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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 | Top contributors over the March quarter included Goodman Group, IDP Education and Breville. Key detractors were Reliance Worldwide, Costa Group and Resmed. Bennelong noted these are all global businesses operating across a range of different industries that again reported very strong financial results. In Bennelong's view, investor sentiment still remains cautious despite the strong recovery over the past quarter. They believe the consensus outlook remains weak, particularly with respect to domestically focused stocks and the broader domestic economy. However, they noted that investors are incrementally paying more attention to fundamental drivers like earnings and growth which expect will benefit the portfolio. |
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