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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 | Over the quarter the Fund returned +14.96%, with performance benefiting from strong returns from a number of the Fund's holdings. These included CSL, Reliance Worldwide and Aristocrat Leisure. Bennelong noted these companies typify the kind of stocks in which the Fund seeks to invest; all are high quality growth companies that proved again this quarter to have better than expected earnings prospects. Bennelong also highlight the significance of the Fund's high conviction strategy in allowing them to be underweight, and thus avoid, the underperformance of the banking sector which makes up approximately 23% of the total value of the market. |
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