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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 -1.08% in October. The largest positive contributors included Adairs, Bapcor and Pendal. Key detractors included City Chic Collective, Corporate Travel Management and Megaport. Montgomery have been steadily growing the Fund's exposure to those areas of the economy that they believe will benefit from a domestic re-opening and from sustained stimulus, moving some capital from some of those structural growth winners that have driven the Fund's outperformance to date. Today, Montgomery see 'stronger for longer' as likely for domestic consumption beneficiaries - retail, auto, hospitality, domestic tourism and travel. |
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