12 Jun 2012 - Performance Report: Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	11 June 2012
Manager	Bennelong Group
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	May 2012
Latest Return	1.19%
Latest 6 Months	3.89%
Latest 12 Months	8.66%
Latest 24 Months	35.70%
Annualised Since Inception	20.43%
Inception Date	01 January 2003
FUM (millions)	AU$243
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 Long/Short fund returned +1.19% in a volatile month against the ASX200's fall of over 7% with two profit warnings assisting the short book while healthcare and industrials added most performance at the sector level. The manager, Richard Fish reported that performance was in line with expectations, producing a modest gain in a volatile environment with both long and short cyclical names impacted by the weak market sentiment. At the sector level Healthcare and Industrials added most to performance whilst Media and Materials detracted. Looking forward Fish noted that in the short term Bennelong expect sentiment to remain hostage to events out of Europe, the domestic earnings reporting season and the ability of China to engineer a soft landing.
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