DRAFT
Fund Review
Bennelong Long Short Equity Fund
Performance as at May 2026
Bennelong Long Short Equity Management (BLESM) is an Australian Absolute Return Manager, founded in 2002 by Richard Fish in collaboration with the Bennelong Group. Sam Shepherd is the Chief Investment Officer, leading a four-member investment team. The company manages global and Australian equities through Bennelong Funds Management and its subsidiaries, BennBridge UK and BennBridge US, with over AUD15 billion in assets under management as of May 2021.
| 1 Year | 3 Years3 | 5 Years3 | 7 Years3 | Inception3,4 | ||
| Total Return | Fund | -15.14% | -0.31% | -0.62% | 2.51% | 11.04% |
| Peer Group1 | 8.17% | 8.56% | 6.11% | 7.46% | 9.40% | |
| Index2 | 6.89% | 11.02% | 8.10% | 8.47% | 8.29% | |
| Volatility | Fund | 16.38% | 14.42% | 14.32% | 14.85% | 13.17% |
| Peer Group1 | 8.73% | 7.72% | 8.06% | 10.09% | 8.24% | |
| Index2 | 9.98% | 10.63% | 12.30% | 14.90% | 13.18% | |
| 1Equity Alternative - Australia, 2ASX 200 Total Return, 3Annualised, 4Jan 2003 | ||||||
Strategy Description
The Bennelong Long Short Equity Management Fund utilises a qualitative stock selection process to create a dollar-neutral portfolio of paired securities based on relative value. Primarily investing in the S&P/ASX 100, it typically holds around 70 stocks comprising 35 pairs, each from the same sector, one long and one short. The Fund's performance focuses on the relative performance of these pairs. It uses no derivatives, maintains no currency exposure, and enforces no hard stop loss limits, instead relying on small average position sizes to manage risk. The strategy is also available for retail investors as a Listed Investment Company on the ASX.Cumulative Performance
Core Details |
PG = Peergroup Average | ||
| APIR: | BFL0005AU | Status: | Open |
| Peer Group: | Equity Alternative - Australia | Inception Date: | Jan 2003 |
| Strategy: | Equity Market Neutral | Style: | Blend |
| Geography: | Australia | Domicile: | Australia |
| Investors: | Wholesale | Distributions: | Annually |
| Fund Size: | AU$ 24.8m | Manager FUM: | AU$ 206.13m |
| Applications: | Monthly, Initial: AU$ 500,000 | Redemptions: | Monthly |
| Management Fee: | 1.50% (PG avg: 1.27%) | Performance Fee: | 20.00% (PG avg: 15.72%) |
| Buy/Sell Spread: | 0%/0% (PG avg: 0.16%/0.16%) | Hurdle: | N/A |
| Early Redemption Fee | No | High Water Mark: | Yes |
Please view https://fundmonitors.com/disclaimer.php for the full disclaimer. The content is updated monthly and only the current version should be used.
Bennelong Long Short Equity Fund
Performance vs Equity Alternative - Australia and ASX 200 Total Return
Since Feb 2002, the Fund has returned 11.04% p.a. vs the Peer Group's return over the same period of 9.4% p.a. Over the past 12 months, the Fund has returned -15.14% vs the Peer Group's 8.17%. For the 3, 5 and 7-year periods, the Fund has returned -0.31%, -0.62% and 2.51%, respectively, vs the Peer Group's returns of 8.56%, 6.11%, and 7.46%, respectively. The Fund's returns have been delivered with a volatility of 13.17% p.a. vs the Peer Group's 8.24%.
Only seven years of data shown. Click here to view all data.
