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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 largest positive contributors for November included Corporate Travel Management, NRW Holdings and Webjet. Montgomery noted the arrival of better than expected vaccine news drove a strong surge in COVID-19 impacted stocks, such as CTD and WEB in the travel sector, supporting an earnings recovery scenario as travel barriers are removed and demand returns over the foreseeable future. The largest detractors included Adairs, Marley Spoon and Bapcor. All three had been COVID-19 winners and as such became sources of profits over the month as the market rotated towards economic reopening stories. |
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