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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 | The Bennelong Concentrated Australian Equities Fund rose +4.32%, taking annualised performance since inception in January 2009 to +16.10% vs the ASX200's +10.50% per annum. The Fund's up-capture and down-capture ratios for performance since inception indicate that, on average, the Fund has outperformed in both rising and falling markets. In addition, the Fund's Sharpe ratio of 1.50 versus the Index's 0.93 highlights the Fund's capacity to achieve superior risk-adjusted return than the market over the long term. 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, Corporate Travel and BWX. Detractors included Reliance Worldwide, CSL and Costa Group. Overall, Bennelong like how the portfolio is currently positioned;
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