Roger joined Alec Renehan and Bryce Leske on the Equity Mates Investing Podcast to discuss his current view on the market and opportunities for small caps and private credit. This episode also covers what’s next for interest rates, why now is the time to deploy cash, Roger’s investment philosophy and stock picking process and five stock stories. Read more here: Equity Mates: Roger Montgomery – 5 stocks he’s buying today ..read more

In the March 2024 quarter, we strategically added new positions to our portfolio, including Sage Group, Airbnb, and Paycom. We believe the Polen Capital Global Growth Fund’s valuation is currently fair for what we consider to be a collection of some of the best companies in the world. Sage Group Sage Group is an accounting and financial software provider focused on small-medium businesses (SMBs). We’ve covered Sage for many years, and it is a large and long-time holding in Polen’s International Growth portfolio. Sage occupies a leading position as a scaled provider of mission-critical softwar ..read more

The Australian superannuation system is often seen as one of the envies of the world. With assets totalling $3.7 trillion, our system is the fourth largest in the world and grew by 10 per cent over 2023 from a combination of contributions made to superannuation and underlying investment performance.   Over the course of 2023, Australians made contributions of $172.6 billion into super. What is more interesting, however, is this pool of assets also made benefit payments (comprising of lumpsum payments and pension payments) over the year of $111.1 billion, according to the latest offi ..read more

In the dynamic landscape of investing, uncovering hidden gems amidst the sea of opportunities often requires a keen eye for potential change and growth catalysts. Telix Pharmaceuticals (ASX:TLX), despite its relatively short tenure on the ASX, emerges as a beacon of promise in the realm of biotech ventures.   In evaluating investment opportunities, the lack of an extensive historical record can obscure a company’s growth inflection points, which are critical to our decision-making process. In their absence, we rely on historical analogs from our investment experience to identify key ..read more

I joined Jas on the Spark your FIRE podcast to discuss the positive outlook for equities, especially innovative companies with strong growth potential. We highlighted how the current landscape of disinflation and economic growth sets the stage for firms with pricing power and discussed the rapid growth potential of small caps like Macquarie Technology (ASX:MAQ) and Megaport (ASX:MP1). Additionally, we explored the property market and emerging markets, and I spotlighted TUAS (ASX:TUA) as a stock pick worth considering. Listen via the embed player below:  The Montgomery Small Companies Fun ..read more

In my recent article for Firstlinks, I revisited the stance I took nearly a year ago, advocating for investment in small caps – a position that seemed premature at the time. Subsequently, the investment landscape has evolved significantly, steering many investors, myself included, towards smaller companies both domestically and internationally. The current macroeconomic backdrop, characterised by disinflation and positive economic growth, seems particularly conducive to smaller companies with robust pricing power and innovation, traits that are essential for outperformance. Read the full artic ..read more

During the March 2024 quarter, the Polen Capital Global Growth Fund (the Fund) increased by 12.49 per cent in Australian dollars, while its benchmark, the MSCI ACWI Net Total Return Index, in Australian Dollars, returned 13.10 per cent. In many ways, the first quarter marked a continuation of the market dynamics already in place at the end of last year.   Markets staged a robust two-month rally into the end of the year on optimism that the Fed would achieve an elusive soft landing and taper interest rates in early 2024. This rally continued unabated into the first quarter, with much ..read more

In this week’s video insight, I delve into Nvidia’s (NASDAQ:NVDA) remarkable trajectory, from a key player in the autonomous car industry to a soaring tech giant, and its subsequent 1300 per cent rally. However, beyond Nvidia’s individual narrative, I confront the core challenge of valuing growth, dissecting the balance between growth rate and sustainability over time.   Transcript:  Hi everyone, I’m Roger Montgomery, and welcome to this week’s video insight.  I have recently written a blog post about Nvidia. Nvidia shares were recommended to me on the 27 February 2018 whe ..read more

The frequency of calls that the market is in a euphoric bubble is increasing. It’s worth exploring some of the evidence used to reach that conclusion before deciding whether now is the time to adopt a more cautious stance and to ready oneself for the benefits lower prices deliver.   Notwithstanding the need for more data and analysis to support these claims, we’ll begin by dealing a swift blow to the weakest argument that the market is due for a correction – that it’s risen a lot. Yes, it is true that stocks in even higher-quality companies like Goodman Group (ASX:GMG), for example ..read more

After the disaster for equity markets in 2022, calendar 2023 saw investors return to rewarding robust fundamentals, but only for a very narrow band of companies. Perhaps it was the fear of further rate rises or the fear of recession, but investors concentrated their bets on only the most liquid securities, those of mega cap companies. And since the 1970s, whenever disinflation has been accompanied by positive economic growth, the equities of innovative companies with pricing power have done well. Calendar 2023 was no exception. Artificial intelligence (AI) was the innovation investors latched ..read more