Stuart Jackson

Stuart
Jackson

Senior Analyst and Portfolio Manager
Montgomery Investment Management

Stuart is the Portfolio Manager of The Montgomery [Private] Fund – a concentrated, All-cap Australian equity fund that aims to achieve absolute returns from a portfolio of long only Australian shares and cash. Capital preservation is paramount.

Expertise

Why the banks are cutting mortgage rates

Stuart Jackson

After raising standard variable rates on interest only and investment property mortgages in 2016 and 2017, the big banks have recently unwound some of these increases. This has surprised some observers. So, what’s going on? Show More

mortgage rates australian banks

How bad is Australia’s mortgage stress?

Stuart Jackson

The level of household financial stress in Australia is a key issue. This is because a significant pull-back in the financial position of households would have flow-on effects across the economy. So, the recent data released by the nation’s largest lenders provides an important reading of future trends. Show More

mortgages australian banks household household debt

TradeMe looks set for long-term revenue growth

Stuart Jackson

Lately, we are hearing many investors lament that it’s getting hard to find value in our market. Well, there are still pockets of value. And TradeMe (ASX:TME), New Zealand’s largest online auction and classifieds website, could be one of them. Show More

value investing ASX:TME

What the health reforms mean for your wallet, and private health businesses

Stuart Jackson

The Australian government recently announced a raft of changes to private health insurance. The reforms should make health cover more affordable, and more attractive for consumers. And this in turn should be beneficial for hospital operators, at least in the short term. Show More

Upcoming bank results should cheer investors

Stuart Jackson

Three of Australia’s biggest banks – Westpac (ASX: WBC), ANZ (ASX: ANZ) and NAB (ASX: NAB)– are about to report, and we think there’s plenty of reasons to be optimistic. A turnaround in the trajectory of net interest margins, and good news on bad and doubtful debts, should leave investors... Show More

In the US, another big retailer bites the dust

Stuart Jackson

Amazon and changing consumer habits claimed another victim during the week with US ‘category killer’ Toys R Us filing for Chapter 11 bankruptcy protection. This brings the total number of US retailers that have filed for Chapter 11 to 24 this year, up from 18 in 2016, according to S&P... Show More

IEL continues to profit from the international education boom

Stuart Jackson

The education of international students is now Australia’s third largest export – just behind iron ore and coal. One high quality business that has successfully leveraged off this growing industry is IDP Education (ASX: IEL). IEL is a global leader in international student placement services. It recently reported its FY17... Show More

ASX:IEL

Medibank’s results point to a healthier future

Stuart Jackson

Medibank Private (ASX: MPL) has endured a bumpy ride since listing in 2014. But recent management comments point to a company in transition, with potential growth on the horizon. Show More

Why is there a mixed picture of the Australian economy?

Stuart Jackson

Recent data indicates that Australia could be about to enter a period of lower economic growth. While there’s been a surge in business investment and stronger conditions in the resources states, it’s unclear if this can offset weaker consumer spending and residential construction. Show More

What did we learn in the Genworth results?

Stuart Jackson

Australia’s largest mortgage insurer, Genworth (ASX: GMA) released its financial results for 1H17. The results highlight the continuing growth of loan delinquencies, particularly in WA and Queensland. Show More

APRA brings some cheer, but banks continue to face headwinds

Stuart Jackson

APRA announced moves to make Australian banks safer. The announcement was greeted warmly by the market. But what do the new capital requirements mean for the banks in the short to medium term? And should investors really be so sanguine about the prospects for the banks? Show More

Watch out for stock valuations when QE ends

Stuart Jackson

Central banks could soon end their bond buying activities, thereby unwinding quantitative easing. Should this occur, real interest rates would again be driven by the normal forces of supply and demand. And this could affect stock valuations. Show More

Identifying rising stars

Stuart Jackson

At Montgomery, we focus our efforts on identifying high quality companies with bright prospects. When combined with a disciplined and patient approach on buying at a discount to fair value, we believe that in the long term, these companies provide an attractive combination of stronger returns with lower than average... Show More

Australian outdoor advertising revenue growth

Stuart Jackson

In past posts, we have discussed the outlook for the outdoor advertising industry in Australia. The are a number of reasons why the outdoor advertising industry should grow its share of the overall advertising pie over the next five to ten years. Show More

Is Link’s acquisition of Capita Asset Services as good as it seems?

Stuart Jackson

On 26 June, Link Group announced the £888m acquisition of UK-based Capita Asset Services. This was heralded as a transformational acquisition. After all, it will increase Link’s enterprise value by a whopping 50%. But is the deal a plus for shareholders? Show More

New data show slowing loan growth for the big banks

Stuart Jackson

The Reserve Bank and APRA released their credit statistics for April. The numbers show a slowing in loan growth rates that was consistent with the recent major bank results to March 2017. The source of slowing is primarily from weakening growth in loans to the corporate sector, while mortgage book... Show More

Bank reporting

Stuart Jackson

In this video insight I discuss the first half results of the major banks and the five main components of a bank’s result. Show More

Should bank investors be alarmed by the proposed levy?

Stuart Jackson

The Federal Government’s proposed bank levy has opened up a battlefront with the major banks, not to mention shareholders and bank staff. On face value, the 6 basis point levy seems relatively benign. But we think it will increase investment risk in an already overvalued sector. Show More

Murray Goulburn: When management is not shareholder-orientated

Stuart Jackson

When we assess whether or not to invest in a company, we ask: is it an extraordinary business, is management shareholder oriented, and is it trading at an attractive price. The recent announcement by Murray Goulburn (ASX:MGC) shows the downside when management is not shareholder oriented. Show More

ASX:MGC

Telstra and TPG, who will win share?

Stuart Jackson

TPG has confirmed its intention to build a fourth mobile network in Australia with its successful A$1.26bn acquisition of two 10MHz spectrum licenses in the most recent Government tender. The market’s reaction has been savage, with the share price of the dominant incumbent operator Telstra, falling by almost 10 per... Show More

ASX:TLS ASX:TPM

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