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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 | Over the September quarter the Fund rose 5.5%, outperforming the Index by +3.13%. This outperformance owes itself to the outperformance of the ex-20 stocks chosen for the portfolio. Bennelong noted most of these ex-20 stock holdings announced very strong financial results during reporting season in August which were largely in line with the investment team's expectations. Top contributors included BWX, Afterpay and Resmed. Major detractors included REITs (particularly Goodman and Dexus Property) and the Gold sector (in which the Fund is underweight but which performed strongly). |
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