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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 Montgomery Small Companies Fund rose +3.65% in December, outperforming the ASX200 Accumulation Index by +2.59% and taking 12-month performance to +27.56% vs the Index's +1.40%. Since inception in October 2019, the Fund has returned +20.16% p.a. vs the Index's +1.67%. The Fund's up-capture and down-capture ratios for performance over the past year, 165.6% and 88.3% respectively, indicate that, on average, the Fund outperformed in both the market's positive and negative months. Positive contributors in December included City Chic Collective, EML Payments and Mineral Resources. The largest detractors included Appen, Tyro Payments and Webjet. Montgomery noted they're entering 2021 playing five big themes; cloud technology, sustainable income, economic reopening, strength and stimulus, and de-carbonisation. These themes are discussed in detail in the latest report. |
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