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| 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 Fund returned +7.17% over the quarter versus the Index's +2.37%. Bennelong noted most portfolio holdings announced very strong financial results during reporting season in August. These results were largely in line with the investment team's expectations. Some of the largest contributors included CSL, BWX, Reliance Worldwide and Treasury Wine Estates. The Fund is a concentrated portfolio invested at its core in a selection of high quality growth stocks, however, Bennelong noted they are mindful of macro and other risks and thus construct the portfolio in a way that seeks to manage these risks to the extent the investment team consider appropriate. |
| More Information |
