MONTGOMERY INVESTMENT MANAGEMENT INC

Montgomery Investment Management, Inc. is a privately held, SEC registered investment advisory firm founded in 1987 by Calvin S. Koonce, who is the principal owner with an 85% share. Montgomery offers advice on equity securities, warrants, municipal and corporate bonds, U.S. Government securities, and certificates of deposit. The firm's managing directors provide investment advice to a wide range of accounts, including institutional clients, individuals, families, trusts, retirement accounts, charitable organizations, and businesses. Montgomery also advises wrap accounts, which adhere to the same fee schedule as non-wrap accounts, with no significant differences in investment management. Montgomery may also provide model portfolio recommendations to other investment advisers, with services and fees to be negotiated.

Montgomery Investment Management aims to grow the real value of assets under management over long periods through a steady, conservative approach that prioritizes gains in most years while avoiding large losses. They are value investors, acting as business analysts with a long-term focus on competitively entrenched, attractively priced, and well-managed companies. Using fundamental analysis, they identify companies with sustained competitive advantages that can produce superior cash flows and returns over time, seeking undervalued companies with sustainable advantages at reasonable prices. Their analysis includes fundamental and cyclical approaches, utilizing annual reports, company filings, financial publications, SEC filings, and sometimes research reports or meetings with company management. They look for emerging, overlooked investment themes and use proprietary fundamental analysis to identify related companies with the potential for superior long-term performance. Diversification is used to minimize risk, and relevant factors considered include high return on equity, accelerating earnings, low P/E, low price to book value, strong balance sheets, increasing dividends, good governance, strong competitive positions, and high barriers to entry. They often invest in "under followed" and "undervalued" companies, or turnaround situations, researching companies extensively before adding them to the portfolio, which typically consists of 20-30 securities without sector or industry limitations. Securities are sold if the investment thesis is impaired or performance outstrips fundamentals, but may be held indefinitely if performance meets expectations.

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