| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| 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 +3.40% in April, outperforming the ASX200 Accumulation Index by +1.03% and taking annualised performance since inception in February 2009 to +16.34% versus the Index's +10.65%. The Fund's up-capture and down-capture ratios since inception, +139% and 91% respectively, highlight the Fund's capacity to outperform over the long-term regardless of the market's direction. As at the end of April, the Fund's weightings had been increased in the Consumer Staples, Industrials, IT, Communication and Financials sectors, and decreased in the Discretionary, Health Care, Materials and REIT's sectors. The Fund's top holdings include CSL, BHP Billiton and Aristocrat Leisure. The Fund aims to invest in a concentrated portfolio of high quality companies with strong growth outlooks and underestimated earnings momentum and prospects. The data in the table below from the latest monthly report demonstrate that the Fund is in line with its investment objectives;
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