeed, ‘private debt’, as it’s known in Europe, may eventually become a centrepiece of the portfolio allocation model and no longer a satellite enhancement, and in doing so, will simultaneously highlight its burgeoning role within the financial ecosystem. Continue…
by Roger Montgomery Posted in Aura Group.
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How can we ensure affordable housing?
Roger Montgomery
August 1, 2023
As I note below, solving housing affordability won’t be enough with just a massive supply of affordable dwellings rapidly built by state and federal governments. The market for these properties will have to be tightly regulated, and controlled, with continuous maintenance and updates. It’s doable, as is its financing. Continue…
by Roger Montgomery Posted in Editor's Pick, Property.
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Aura Private Credit letter to investors: 28 July 2023
Brett Craig
July 31, 2023
Last week we commenced a series exploring the different loan and security types of the Aura Private Credit strategies hold exposure to via relationships with non-bank lenders we see as best of breed. These lenders provide Australian SMEs with specialised funding solutions, utilising securitisation warehouse structures, provided by the Aura Private Credit strategies, as investment vehicles. Continue…
by Brett Craig Posted in Aura Group, Editor's Pick.
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Aura private credit: Letter to investors 21 July 2023
Brett Craig
July 26, 2023
The Aura Private Credit strategies partner with best of breed non-bank lenders who provide Australian SMEs with specialised funding solutions. These lenders utilise alternative security forms which the banks may be unable to use due to prudential regulations that govern the banking system in Australia. Continue…
by Brett Craig Posted in Aura Group.
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How Yeti Holdings and Floor & Décor Holdings are growing in the hard-surface industry
David Buckland
July 19, 2023
Our global investment partner, Polen Capital, seeks to invest in high-quality companies that have strong growth potential and competitive advantages. Continue…
by David Buckland Posted in Companies, Polen Capital, Stocks We Like.
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Value investing? Don’t follow Ben Graham
Roger Montgomery
July 11, 2023
Over the years, there has been some confusion about our approach to value investing. And even though a majority of my 2010 book, Value.able discussed the importance of identifying quality businesses, which included a company’s bright prospects for growth, many investors and commentators have been fixated on the value component of the philosophy. Continue…
by Roger Montgomery Posted in Editor's Pick, Investing Education.
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Unmasking the ‘mortgage cliff’: Are recession fears overblown?
Roger Montgomery
June 26, 2023
With all the talk of recession, we’ve been exploring its probability. As investors, it’s vital to understand which sectors and individual companies are most and least impacted. And helping in that task is appreciating the consumer’s important canary-in-the-coal-mine role. A consumer’s financial position will ultimately determine their propensity to spend on discretionary items and their ability to meet non-discretionary expenses such as utilities and the mortgage, so it is worth understanding each data point. Continue…
by Roger Montgomery Posted in Market commentary.
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Evidence of our predicted retail slowdown is mounting
Roger Montgomery
June 22, 2023
Over the course of the last twelve months, we have warned investors off consumer discretionary stocks, consistent with the positioning of our domestic equity funds and the posture of Brett Craig’s private credit funds, which have also been eschewing extending credit to the sector. Continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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Aura Private Credit: Letter to investors 16 June 2023
Brett Craig
June 16, 2023
The NAB Business Survey for the May reporting period has begun to demonstrate a significant slowing in activity and has identified widespread apprehension towards the future economic outlook. The survey results reported widespread weakening across most of the indicators, as high inflation and interest rates are now starting to limit growth and general market optimism. Continue…
by Brett Craig Posted in Aura Group.
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How much more financial pressure can Australian mortgagees take?
Sean Sequeira
May 30, 2023
Talk to anyone on the street these days and the conversation will inevitably turn to how inflation is increasing their cost of living in some form or another. Inflation has risen steadily since the beginning of 2022 despite the determined efforts of Reserve Bank of Australia (RBA) to bring it back towards its target range of 2-3 per cent. Continue…
by Sean Sequeira Posted in Companies, Financial Services.
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Aura Private Credit: Letter to investors 26 May 2023
Brett Craig
May 29, 2023
Over the past decade, regulatory capital treatment has seen Authorised Deposit-taking Institutions or major Banks (ADIs) pull back from originating specialised asset-based loans, instead gaining exposure via asset-backed facilities secured by asset-based loans originated by non-bank lenders. Due to ADIs’ preference to invest only in large, mature facilities with a AAA rating, there is an inherent funding gap. This week we explore how specialised investment managers, such as the Aura Private Credit team, provide curated access for investors to this asset class via securitisation or asset-backed facilities. Continue…
by Brett Craig Posted in Aura Group.
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