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Why we hold a material position in Seven Group
Michael Gollagher
February 24, 2023
Seven Group Holdings (ASX:SVW) is a diversified company with businesses and investments in industrial services, media and energy. We particularly like the company’s exposure to mining services and infrastructure investment – via WesTrac, Coates Hire and Boral – and its high quality management. Together, these factors should continue to drive earnings and share price performance over the long term. Continue…
by Michael Gollagher Posted in Companies, Stocks We Like.
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Gary’s best and worst pick from reporting season so far
Scott Phillips
February 23, 2023
In this video Scott speaks with Gary Rollo, portfolio manager of the Montgomery Small Companies Fund on an update on small caps reporting this results season. There’s been more beats from an earnings point of view than misses, but that’s looking backwards. Outlooks count because after all, the stock market buys the future and those have definitely been more negative. Gary also shares one of the best results he has seen and one of the worst. Continue…
by Scott Phillips Posted in Editor's Pick, Stocks We Like, Video Insights.
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High monthly income with equity-type returns – I need more of that!
David Buckland
February 23, 2023
I was recently asked by a client what the long-term expectations were for various asset classes offered by Montgomery. Taking work done by Elroy Dimson, Paul Marsh and Mike Staunton1 from the London Business School and the results produced from Montgomery’s business partners, Australian Eagle Asset Management, Montgomery Lucent Investment Management and Polen Capital, I concluded that equities deliver an average annual (nominal) return of around 10.0 per cent, assuming reinvestment of dividends/ distributions/ income. Continue…
by David Buckland Posted in Aura Group.
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I was late to the party, but “I’ve got to contain inflation”
David Buckland
February 22, 2023
“I’ve got to contain inflation. I’ve got to convince the community that we’re serious about that. That’s our job and its unpopular and I accept that”. Philip Lowe, Governor of the Reserve Bank of Australia. Continue…
by David Buckland Posted in Market commentary.
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If you are an income investor, it pays to think long-term
Roger Montgomery
February 22, 2023
The past year has seen a distinct switch in investor focus from growth to yield. The irony, of course, is that many so-called ‘dividend stocks’ can be long-term wealth killers. And that’s why we prefer quality businesses – like CSL – which can grow both their market value, and their dividends, over time. Continue…
by Roger Montgomery Posted in Companies, Editor's Pick, Investing Education.
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Adairs sheets home the blame for its poor HY23 result
Roger Montgomery
February 21, 2023
If you needed more convincing that Australia’s retailers are doing it tough, take a look at the HY23 result from manchester and homewares retailer Adairs (ASX:ADH). ‘Weak’, ‘disappointing’, ‘a miss’. That’s how various commentators described the result. But with the share price already in the doldrums, and the company paying an attractive dividend, the market seemed none too concerned. Continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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The silver lining in higher rates
Roger Montgomery
February 21, 2023
Financial media is replete with stories observing the fastest increase in interest rates in recent memory, the end of the declining interest rate era, how the fastest rise in short-term rates is inverting the yield curve (2-year bond yields higher than 10-year bonds) and predicting a recession, rising rates are causing the property market to collapse, and how causal inflation is responsible for it all and the financial destruction of many peoples’ lives. Continue…
by Roger Montgomery Posted in Aura Group.
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Why I don’t think this is a dead cat bounce
Roger Montgomery
February 20, 2023
With equity markets steaming ahead, there’s no shortage of people calling this a ‘dead cat bounce’ and, by implication, predicting another market correction. History, however, suggests that 2022 was simply an isolated poor year for markets, and that we have now returned to ‘normal programming’. If I’m right, then 2023 could be a good year for investors. Continue…
by Roger Montgomery Posted in Market commentary.
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