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9 Jul 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

By: Australian Fund Monitors
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Report Date08 July 2010
ManagerBennelong Group
Fund NameBennelong Securities Long Short Equity Fund
StrategyEquity Market Neutral
Latest Return DateJune 2010
Latest Return2.83%
Latest 6 Months3.48%
Latest 12 Months19.45%
Latest 24 Months25.33%
Annualised Since Inception22.59%
Inception Date01 January 2003
FUM (millions)AU$102
Fund OverviewBennelong Long Short Equity Management applies a qualitative stock selection process to construct a diversified portfolio of paired securities based on relative value. The Bennelong Long Short Equity Management strategy invests primarily in the S&P/ASX 100 and is dollar neutral at cost.
Manager CommentsBennelong again reaped the benefit of a conservative stance at the stock level. The market’s tendency to avoid riskier stocks contributed to a strong performance in the short portfolio. Top performing sectors were Energy and Consumer Discretionary whilst Consumer Staples and Utilities detracted from returns.

Manager's outlook:

'Current consensus market expectations seem to have congregated as bearish and there remains evidence that equity markets at current levels represent good value. Under more normal circumstances it would be reasonable to expect to see a rally, as investors reassess the relative attractiveness of equities, however there are several factors that indicate these are not normal times and our view is the most likely scenario from here is ”the third dimension” where equity markets track sideways.'
More Information» View detailed profile of this fund

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