| Report Date | 23 June 2017 |
| Manager | Bennelong Australian Equity Partners (BAEP), a Bennelong boutique |
| Fund Name | Bennelong Twenty20 Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | May 2017 |
| Latest Return | -2.22% |
| Latest 6 Months | 6.70% |
| Latest 12 Months | 8.80% |
| Latest 24 Months | 11.08% |
| Annualised Since Inception | 10.10% |
| Inception Date | 02 December 2015 |
| FUM (millions) | AU$1.08 |
| Fund Overview | The Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20.
The Fund is managed as one portfolio but comprises and combines two separately managed exposures:
1. An investment in the top 20 stocks of the markets, which the Fund achieves by taking an indexed position in the S&P/ASX 20 Index; and
2. An investment in the stocks beyond the S&P/ASX 20 Index. This exposure is managed on an active basis using a fundamental core approach.
The Fund may also invest in securities expected to be listed on the ASX, securities listed or expected to be listed on other exchanges where such securities relate to ASX-listed securities.Derivative instruments may be used to replicate underlying positions and hedge market and company specific risks. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Accumulation Index.
The Fund typically holds between 40-55 stocks and thus is considered to be highly concentrated. This means that investors should expect to see high short-term volatility. The Fund seeks to achieve growth over the long-term, therefore the minimum suggested investment timeframe is 5 years. |
| Manager Comments | Bennelong Twenty20 Australian Equities Fund returned -2.22% for the month of May, slightly outperforming the S&P/ASX-300 Accumulation Index return of -2.74%, by +0.52%. For the most recent 12 months, the Fund has gained 8.8%. The Fund's performance is dictated largely, although not entirely, by the performance of the S&P/ASX 20 Index. Deviation from the benchmark, the S&P/ASX 300, arises to the extent of the Fund's relative performance in respect of its active management of ex-20 stocks. For May, the major contributor to the Fund's outperformance was Aristocrat, the slot machine manufacturer. Other contributors to the Fund's performance were Treasury Wine Estates, Reliance Worldwide, and Fisher & Paykel Healthcare. There were no detractors of note. On the active portion of the portfolio, the Fund continues to remain stock selective which is guided by the company fundamentals. |
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