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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 | 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. |
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