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| Fund Overview | The Fund consists of a concentrated long/short portfolio typically comprising 30 to 40 ASX300 listed stocks, generally with a long bias aligned to the overall market direction. There is a slight bias to large cap stocks in the long side of the portfolio, although in a rising market the portfolio will tend to hold smaller caps, including resource stocks, more frequently. The Fund was launched on 17th August 2011 following the resignation of Portfolio Managers Mark Burgess and Kristiaan Rehder from Herschel Asset Management in late July 2011. While at Herschel Burgess and Rehder had managed the Fund under the name of the Herschel Absolute Return Fund. As a result management of the Fund was transferred to Kardinia Capital, a new boutique fund manager 65% owned by Burgess and Rehder, with the balance owned by Bennelong Funds Management. The Fund's investment strategy and prior track record remains intact. |
| Manager Comments | The Australian All Ordinaries Accumulation Index fell 2.2% in March with events in Cyprus and the terms of its bail out affecting investor sentiment. The Australian equity market was particularly weak, under-performing global peers as the mining sector was weighed down by falling commodity prices, and negative sentiment related to property tightening measures in China. The Australian dollar finished the month higher at US$1.04. Most US economic readings surprised on the upside, however Chinese data revealed moderating manufacturing activity combined with higher inflation. This weighed on commodity prices with Resources (-9.6%) the weakest performing sector for the month. Consumer Discretionary (+2.4%), Utilities (+0.7%) and Financials (+0.7%) held up well, whilst Materials (-9.6%), Energy (-3.4%) and REITs (-2.7%) fell sharply. The Bennelong Kardinia Absolute Return Fund rose 1.42% in March. Share price index future contracts hedging long exposure, Sirius Resources, Mayne Pharma and Bank of Queensland were all significant contributors to performance, whilst long positions in Rio Tinto, Oil Search and GPT were the largest detractors. The Fund’s net equity market exposure (including derivatives) was progressively reduced to 36.7% (67.9% long and 31.2% short). |
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