The Bennelong Long Short Equity Market Neutral Fund returned +0.49% in December after fees, taking 2008 returns to 9.36%, and an annualised return over 6 years since 2003 to 22.10%.
The fund outperformed the S&P/ASX200 in December, which recorded its 4th consecutive negative month, however conservative stock selection strategies and individual stock issues weighed down the fund's return. Bennelong welcomed the reduction in market volatility in December, however remains cautious in outlook and will remain defensive in the short term.
Bennelong was adversely affected by the ASIC ban on short selling in September, losing 8.57% in that month alone, before readjusting the portfolio and recovering over the balance of the year. The manager has performed consistently over the past six years employing a pairs trading strategy of top 100 ASX listed stocks to give investors an annualied return of 22.10%.
