Thoughts on Investment Strategy, Practice Management, Managed Accounts, Company News and Media from the Bellmont team.
· 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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· 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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· 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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· Daniel Deverich
Building a portfolio is not just about picking "good" investments; it is about understanding the environment in which those investments live. We follow three core principles to ensure we are taking the right risks at the right price.
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· Daniel Deverich
Portfolio construction is the term for designing and implementing a portfolio to meet a client's goals. Whilst every client is different, there is one common goal, namely growing portfolios as safely as possible.
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· Bellmont Contributor
Michael Block, the chief investment officer of Bellmont, quoted in the AFR on why he we are avoiding private credit in favour of high-grade public bonds.
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· Peter Bell
Academic research consistently shows that Strategic Asset Allocation explains over 90% of long-term portfolio returns. Here's why getting this decision right matters more than manager selection or market timing.
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· 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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· David Montuoro
Managed accounts have emerged as the dominant portfolio delivery vehicle for Australian advice practices. Here's why the shift is structural - and what advisers need to consider before making the move.
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· Michael Block, Daniel Deverich
Michael Block and Daniel Deverich of boutique wealth manager Bellmont warn about the risks of using certain inferior investment instruments, in particularly LICs..
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· Michael Gale
In the modern financial planning landscape, the "Advice Gap" isn't just about cost—it’s about time. Between compliance, client discovery, and ongoing strategy reviews, an adviser's most precious commodity is the hour spent face-to-face with a client.
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· 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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· David Montuoro
Australia has lost thousands of financial advisers over the past five years. For principal advisers approaching the end of their careers, the pressure to plan a successful exit has never been greater - or more complex.
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· David Montuoro
Bellmont is delighted to announce the addition of Ben Evans to its Investment team. Ben's appointment marks a significant step in the ongoing expansion of Bellmont's internal investment capabilities.
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· 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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· 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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· 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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· 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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· 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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· 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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· David Montuoro
Most financial advice practices are built around one person. Growing beyond that requires building systems that work independently of any individual - before you hire your next adviser.
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· 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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