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This week we continue to look at investing in needs and not wants, highlighting two stocks in our portfolios. Following the volatility in markets this year we have been extensively reviewing our portfolios and looking for companies that have steady earnings, inflationary protection and a service/product that is a necessity and is immune to the central banks attack on consumer spending.
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This week we continue looking at needs not wants; companies that provide critical services that people need rather than want. We are using this theme to highlight companies that are best positioned for inflation with some even set to benefit from higher interest rates. We will be diving into the insurance industry and highlighting one company in particular. This week we conclude our latest Talking Top Twenty series, working our way through a couple of insurance companies, Insurance Australia Group (IAG.ASX) and Suncorp (SUN.ASX). This week we continue our Talking Top Twenty series by looking at Macquarie Group (MQG.ASX) and Telstra (TLS.ASX). This week we continue with the Talking Top Twenty series by rounding out the Big 4 banks, looking at National Australia Bank (NAB.ASX) and Australia and New Zealand Banking Group (ANZ.ASX). With Australian reporting season now well and truly over, we take stock and return to our Talking Top Twenty series. To kick things off this time around we take a look at a couple of the Big 4 banks; Commonwealth Bank of Australia (CBA.ASX) and Westpac (WBC.ASX). This week we will be writing about one of our core holdings, one that the market hasn’t been very optimistic about. In doing this we will look at why we think the market has this one wrong. Sometimes the best opportunities come from running toward the fire and figuring out if the situation is quite as bad as everyone thinks. Often in investing, if you find yourself on the same side as the majority that’s when you should be asking yourself all the questions. This week we are writing about a pair of financial services companies that are growing, have tailwinds and are trading at what we believe to be bargain prices. In the wake of the 2019 Royal Commission we have seen huge changes in the Australian financial services industry. There has been a structural shift away from banks by consumers, igniting the fintech scene in Australia. Non-bank lenders have also been beneficiaries but we feel it is a sector that has been overlooked by investors and offers some quality businesses that are growing their loan books at attractive margins. This week we look at two junior banks that currently sit within select income-oriented individually managed accounts at TAMIM. That is the Bank of Queensland (BOQ.ASX) and Bendigo and Adelaide Bank (BEN.ASX). This is a timely review given the RBA’s flip-flopping around the potential timing of rate hikes. Sid Ruttala completes his journey through the ASX 20. This week we visit and review Suncorp (SUN.ASX) and Insurance Australia Group (IAG.ASX), two of Australia's biggest financial services businesses. Although each company services a different part of the financial services sector, this article is an important read for the Australian investor. Sid Ruttala continues his exploration of the top end of the market, this time moving just past the surface of the ASX and going outside the Top Ten. This week we look at Macquarie Group (MQG), Telstra Corporation (TLS) and Rio Tinto (RIO).
This week we again revisit the topic of the banks. An issue that has been especially pertinent to us given the cut of ANZ’s franking composition. What will this mean going forward? Will it impact the way we invest?
Robert Swift highlights one of his favourite stocks at the moment, one that he thinks might just be better than Facebook. We prefer to pay less for future earnings and dividends. If we can find a stock whose future prospects are even only a little better than the market expects, we make good money. Human biases and desires to be in crowds often produce unloved stocks which are merely misunderstood and yet very likely to be re-rated.
This week the TAMIM Australian Equity Small Cap team review some of the more interesting take aways from the October AGM season as it relates to their portfolio.
Karl Hunt & Roger McIntosh, of the TAMIM Global Equity High Conviction Individually Managed Account (IMA), take a look at portfolio holding Randstad Holding HV.
This week Vincent Cook, senior analyst with the fund underlying the TAMIM Australian Equity Growth & Income Individually Managed Accounts (IMA), takes time out to discuss the Australian Banks. There is a significant amount of negativity in the Australian press regarding the outlook for our banks however we see some positive signs with indications of consolidation appearing in the sector. Given the worry about Deutsche Bank and banks in general, it is timely to discuss our thoughts on the sector.
This week Robert Swift, the Head of Global Equity Strategies of the TAMIM Global Equity High Conviction Individually Managed Account (IMA), reviews JP Morgan in an environment where they are aided by the normalisation of the US interest rate yield curve. In this video, Robert contrasts the fortunes of JP Morgan to that of the Commonwealth Bank.
We didn’t think that Brexit would win; but it did. This caused some immediate selling of risk assets and the European banking system was hit quite hard. The European financial system has become entwined but amazingly the agreements within the EU on services are not as advanced as on physical trade. Such uncertainty was behind the sell-off.
This weeks stock pick is from the manager of the TAMIM Global Equity High Conviction portfolio. Bank of Montreal shows significant value for shareholders from its low volatility, growing earnings stream. Dividends have increased in line with earnings and are kept at a sensible level of around 40-50%. This is far more reasonable compared with the dividend overpaying of Australian banks where the average payout ratio is around 78%.
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