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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 January. The largest positive contributors included Bingo Industries, Sezzle and Uniti Group. Key detractors included Aeris Resources, Centuria Capital Group and Western Areas. The portfolio's top completed holdings (i.e. those that the Fund holds but which Montgomery aren't actively buying or selling at the time of writing their Jan 2021 report) included Alliance Aviation Services, City Chic Collective, Ingenia Communities Group, Macquarie Telecom Group and Uniti Group. Relative to the Fund's benchmark (ASX Small Ordinaries Accumulation Index), the portfolio ended the month overweight Industrials, Communication Services, IT, Consumer Discretionary and Real Estate, and underweight Energy, Materials, Consumer Staples, Financials and Health Care. By market capitalisation, the portfolio had greatest exposure to companies with a market cap greater than $1bn. |
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