Insights

Thoughts on Investment Strategy, Practice Management, Managed Accounts, Company News and Media from the Bellmont team.

Tim Unger joins Bellmont’s investment team
Company News

Tim Unger joins Bellmont’s investment team

· David Montuoro

Bellmont Securities has appointed Tim Unger as Senior Investment Consultant, bringing more than 30 years of investment markets experience and deep institutional expertise to the firm. Tim’s appointment strengthens Bellmont’s investment capabilities, bringing decades of institutional experience and a depth of knowledge across portfolio construction, investment strategy and manager selection.

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History Is Only a Guide... The Art of Forecasting
Investment Strategy

History Is Only a Guide... The Art of Forecasting

· Daniel Deverich

In the world of investing, history is often treated as a map of the future. Financial analysts frequently rely on past data such as historical growth rates, market drops (drawdowns), and price valuations to set the boundaries for what might happen next. This reliance on history is being tested, as equity markets trend close to their historical extremes on these measures. Earnings growth is running way above its long term trend and valuations are elevated on almost every measure.

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Is It about Time In the Market or Market Timing?
Investment Strategy

Is It about Time In the Market or Market Timing?

· Michael Block, Daniel Deverich

The Shiller PE Ratio might be the best long-term indicator of fair value for equities, but since its formulation in 1988 markets have changed dramatically. Daniel Deverich and Michael Block of Bellmont describe how this ratio can be updated to today’s environment

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A deeper dive into understanding defensive allocations
Investment Strategy

A deeper dive into understanding defensive allocations

· Daniel Deverich

In this article, we dive into the core of fixed income, focusing on three critical concepts: duration, credit spreads, and default risk. We know that finance terms (particularly in fixed income) can feel like a foreign language if you aren’t immersed in this world daily. To help bridge the gap, we’ve put together this ‘Bonds 101’ guide to explain these concepts and why they matter for your money.

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Portfolio Construction Part 3: Looking Inside the Box
Investment Strategy

Portfolio Construction Part 3: Looking Inside the Box

· Daniel Deverich

Once the foundation of a portfolio is set, we look ‘inside the box’ to ensure every component is performing its specific role. This requires a disciplined approach to how we define defense, how we protect value, and how we select the experts who manage your capital.

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How to Avoid Overpriced and Underperforming Managers
Investment Strategy

How to Avoid Overpriced and Underperforming Managers

· Michael Block, Ben Evans

Manager research is a complex task. After all, how do you determine whether performance is the result of luck, skill, or even temporary market distortions? Here at Bellmont, we have developed a rigorous framework for selecting and appointing fund managers, evaluating two primary criteria: whether the manager exhibits genuine skill and whether the manager charges a reasonable fee.

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Are We at the Top of the Tech Boom?
Media Investment Strategy

Are We at the Top of the Tech Boom?

· Bellmont Contributor

Michael Block Leans Into the Debate If we are at the top of the tech boom, then what should investors do with their portfolios? Well, that depends on your starting point, Bellmonts’ Michael Block says Earlier this month, fund manager GQG made a gutsy call: the United States technology sector is exhibiting dotcom-era overvaluation and in the next few years it will be defined by deteriorating fundamentals: lower growth, higher competition and greater capital intensity.

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Are ETFs The Future?
Investment Strategy Media

Are ETFs The Future?

· Michael Block

Exchange Traded Funds (ETFs) allow investors in the private wealth sector to make asset allocation decisions that are usually reserved for institutional investors, Bellmont’s Michael Block writes.

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The Efficiency Alpha: Why Lower MER Unit Classes Trump Cash Rebates
Managed Accounts

The Efficiency Alpha: Why Lower MER Unit Classes Trump Cash Rebates

· Michael Gale

In the pursuit of better client outcomes, the focus has historically been on alpha - the search for market-beating returns. However, in an era of compressed margins and heightened fee transparency, a different kind of "alpha" is becoming increasingly vital: structural fee efficiency.

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The Triumph Of Hope Over Experience
Investment Strategy Media

The Triumph Of Hope Over Experience

· Michael Block

When To Go Passive In Investing I am often asked whether using passive investment funds is a clever idea. My answer is always the same, “that depends.” Depends upon what? you may ask.

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All Roads Lead to Rome and Private Credit
Media Investment Strategy

All Roads Lead to Rome and Private Credit

· Michael Block

There Really Is No Alternative We are in a bubble-of-everything, but the concerns over private credit are overblown, Michael Block writes I am very reluctant to use the word bubble. I usually reserve that for West Ham footy games (despite the fact that I am a lifelong Liverpool FC fan. #YNWA) Nevertheless, I wonder whether we are in a ‘bubble of everything’ and when normal transmission will resume.

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The Real Cost of DIY Portfolio Management - A Practice Profitability Analysis
Practice Management Managed Accounts

The Real Cost of DIY Portfolio Management - A Practice Profitability Analysis

· David Montuoro

There is a common assumption in financial advice practices that managing client portfolios in-house - selecting the underlying investments, rebalancing positions, handling corporate actions, and producing performance reports - is the most cost-effective approach. Outsourcing through a managed account platform, by contrast, can appear to be an additional expense layered on top of existing platform and product costs. 

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YFYS Takes Risk Management Tools Away
Media

YFYS Takes Risk Management Tools Away

· Bellmont Contributor

The introduction of the YFYS performance test and subsequent move by super funds towards more passive strategies has put these funds in the difficult position where they are less able to protect members from large market draw downs, Bellmont’s Michael Block says

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Bellmont Welcomes Michael Block as Chief Investment Officer
Company News

Bellmont Welcomes Michael Block as Chief Investment Officer

· David Montuoro

Bellmont is proud to announce the appointment of Michael Block as Chief Investment Officer. With over 40 years of experience in investment management, Michael is a highly respected industry figure, bringing unparalleled expertise to the Bellmont team.

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