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Why we no longer own shares in Auckland Airport


Why we no longer own shares in Auckland Airport

Following the worst of the COVID-19 sell-off, the Montgomery Small Companies Fund increased our shareholding in Auckland International Airport (ASX:AIA) – which we’ve long regarded as a high quality business. But how quickly things change these days. In light of more recent news flow from airlines and health authorities, we decided to exit our position.


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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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    • We currently have a different view about the opportunity for and value of domestic travel in Australia. Of course that could change if Victoria’s experience is repeated elsewhere in Australia. Also keep in mind that the Montgomery Small Companies Fund (which held AIA) is currently materially smaller than The Montgomery Fund (which holds SYD) and so it can adopt a slightly different approach to its position weights and holding times.

  1. andrew hodder

    As a regular reader of your articles, it’s both interesting and informative to read your selling ‘thesis’ on your various (ex)holdings.

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