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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 | The Bennelong Australian Equities Fund rose +5.24% in February, taking annualised performance since inception in Jan 2009 to +13.30% versus the ASX200 Accumulation Index's +10.50%. This return has been achieved with only slightly higher volatility than the market; 13.12% p.a. versus the Index's 12.16%. The Fund's statistics show that the, despite the slightly higher volatility, the Fund has been successful in outperforming in both rising and falling markets; up-capture ratio of 120% and down-capture ratio of 97%, as well as Sharpe and Sortino ratios of 0.81 and 1.20 respectively versus the Index's Sharpe of 0.66 and Sortino of 0.93. Bennelong noted most stocks in the portfolio reported strong numbers and generally positive outlooks as the February reporting season focused investors back on corporate profits. Top contributors included IDP Education, Breville Group, Fisher & Paykel Healthcare and Corporate Travel. Key detractors included Reliance Worldwide, CSL and Costa Group. Overall, Bennelong like how the portfolio is currently positioned;
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