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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 | The Twenty20 Fund comprises a passive investment in the ASX20 and an actively managed investment in the ASX ex-20, therefore, any difference in performance between the Fund and the market is due to the ex-20 holdings. Bennelong noted its ex-20 holdings underperformed over the December quarter, however, they say company fundamentals had very little influence. Bennelong believe the 'risk-off' sentiment will tire, and fundamentals will ultimately win out. Key detractors over the December quarter included Aristocrat Leisure, BWX Limited and Flight Centre. Contributors included Costa Group and Goodman Group. |
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