7 Feb 2014 - Bennelong Long Short Equity Fund

By: Australian Fund Monitors

Report Date	06 February 2014
Manager	Bennelong Long Short Equity Management, a Bennelong Funds Management boutique
Fund Name	Bennelong Long Short Equity Fund
Strategy	Equity Market Neutral
Latest Return Date	January 2014
Latest Return	-2.32%
Latest 6 Months	3.47%
Latest 12 Months	19.07%
Latest 24 Months	33.34%
Annualised Since Inception	20.51%
Inception Date	01 January 2003
FUM (millions)	AU$325.8
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 Long Short Equity Fund returned -2.32% during January, a difficult market both globally and in Australia, with the twelve return 19.07%. Fund performance was disappointing in January with exposures in the Consumer Discretionary (long) and Materials (short) sectors being the main culprits. Earnings are the key focus for local market participants leading into the February interim reporting period, particularly given several profit warnings announced in January. Investors are being reminded that the market re-rating that occurred throughout 2013 needs to be supported by earnings in an environment where growth is generally only modest.
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