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| Fund Overview | The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware. The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks. |
| Manager Comments | Bennelong noted that, particularly in these tougher times, sticking to the same tried-and-tested process is paramount. To that end, they remain focused on what they believe ultimately drives investor returns over time: earnings, growth prospects and other business fundamentals. Some stocks held in the portfolio, such as Aristocrat Leisure, have been sold down in recent months, in some cases without any material deterioration in fundamentals. Bennelong noted this has affected the Fund's returns, but in general the lower share prices have set them up with more attractive risk-return dynamics. Moving into reporting season Bennelong say they are mindful of what they perceive to be significant earnings risk prevalent right across the market. Their view is that investors nowadays are brutal when it comes to even minor earnings misses or downgrades. Overall, Bennelong like how the portfolio is currently positioned and are optimistic on its investment prospects. |
| More Information |
