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| Latest Return | |
| Latest 6 Months | |
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| Latest 24 Months (pa) | |
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| FUM (millions) | |
| 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's Sharpe and Sortino ratios (since inception), 0.94 and 1.33 respectively, highlight its capacity to produce superior risk adjusted returns while avoiding the market's downside volatility. The Fund's up-capture and down-capture ratios (since inception), 154.21% and 88.65% respectively, indicate that, the Fund has typically outperformed in both the market's positive and negative months. The largest positive contributors for April included City Chic Collective (ASX:CCX), Orocobre (ASX:ORE) and Uniti Group (ASX:UWL). The largest detractors from performance included Corporate Travel Management (ASX:CTD), Seven Group Holdings (ASX:SVW) and Webjet (ASX:WEB). Montgomery's view is that the medium-term outlook includes a period where investors get good visibility of what a recovery looks like as the combination of vaccine rollout progress in Western Economies (specifically US and UK) and a move into Northern Hemisphere summer brings the conditions of rising economic activity and recovery. They hope to witness this via the market share taking power of some of the key investee companies in the portfolio. |
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