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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 | Over the quarter the Fund rose +8.67%. Top contributors included IDP Education, Rio Tinto and Goodman Group. Key detractors included Costa Group and Reliance Worldwide. Bennelong's view is that investor sentiment still remains cautious despite the strong recovery over the past quarter. They observe that investors are still very much attracted to what is perceived to be safe, as evidenced by the recent outperformance of bonds, gold stocks, REITs, infrastructure and comfort stocks like Woolworths. However, they believe investors are incrementally paying more attention to fundamental drivers like earnings and growth which they expect will be supportive of returns. |
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