| 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 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 | Over the June quarter the Fund returned +7.84% versus the ASX200's +7.97%. Given the makeup of the portfolio, the Fund's return is driven largely by the top 20 stocks, and its relative performance is determined by positions in ex-20 stocks. The main detractors included Reliance Worldwide and Costa Group. The Fund doesn't hold any gold stocks and therefore missed out on their strong performance over the quarter. The 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, they believe ultimately stock prices won't be able to ignore longer term fundamental drivers of valuation, earnings and growth. |
| More Information |
