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| Fund Overview | Montgomery Lucent, a joint venture between Lucent Capital Partners and Montgomery Investment Management, is the investment manager of the Fund. Lucent Capital Partners is owned by its founders Gary Rollo and Dominic Rose. Gary and Dominic have worked together for three years as at February 2020 and have a combined three decades of portfolio management and equities research experience. The manager is able to invest up to 10% of the portfolio in pre-IPO opportunities. They search for companies likely to benefit from secular trends, industry change and with substantial competitive advantages. Cash typically ranges around 10%. |
| Manager Comments | The Fund returned -2.16% in September, outperforming the Index by +1.5%. Top contributors included Bigtincan Holdings, Corporate Travel Management and Macquarie Telecom Group. The largest detractors included City Chic Collective, Marley Spoon and Sezzle. Montgomery noted the portfolio is structured around the following 'pillars': (1) a core of stocks that are not impacted by COVID-19, (2) exposure to market share winning structural growers, (3) augmented by the best 'tactical' opportunities available. They have been selling some of their bricks and mortar retail and technology exposures and reinvesting that money in stocks they see as levered to the next phase of economic 're-opening'. They have been positioning the Fund to benefit from a resumption in domestic travel and holidays, increased activity in hospitality and a shift from spending on goods and more towards services. |
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