12 Jan 2011 - Performance Report: Bennelong Securities Long Short Equity Fund

By: Australian Fund Monitors

Report Date	11 January 2011
Manager	Bennelong Group
Fund Name	Bennelong Securities Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	December 2010
Latest Return	3.65%
Latest 6 Months	8.92%
Latest 12 Months	12.72%
Latest 24 Months	39.37%
Annualised Since Inception	22.34%
Inception Date	01 January 2003
FUM (millions)	AU$159
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's December performance was strong on the back of the market's rally with returns assisted by corporate activity in Riversdale and Perpetual, and positive returns in Health Care positions. The manager remains modestly optimistic that early indications of global economic improvement will support equity markets in the short term, and see moderating growth in China as being prudent but having sector implications. However Bennelong remain concerned over domestic activity due to the strength of consumer activity, and as a result the portfolio is tilted towards offshore exposure, and cautiously positioned across the majority of the portfolio.
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