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.87 | -11.58 | -1.26 | 2.80 | -1.28 | NA | NA | NA | NA | NA | NA | NA | -7.08 |
| 2025 | 1.40 | -2.79 | -8.74 | 3.59 | 4.02 | 4.14 | 1.07 | -1.71 | 3.34 | -6.96 | -5.22 | -3.13 | -11.49 |
| 2024 | 1.73 | 6.35 | 1.86 | 1.57 | 6.44 | -1.85 | -0.06 | 0.02 | -2.38 | 3.97 | 7.55 | -2.90 | 23.88 |
| 2023 | 2.21 | 4.25 | -0.73 | 1.69 | 2.46 | -0.93 | -4.55 | 2.55 | -0.57 | -0.86 | 3.16 | -1.40 | 7.15 |
| 2022 | -6.38 | -10.22 | -1.23 | -0.42 | -0.13 | -2.05 | 1.24 | 4.43 | -3.22 | 1.87 | 0.75 | -2.27 | -17.00 |
| 2021 | -0.25 | -10.11 | -5.95 | 5.11 | 0.12 | 10.11 | 1.33 | 1.19 | -7.70 | 2.82 | -1.49 | 1.34 | -5.06 |
| 2020 | 6.52 | 0.97 | -4.50 | 1.27 | 0.22 | 4.19 | 4.82 | 8.49 | -3.26 | -0.65 | -2.95 | -3.08 | 11.65 |
| 2019 | -3.49 | -0.82 | -0.84 | 0.54 | -2.52 | 3.00 | 6.92 | -2.51 | 0.65 | 8.84 | 2.84 | 2.36 | 15.17 |
| 2018 | 1.51 | -0.58 | 0.83 | 1.96 | 4.75 | 0.08 | -3.64 | 10.59 | -3.85 | -7.05 | -3.07 | 2.09 | 2.51 |
| 2017 | 4.95 | 2.07 | 0.29 | 5.84 | 2.86 | 1.20 | -1.42 | -6.70 | 3.88 | 5.29 | -1.14 | 2.90 | 21.12 |
| 2016 | -0.29 | 2.37 | -6.73 | -2.30 | 7.58 | -1.04 | 1.46 | -5.90 | -1.06 | -1.76 | -2.24 | -3.23 | -13.07 |
| 2015 | 2.66 | 0.05 | 3.59 | 0.03 | -1.91 | 4.86 | 8.85 | -0.69 | 5.71 | 2.54 | 0.65 | 6.22 | 37.14 |
| 2014 | -2.32 | 2.50 | 0.16 | -4.97 | -0.80 | -0.44 | 3.04 | -1.56 | -3.59 | -4.33 | 3.12 | 2.83 | -6.63 |
| 2013 | 0.46 | -0.28 | 0.69 | 0.01 | 9.49 | 1.10 | 3.52 | 2.27 | 0.83 | 1.88 | -1.80 | 2.68 | 22.46 |
| 2012 | -2.04 | -8.43 | 6.35 | 4.22 | 1.19 | 8.47 | 1.57 | -1.61 | -2.00 | 1.69 | -0.41 | 0.89 | 9.20 |
| 2011 | -0.59 | 4.39 | 1.85 | 2.34 | 3.09 | 4.12 | 2.12 | 1.91 | -1.25 | -5.06 | 3.09 | 3.27 | 20.60 |
| 2010 | 0.25 | -6.16 | 4.77 | -1.10 | 3.24 | 2.84 | 2.90 | -0.96 | -0.98 | 1.23 | 2.87 | 3.65 | 12.71 |
| 2009 | 5.69 | 7.88 | -1.72 | 4.26 | -1.24 | -7.16 | 2.24 | 5.61 | -1.14 | 2.65 | 1.71 | 3.57 | 23.64 |
| 2008 | -2.10 | -2.82 | 3.40 | 1.06 | 7.07 | 7.36 | 1.16 | -3.57 | -8.98 | 3.78 | 5.78 | 0.49 | 11.95 |
| 2007 | 0.55 | 5.42 | 3.62 | -3.12 | 0.92 | -2.90 | 1.70 | -3.72 | 5.63 | -0.22 | 4.41 | 9.04 | 22.51 |
| 2006 | 1.24 | 4.76 | 10.16 | 2.90 | 2.59 | 0.95 | 5.57 | 7.67 | -2.62 | 5.22 | 2.01 | 1.35 | 49.91 |
| 2005 | 6.29 | 7.29 | 5.01 | -0.49 | -0.27 | 1.81 | -2.87 | -1.51 | 4.10 | -2.33 | 2.88 | 8.73 | 31.64 |
| 2004 | 0.19 | 0.17 | 0.49 | -3.41 | 0.78 | 2.60 | 4.36 | -0.80 | 3.22 | 1.42 | -0.29 | 1.61 | 10.59 |
| 2003 | 2.34 | 6.21 | -0.44 | 0.61 | 0.82 | 3.00 | -1.93 | -0.99 | 2.01 | 4.85 | 3.78 | -1.27 | 20.33 |
| 2002 | NA | -3.31 | 3.12 | -1.05 | -0.31 | -0.92 | 1.17 | 2.64 | -3.45 | -2.61 | 3.86 | 4.59 | 3.36 |
Notes:
The returns January 2003 to June 2008 are pro forma net returns of the Bennelong Securities Long Short Equity Fund (Managed Account).
