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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 September quarter the Fund returned -2.3% versus the Index's +1.5%. In light of this, Bennelong emphasised that, over time, the quarter-to-quarter performances of the Fund have averaged out to provide clients with very attractive returns and expect that the Fund will continue to do so going forward. Overall, the companies in the portfolio reported strong results and gave reasonable guidance; one of the largest contributors for the quarter, and the largest portfolio position, was CSL Limited. However, in the case of a number of the Fund's larger positions, the market nevertheless reacted negatively which weighed heavily on the Fund's returns. Key detractors over the quarter included Costa Group, Flight Centre and Aristocrat Leisure. Read the Fund's latest quarterly report for their in-depth analysis and outlook for each of these companies. Bennelong noted they increased the Fund's weightings in Costa Group and Flight Centre during the quarter and remain invested in Aristocrat Leisure. Bennelong have neither a bearish or bullish outlook on the market. They see Australian equities to be relatively attractive, however, they still believe there is the need to remain selective. They remain constructive on the market for the following reasons - stock fundamentals look solid, valuations are relatively attractive and investor sentiment is supportive. They also believe there is always a need to be diligent and manage risk and thus have ensured the portfolio is well positioned on a risk/return basis. |
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