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| 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 | Over the quarter the Fund outperformed the Index by +1.17%. Top contributors were BWX Limited, Experience Co, Costa Group and Aristocrat Leisure. Detractors included Reliance Worldwide and Flight Centre as well as the Fund's underweight position in the Resources and Energy sectors. Bennelong believe investors have become less cautious since the Fund's last quarterly report, pointing specifically to the recent demand for lithium stocks, disruptive technology names, pre-revenue concept stocks and bitcoin. They believe in these cases value seems to be largely in the eye of the beholder rather than any observable fundamentals. Bennelong see the greatest risk to equities at present to be a rise in interest rates and tightening of liquidity. Their view is that rates may lift, but not dramatically so. |
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