Industry/Macro

Are stock valuations naturally biased upwards?

Conventional wisdom and historical evidence support the observation that “stock prices always go up over time”. On a long enough timeline, stock returns of substantially all developed countries have been positive, driven by inflation and real GDP growth if nothing else. Businesses are created and fail, and individual stocks enter and exit market indices all …

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China’s Censorship Anaconda Awakens

US companies and executives are increasingly taking strong stances on local policy matters such as health care and gun control; however, until recently they had largely avoided scrutinising China’s position on free speech and human rights. As the Hong Kong protests enter their twentieth week, US businesses across a range of industries have found themselves …

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In the Midst of an Historic Reallocation?

Over the last 12 months we have borne witness to one of the most significant portfolio reallocations of modern times.  Investors have sold ~US$250bn of global equity funds and bought ~US$780bn of bond funds (inc money market). Looking at the difference between equity and bond flows (i.e. equity flows minus bonds flows), implies over US$1 …

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Should the Australian government actually be increasing its debt?

As news is emerging that Australian Treasurer, Josh Frydenberg, will soon deliver a balanced budget for the first time since the GFC, one needs to ask if this is even appropriate today. While surpluses are prudent and allow for protection against future downturns, the logical time to build government surpluses is when growth is strong …

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Complete Rubbish: The Fascinating World of Waste

As we delve deeper into the cycle it is worth considering businesses that are less reliant upon a strong economic backdrop and don’t need buoyant conditions to thrive. Such companies are sometimes referred to as ‘defensive’ names. However, as we have explored several times on this blog in the past, traditional ‘defensive’ names can contain …

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Sorry to Burst Your (Healthcare) Bubble

While many lament the sad state of the U.S. healthcare system, with U.S. healthcare expenditure being multiples of other developed nations on a per capita basis, attempts to reign in this inflating healthcare expenditure have been ineffective, with the gap widening between U.S. healthcare spending and that of other comparable countries. However, there are a …

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Our Montaka Active Extension strategy strives for maximised return over the long-term. Owning the Montaka long portfolio typically scaled up to approximately 130 percent - and the Montaka short portfolio typically scaled down to approximately 30 percent – this strategy results in a net market exposure of approximately 100 percent most of the time.

Our Montaka variable net strategy strives for significant downside protection – but with minimal upside reduction. Focused on owning the world’s great and growing businesses when they are undervalued, while managing a portfolio of short positions in businesses that are deteriorating, misperceived, and overvalued, this strategy is our flagship long-short

Our Montgomery Global strategy strives to act as a core, high conviction, global portfolio holding. Consistent with the long portfolios in our Montaka strategies, this offering is focused on owning the world’s high quality, undervalued businesses – and cash when appropriate – to outperform its benchmark. Branded as “Montgomery Global” in Australia to reflect a key.

Our
Strategies

Our Strategies

Our Montaka Active Extension strategy strives for maximised return over the long-term. Owning the Montaka long portfolio typically scaled up to approximately 130 percent - and the Montaka short portfolio typically scaled down to approximately 30 percent – this strategy results in a net market exposure of approximately 100 percent most of the time.

Our Montaka variable net strategy strives for significant downside protection – but with minimal upside reduction. Focused on owning the world’s great and growing businesses when they are undervalued, while managing a portfolio of short positions in businesses that are deteriorating, misperceived, and overvalued, this strategy is our flagship long-short

Our Montgomery Global strategy strives to act as a core, high conviction, global portfolio holding. Consistent with the long portfolios in our Montaka strategies, this offering is focused on owning the world’s high quality, undervalued businesses – and cash when appropriate – to outperform its benchmark. Branded as “Montgomery Global” in Australia to reflect a key.