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Understanding private credit risk with Open Analytics
Scott Phillips
August 18, 2026
I speak with Brett Craig, Director of Private Credit at Aura Credit Holdings, about how independent credit analysis can help investors and advisers better understand and compare risk across private credit portfolios.
Brett explains how Aura works with Open Analytics to independently assess its portfolios each month using bank-grade credit risk methodologies. The analysis considers every underlying loan, incorporates changing economic conditions and runs one million Monte Carlo simulations to assess expected credit losses and portfolio resilience. The resulting S&P-equivalent credit ratings provide advisers and investors with an additional, objective tool to support due diligence and understand the underlying risk within Aura’s private credit portfolios.
Learn more about private credit.
Alternatively, you can speak with David Buckland or Rhodri Taylor here at Montgomery on (02) 8046 5000. Continue…by Scott Phillips Posted in Aura Group, Editor's Pick, Popular, Video Insights.
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The Fallacy of Composition
Roger Montgomery
October 7, 2026
In the stock market, equity analysts are typically bottom-up researchers. That means they start their analysis of an individual company with specific financial metrics and fundamentals, rather than macroeconomic trends or overall industry outlooks.
Instead of starting with Gross Domestic Product (GDP) growth, interest rates, or sector tailwinds, a bottom-up analyst focuses on a company’s internal strengths, business model, and valuation.
A problem arises because modelling a specific company using the bottom-up approach occurs in a vacuum.
Analyst A assumes Company A will take market share away from Company B. Analyst B assumes Company B will hold its market share and grow sales by 10 per cent. Analyst C assumes Company C will benefit from lower commodity prices, while Analyst D assumes the commodity producer will raise prices. Continue…
by Roger Montgomery Posted in Economics, Editor's Pick, Energy / Resources, Global markets, Insightful Insights, Market commentary.
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Give us back our confidence!
David Buckland
October 21, 2026
I just returned from an inspiring presentation on artificial intelligence (AI) by Alan Finkel AO, Australia’s Chief Scientist from 2016 to 2020, only to read that the Reserve Bank of Australia’s (RBA) 2,200 staff had rejected a 9.5 per cent pay rise, over three years. The proposal included a 3.5 per cent increase in the first year, followed by a 3.0 per cent increase in each of the next two years.
Together with the Head Office renovation, now expected to cost $1.2 billion, this seems like a “joke”, particularly when we consider that total RBA staff numbers have increased by around 800, or 57 per cent, over the past five years. And this doesn’t include the RBA’s fiscal 2025/26 accounting loss of A$8.5 billion on the unrealized value of its government bond and foreign exchange portfolio. Continue…
by David Buckland Posted in Economics, Editor's Pick, Insightful Insights, Market commentary.
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Why we’re underweight the Big Four banks
Sean Sequeira
August 31, 2026
I discuss our positioning in the big four banks and why we maintain a significant underweight. After a period of strong bank performance, we believe the outlook is shifting as credit growth moderates and economic conditions evolve, supporting our current positioning. Continue…
by Sean Sequeira Posted in Economics, Financial Services, Market commentary, Market Valuation, Video Insights.
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Australian Fund Monitors talks crypto with DAFM
Roger Montgomery
September 21, 2026
Clint Maddock, Director and Co-Founder of Digital Asset Funds Management (DAFM), speaks with Chris Gosselin, CEO of Australian Fund Monitors, about the DAFM Digital Income Fund – Digital Income Class. They discuss the fund’s arbitrage strategy, the impact of lower crypto volatility and trading volumes, the outlook for digital asset markets, and DAFM’s distribution partnership with Montgomery.
by Roger Montgomery Posted in Digital Asset Funds Management, Video Insights.
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MEDIA
Ausbiz – Is traditional diversification still enough?
Roger Montgomery
August 20, 2026
I joined Juliette Saly on Ausbiz to discuss why traditional approaches to diversification may no longer provide the same protection for investors. We explored persistent inflation, growing concentration in equity markets, the risks emerging around AI and hyperscaler spending, and why investors may need to look beyond the traditional 60/40 portfolio towards alternative strategies, including private credit.
Watch the full episode on Ausbiz here: Why Roger thinks 60/40 diversification is dead Continue…
by Roger Montgomery Posted in Aura Group, Economics, Investing Education, Market commentary, TV Appearances.
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AI, interrupted.
Roger Montgomery
October 20, 2026
For the last twenty years, Silicon Valley – technology’s epicentre – enjoyed a relatively frictionless relationship with the rest of society. We celebrated its invention and innovation, the high-paying jobs it created and the investment returns.
But after twenty years, the marriage appears to be dissolving.
In Robert Bryce’s 9½-minute documentary, The Data Centre Backlash, a grassroots anti-data-centre movement is shown rising worldwide, from Texas to Ireland.
The doco shows local communities waking up to the unquenchable demands that generative AI and hyper-scale cloud computing place on local water and electricity grids – and they’re pushing back successfully. Continue…
by Roger Montgomery Posted in Market commentary, Technology & Telecommunications.
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Why MP1 is a high-conviction holding
Gary Rollo
September 14, 2026
In this video, I discuss why Megaport (ASX: MP1) has become one of our highest-conviction holdings, including its position in AI infrastructure, differentiated data centre strategy and potential to benefit from growing demand for AI inference.
Disclaimer: The Montgomery Small Companies Fund owns shares in MP1. This video was prepared 14 September 2026 with the information we have today, and our view may change. It does not constitute formal advice or professional investment advice. If you wish to trade MP1, you should seek financial advice. Continue…by Gary Rollo Posted in Companies, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Manufacturing, Market commentary, Market Valuation, Popular, Small Caps, Stocks We Like, Video Insights.
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How we invest in AI
Gary Rollo
September 15, 2026
In this video, I discuss why we see the build-out of AI in Australia as an investable opportunity, from the infrastructure supporting it to the businesses positioned to benefit. I also explain our approach to investing early, starting with smaller positions and increasing exposure as potential winners emerge.
by Gary Rollo Posted in Economics, Editor's Pick, Feature Article, Insightful Insights, Investing Education, Market commentary, Popular, Small Caps, Video Insights.
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A U.S. view of Firmus
Roger Montgomery
October 19, 2026
Everyone seems to have jumped on the carcass of the Firmus Initial Public Offering (IPO) to dissect what went wrong. Since it was a local company listing on the domestic market, it’s understandable Australian news outlets and financial commentators have shown so much interest.
But while local commentators and media outlets continue to report on what would have become Australia’s largest-ever float, U.S. commentators are also responding. The difference is some are reading the pulled IPO through a far more ominous lens, one that says the artificial intelligence (AI) bubble is ending. Continue…
by Roger Montgomery Posted in Global markets, Market commentary, Market Valuation, Technology & Telecommunications.
What do U.S. rising interest rates mean for Australia? Find out here.
