Bennelong's long short equity market neutral fund returned +5.78% in November, to give a year-to-date return of +10.25%, and an annualised return since inception in 2003 of +22.63%.
Against a background in the Australian equity market which saw only one sector record a positive contribution during November (property +0.2%), the manager provided strong performance noting that the lifting of the ban on short selling mid month allowed an opportunity to open new positions, and replenish various existing ones.
Looking forward Bennelong see the possibility of a near-term bounce, however remained cautious and maintain a conservative stands within the portfolio and a tilt towards stocks with a solid track record rather than those that simply appear cheap.
