for less than they’re worth.Hi Kim.
Before moving to Australia, Gary spent five years in London running Morgan Stanley’s Technology Sector Equity Research Team, as well as two years covering technology companies for JP Morgan.This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. This post specifically excludes personal advice.Discover how to value the best stocks and buy them *This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. NXT presents today as a growth story, but with the longer term cashflow profile of a REIT with long duration assets, with sticky customers with high friction costs of change. I haven’t thought to compare NXT to a utility, at least not at this stage of NXT’s life. But what if as a life-long small company investor you have successfully invested with a company’s management in their previous venture and you can see that management are again traveling down a similar road to profit? If your strategy is to re-balance your portfolio annually and back to the original weights, you would simply reduce your allocation to small companies and redistribute to the remaining assets so that the original weights are achieved. For more information please see our The Motley Fool Australia, PO Box 4635, Ashmore, Qld 4214James Mickleboro has been a Motley Fool contributor since late 2015. I was wondering if you could provide some insight into what could be the short thesis for the business?Hi Andrew, thanks for your comment. With the Montgomery Small Companies Fund the idea is that you, as an investor, will allocate an appropriate amount to The Fund, knowing that it will virtually always be fully invested.
Its shares may be expensive, but given the way the cloud computing market is exploding and the growing demand for data centre services, I believe it will deliver long-term earnings growth that justifies the premium. As you know, at Montgomery, we invest in quality first and we reckon Gary Rollo and Dominic Rose certainly meet our quality filter!With a p/e of 122 nextdc is hardly cheap anx has a negative eps for most of its time as a listed company hardly fits the value model that Montgomery purports to hold dear.Hey Dr Patrick, The Montgomery Fund and the Montgomery Small Companies Fund have different mandates. This was the start of a love affair with Australian equities and he hasn’t looked back since. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.
After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. As an investor you do the allocating of an appropriate amount to cash yourself. This morning NEXTDC announced that it has agreed terms with Asia Pacific Data Centre Group to acquire the remaining 70.8% of its shares it does not own via an unconditional all cash, on market takeover bid.The REIT’s major shareholder 360 Capital Group, which holds an interest of 67.3%, has stated that it intends to accept the offer in the absence of a superior proposal.If 360 Capital does accept the other, it will mean NEXTDC would have an interest of 96.5%. Yes NXT has a significant short base, 13% of shares have been sold short according to shortman.com.au. The Montgomery Small Companies Fund mandate requires it to be fully invested at all times. NXT’s infrastructure has minimal capex required to maintain it to the capability required over that 30+ years. It doesn’t provide the computer hardware, these are deployed by the customers and you are right typically have a short asset life, the three years you suggest sounds about right. This will allow the data centre operator to proceed to compulsory acquisition of the outstanding securities.NEXTDC has offered a cash consideration of $2.00 per security and will allow two separate distributions to be made.This includes a special distribution of $0.02 per security and a quarterly distribution of $0.02 per security which had already been declared.With 115 million securities on issue, this offer values the REIT at approximately $230 million. 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. It’s certainly a different approach.
Prior to this, Gary was a Portfolio Manager at Renaissance Asset Manager in Sydney for six years. For example, if you decide that for every $100 of your investment portfolio, you want 10% in small companies, 15% in cash and the remaining 75% in other investments. Subscribe now for access to exclusive insights & montgomery white pagesTechnology companies that provide a complete technology ecosystem present a compelling investment opportunity.
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