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| Fund Overview | The Bennelong ex-20 Australian Equities Fund aims to outperform the return generated that is generated by the S&P/ASX 300 Accumulation Index excluding that part of the return that is generated by the stocks comprised in the S&P/ASX 20 Leaders Index, which represents the 20 largest stocks by market capitalisation in Australia, by 4% per annum after fees on a rolling three-year basis by actively managing a portfolio of primarily Australian shares. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index excluding the S&P/ASX 20 Leaders Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market company-specific risks. The Fund typically holds between 20 and 60 stocks. The Fund's maximum net targeted position of an individual stock is 10%. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. |
| Manager Comments | The Australian equity market (S&P/ASX 300 Accumulation Index ex-top 20) closed up 0.49% in April, with investors favouring defensive yield plays over Resources, which were sold down on weak Chinese economic data. The market is currently trading on 14.4x consensus earnings forecasts for next year, which are expected to grow 8.6%, with a corresponding dividend yield of 4.1%. Although global economic growth is being impacted by the European recession and slower growth in China, the outlook for Australian earnings, particularly in the non-resource sectors, is showing signs of improvement. The portfolio has a bias to high quality companies that are well positioned to deliver positive earnings surprise, relative to expectations, at inexpensive valuations. The largest sector exposure is Consumer Discretionary at 47.9%. |
| More Information | » View detailed profile of this fund |
