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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 February included Aeris Resources (ASX:AIS), EML Payments (ASX:EML) and Uniti Group (ASX:UWL). The largest detractors from performance included GWA Group (ASX:GWA), NRW Holdings (ASX:NWH) and Ramelius Resources (ASX:RMS). Montgomery's central case is that markets will observe a vaccine rollout-driven acceleration of economic activity in most Western Economies over the next 6 months. They expect that the release of pent-up demand into certain ravaged sectors specifically and a wave of relief translating to broader strength in economic activity more generally will be profound. Accordingly they have positioned the portfolio to benefit from these 'reopeners'. February performance benefitted from these stocks as reporting season shone some light on to key factors that Montgomery expect to drive value over the coming months as visibility on the detail of the recovery takes shape. |
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