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Printed: 07 July 2022 9:25 PM


15 Jul 2021 - Performance Report: Montgomery Small Companies Fund
By: Australian Fund Monitors

Report Date15 July 2021
ManagerMontgomery Investment Management Pty Ltd
Fund NameMontgomery Small Companies Fund
StrategyEquity Long
Latest Return DateJune 2021
Latest Return4.89%
Latest 6 Months18.12%
Latest 12 Months43.84%
Latest 24 Months (pa)
Annualised Since Inception25.40%
Inception Date20 September 2019
FUM (millions)AU$94.4
Fund OverviewThe Montgomery Small Companies Fund aims to outperform the S&P/ ASX Small Ordinaries Accumulation Index over a rolling five-year period, typically investing in a portfolio of 30 to 50 companies listed on the ASX (outside the top 100) and NZX. The Investment Manager seeks high quality, undervalued small and emerging companies with strong growth potential.

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 CommentsThe Montgomery Small Companies Fund returned +4.89% in June, a difference of +2.63% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +43.84%, compared with the index, which returned +27.8%. Since inception in September, 2019, the fund has returned +25.4% per annum, a difference of +16.95% vs the index which has returned +8.45% over the same period.

The fund's Sharpe ratio has ranged from a high of 3.02 over the most recent 12 months, to a low of 1.05 since inception. The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a maximum of 13.7 over the most recent 12 months, to a low of 1.51 since inception.

Since inception in the months when the market was positive the fund provided positive returns 81% of the time. It has an up-capture ratio ranging between 156.12% (since inception) and 156.12% (since inception), and over the most recent 12 months has provided an up-capture ratio of 143.96%.

The fund has a down-capture ratio of 88.65% since inception, and ranging between 58.94% (12 months) and 58.94% (12 months).
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