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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 September quarter than Fund returned +4.55% against the Index's +2.37%. Bennelong noted most portfolio holdings announced very strong financial results during reporting season in August which were largely in line with the investment team's expectations. Bennelong added that these results provided evidence of strong business momentum, better than expected near-term outlooks and bright longer-term prospects. Top contributors included Treasury Wine Estates, Reliance Worldwide and Afterpay. Bennelong believe it is becoming increasingly important to be selective when investing in equities, particularly given earnings risks appear to be on the way up. They have positioned the Fund appropriately and see it offering an attractive risk-reward proposition. |
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