12 Sep 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

By: Australian Fund Monitors

Report Date	10 September 2010
Manager	Bennelong Group
Fund Name	Bennelong Securities Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	August 2010
Latest Return	-0.96%
Latest 6 Months	12.11%
Latest 12 Months	12.74%
Latest 24 Months	30.93%
Annualised Since Inception	22.36%
Inception Date	01 January 2003
FUM (millions)	AU$134
Fund Overview	Bennelong 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 Comments	Bennelong reported that the local equity market was dominated by earnings releases of mixed quality during August which resulted in a modest downgrade of forward earnings forcasts. Against this the manager considered the fund's performance for the month was unremarkable, and that although there were several surprises either with released profit or outlook, most of their positions came in pretty much in line with expectations and reverted back to normal trading quickly. Looking forward the manager expects that with the earnings season out of the way, the market's attention will soon revert back to macro issues, and as such will retain defensive tilts and a cautious approach to stock selection.
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