| Report Date | 21 April 2017 |
| Manager | Bennelong Australian Equity Partners (BAEP), a Bennelong boutique |
| Fund Name | Bennelong Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | March 2017 |
| Latest Return | 3.37% |
| Latest 6 Months | 4.93% |
| Latest 12 Months | 11.99% |
| Latest 24 Months | 10.21% |
| Annualised Since Inception | 13.58% |
| Inception Date | 30 January 2009 |
| FUM (millions) | AU$438.09 |
| Fund Overview | Bennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management.
The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings.
The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities.
The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%.
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| Manager Comments | Bennelong Australian Equities Fund returned a positive 3.37% in March, compared to the S&P/ASX-300 Accumulation Index, which returned 3.28%. Since inception in January 2009, the Fund has an annualised return of 13.58% p.a. (Index 11.31% p.a.) with a slightly lower volatility of 13.46% (Index 12.75%). Over the last quarter, the Fund outperformed the market, returning +5.84% compared to the Index's return of +4.71%. The performance over the quarter was due to the positive contribution from CSL, Aristocrat and Treasury Wine Estates. On the other hand, the Fund has a large position in Domino's Pizza Enterprises, which performed poorly. The investment team continues to remain focused on the company fundamentals, particularly in an environment of macro and political uncertainty. |
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