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| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. 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. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 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 and company specific risks. |
| Manager Comments | More than half of the portfolio (63.5%) was allocated in the Discretionary, Health Care and Consumer Staples sectors. The Fund's top holdings consisted of Westpac Banking, National Australia Bank, CSL and Aristocrat Leisure. The investment team continues to remain focused on the company fundamentals, with an eye on value, but only in the context of what one receives in return in terms of quality and earnings delivery and growth. |
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