| 1 Year | 3 Years | 5 Years | 7 Years | Inception | ||
| Total Return | Fund | -15.14% | -0.31% | -0.62% | 2.51% | 11.04% |
| Peer Group | 8.17% | 8.56% | 6.11% | 7.46% | 9.40% | |
| Index2 | 6.89% | 11.02% | 8.10% | 8.47% | 8.29% | |
| Volatility | Fund | 16.38% | 14.42% | 14.32% | 14.85% | 13.17% |
| Peer Group | 8.73% | 7.72% | 8.06% | 10.09% | 8.24% | |
| Index | 9.98% | 10.63% | 12.30% | 14.90% | 13.18% | |
| Sharpe | Fund | -1.14 | -0.23 | -0.18 | 0.09 | 0.61 |
| Peer Group | 0.52 | 0.58 | 0.41 | 0.54 | 0.73 | |
| Index | 0.34 | 0.66 | 0.46 | 0.47 | 0.42 | |
| Sortino | Fund | -1.28 | -0.38 | -0.32 | 0.02 | 0.86 |
| Peer Group | 0.56 | 0.76 | 0.50 | 0.65 | 0.96 | |
| Index | 0.36 | 0.91 | 0.58 | 0.53 | 0.48 | |
| Largest Drawdown | Fund | -21.78% | -21.78% | -23.38% | -30.59% | -30.59% |
| Peer Group | -6.82% | -6.82% | -8.44% | -19.04% | -26.53% | |
| Index | -7.15% | -7.19% | -11.90% | -26.75% | -47.19% |
Return in Index's 10 Best & 10 Worst Months %
Return in Index's 10 Best & 10 Worst Months %
Annualised Return vs Standard Deviation
Bennelong Long Short Equity Fund - Annualised Return vs. Standard Deviation
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Bennelong Long Short Equity Fund
Annual Returns
Annual Returns %
Drawdown
Drawdown%
Service Providers
| Trustee/RE: | N/A |
| Custodian: | UBS Nominees Pty Limited |
| Administrator: | Apex Fund Services |
| Auditor: | Deloitte Touche Tohmatsu |
| Legal: | N/A |
| Prime Broker: | UBS AG, Australia |
Available on Investment Platforms
No Data.
Key Staff
Sam Shepherd
Portfolio Manager
Years in industry: 25, Years at Firm: 15
Tim Hall
Portfolio Manager
About AFM's Fund Reviews and Star Ratings
AFM's proprietary Star Rating system provides a quantitative ranking of performance and risk of funds in its peer group relative to similar funds. Funds must have a minimum 1 year track record.
Star Ratings for Performance reflects annualised return. Risk is a combination of downside deviation, maximum drawdown and longest drawdown, which are allocated in reverse.
| AFM Star Rating | Relative performance band compared to funds in the same Peer Group |
|---|---|
| ★ ★ ★ ★ ★ | Premium: The fund is in the top 10% of all funds in its peer group. |
| ★ ★ ★ ★ ☆ | Top Quartile: The fund ranges between 75 and 90% of all funds in its peer group. |
| ★ ★ ★ ☆ ☆ | Second Quartile: The fund ranges between 50 and 75% of all funds in its peer group. |
| ★ ★ ☆ ☆ ☆ | Third Quartile: The fund ranges between 25 and 50% of all funds in its peer group. |
| ★ ☆ ☆ ☆ ☆ | Fourth Quartile: The fund is in the lowest 25% of all funds in its peer group. |
All performances, rankings and Star Ratings are updated monthly. Past performance does not guarantee future performance.
Copyright
This report is produced and owned by Australian Fund Monitors Pty Ltd and the contents are Copyright 2025. Distribution is limited to those parties with a current Distribution Licence.
Disclaimer
The information in this report, including financial returns, strategies, and other content (collectively referred to as "Content") has been prepared and issued by Australian Fund Monitors Pty Limited (A.C.N. 122 226 724, AFSL 324476) otherwise referred to as AFM. The information and content herein is designed for holders of an Australian Financial Services Licence or for Wholesale or Sophisticated investors, and does not constitute personal financial advice, and is for general information purposes only. Users of this report or any Content of AFM's websites (the "Websites") should not act or make any financial decision without first seeking professional advice. Whilst the Content has been prepared with all reasonable care from sources which we believe are reliable, no responsibility or liability is accepted by AFM for any errors or omissions or misstatements contained herein.