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| Fund Overview | 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%. |
| Manager Comments | The Fund benefited from strong returns during the quarter from Flight Centre, Reliance Worldwide and Costa Group. The largest detractors were Ramsay Health Care, Domino's Pizza Enterprises and Aristocrat Leisure as well as the Fund's underweight exposure to the strong performing Resources sector. Bennelong 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. Their 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 |
