13 Oct 2010 - Performance Report: Bennelong Securities Long Short Equity Fund

By: Australian Fund Monitors

Report Date	12 October 2010
Manager	Bennelong Group
Fund Name	Bennelong Securities Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	September 2010
Latest Return	-0.98%
Latest 6 Months	5.95%
Latest 12 Months	12.92%
Latest 24 Months	42.44%
Annualised Since Inception	21.93%
Inception Date	01 January 2003
FUM (millions)	AU$135
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	September proved to be a difficult month for Bennelong as small caps, resources and materials outperformed. The portfolio return in September was slightly negative, while still keeping 12 month performance at an impressive +12.92%. Bennelong reported that they were not adequately positioned for the sharp type of liquidity induced move that they saw during the month, as they remained conservatively positioned, with short positions in deep cyclical stocks which moved without fundamental support holding performance back. Looking forward Bennelong see the markets as being finely poised but remain cautious until until system balances improve and policy settings are more normal.
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