| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | 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 | The Fund's outperformance over the quarter is largely due to a number of its larger ex-20 positions, including Reliance Worldwide, Flight Centre and Costa Group. Negative contributors included Domino's Pizza and Aristocrat Leisure as well as the Fund's underweight exposure to the resources sector. Bennelong note that, given recent stock market returns and a low ASX200 VIX Index among other factors, they believe selective ex-20 stock picking may be able to contribute positively to investor returns. They identify a rise in interest rates as a major risk to the Australian stock market, their view is that rates may lift, but not dramatically. Bennelong's belief is that higher rates will be attributable to higher inflation, which is likely to result from factors relating to innovation, demographics and under-employment. |
| More Information |
