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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 | Over the June quarter the Fund rose +5.83%. Key detractors included Reliance Worldwide, Corporate Travel Management, Costa Group and Treasury Wine Estates. The Fund's main positive contributor was Aristocrat Leisure after the company reported strong half year financial results in May, above the market's expectations. Bennelong's view is that the market is largely being driven by macro factors at present, however, their belief is that ultimately stock prices won't be able to ignore longer term fundamental drivers of valuations, earnings and growth. |
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