Andrew Macken

Andrew
Macken

Portfolio Manager and Chief Investment Officer
Montgomery Global Investment Management

Andrew is responsible for managing the Montgomery Global Fund, ASX-listed Montgomery Global Equities Fund (ASX:MOGL) and global equity long/short strategy, Montaka Global Fund. Andrew oversees $500m in FUM.

Expertise

Introduction to the adaptive markets hypothesis

Andrew Macken

The following is an extract from a note that was recently sent to investors in the Montaka Global Fund. The second best book that I read in 2017 was Professor Andrew Lo’s Adaptive Markets: Financial Evolution at the Speed of Thought. Show More

value investing financial markets equity markets

Why the Aussie is up and the Greenback is down

Andrew Macken

Has the recent weakness in the US dollar surprised you? Has the strength in the Aussie dollar had you scratching your head at all? To many, including your author, these moves have been counter-intuitive to some degree. So what could possibly be placing downward pressure on the Greenback and upward... Show More

currency aud/usd

Montgomery Global’s 4 steps to investing

Andrew Macken

In this short video I discuss Montgomery Global’s four-step investing process by reviewing a core holding in our global portfolios. If you are interested in the four-steps, watch the short video here. Show More

investing value investing global economics

Jupiter reaching for the stars

Andrew Macken

We were recently asked what we see in Jupiter Fund Management (LSE: JUP), a UK-based business owned in the Montgomery global portfolios. Without giving away our entire analysis, the following note seeks to lay out, in simple terms, why we believe this is a high quality global business that is... Show More

value investing global equities quality companies

Why do we own Facebook?

Andrew Macken

At Montgomery Global, we believe the online technology platform is a special business model that, if successful, will deliver owners supernormal returns for a long period of time. As positive network effects compound the value of the platform’s ecosystem for all users, the ecosystem grows, and with it does the... Show More

facebook global investing NASDAQ:FB

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Fund manager fees and fallacies

Andrew Macken

Imagine you wrote an annual letter that was read by investors worldwide looking to you for guidance. What would you write about fund manager fees? When addressing the collective, there really is only one answer: the lower the fees the better. Show More

The BIS says we’ll soon have to pay for our private debt binge

Andrew Macken

There’s no question Australia’s economy has enjoyed a stellar run. The trouble is, it’s largely been a consumer-based, credit-fuelled growth story. And the Bank of International Settlements (BIS) reckons it could soon come to a shuddering halt. Show More

australia debt global economy australian economy australian credit

Global investing: just buy the megatrend, right?

Andrew Macken

In this video I discuss if investing globally is simply a case of buying the right megatrend? Demonstrating a text book lesson in understanding a megatrend and understanding market expectations. Show More

Could lower fees ever be bad for investors?

Andrew Macken

A topic of considerable interest in investing circles today is the current boom in indexation and low-fee passive investing. It is certainly worth thinking about given the global exchange traded fund (ETF) space has grown to more than US$4 trillion, according to data provider ETFGI. Show More

How long will your pay rise last?

Andrew Macken

Since the beginning of the new year, Australians have received around a 10 percent pay rise. But this is not your typical pay rise. This pay rise does not result in more dollars in your bank account. Nor does it mean you can afford a bigger Australian home. So what... Show More

Part II mega trends: how do investors capitalise on these 4 trends?

Andrew Macken

In the second article in this series, we look at the two remaining mega trends that offer Australian investors an ability to spot businesses that are growing naturally and will typically find it easier to earn higher returns on investment. Show More

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Four mega trends: why consider these when investing in stocks?

Andrew Macken

In this 2-part series we cover the opportunity for Australian investors to identify and gain exposure to some of the large structural global mega trends. As bustling an economy as we are, remember the Australian economy represents just 2 percent of the global economy. Show More

Two tech stocks worth knowing about

Andrew Macken

With plenty of buzz about the FANG stocks, the next time you think of the word FANG, think about the underlying power of the business models and applying this to other stocks. Show More

Is optimism bias affecting your investment returns?

Andrew Macken

Optimism bias describes the human tendency to believe that things will turn out better than they actually do. When it comes to investing, optimism bias can lead you to overpay for assets, and this can impact your investment returns. Thankfully, there are ways we can manage it. Show More

What will be of the new financial year?

Andrew Macken

Australia is one of the few countries in the world that close out their financial year in June. So to Australian investors, we wish you a happy financial new year and ask what will be of the twelve months to come? Show More

The power of scale in our new digital world

Andrew Macken

If you are an Australian CEO, you are probably wondering if Amazon will one day disrupt your business. The threat of Amazon to Australian business is the topic du jour all of a sudden, so it is worth understanding exactly why Amazon is so scary. Show More

Where is the world’s largest e-commerce market?

Andrew Macken

Many global investors are lured first to the United States in search of opportunity given it is the largest economy in the world; with around 320 million relatively wealthy citizens driving significant annual consumption. But in many ways, the US is what is and what has been. Show More

The curious case of Fed normalisation

Andrew Macken

Last week, the Federal Reserve (Fed) hiked its target range for the federal funds rate for the second time this year to 1.00-1.25 percent. In a widely anticipated move, the Federal Open Market Committee (FOMC) said that the labor market has continued to strengthen, economic activity has been rising and... Show More

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The art of positioning the truth

Andrew Macken

Investing is never easy at the best of times. Making sense of complex financial accounts takes both time and the aptitude to anticipate the numerous ways in which CFOs can position their businesses in the most favourable light. Sometimes the business models themselves allow for great subjectivity in arriving at... Show More

Here’s proof that low interest rates aren’t an aberration

Andrew Macken

If you’re a baby-boomer, you grew up with annual interest rates in the low teens. If you’re a millennial, interest rates above five percent are difficult to imagine. But what is the normal state of play, and what can we expect interest rates to do in the foreseeable future? Show More

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