| 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 | The Fund fell in line with the market in December, returning -2.14% versus the Index's -2.17%. Over the quarter the Fund returned +1.89% versus the Index's +0.68%. Bennelong point out the relative performance of the Fund versus the benchmark depends on the ex-20 sleeve of the portfolio. The largest contributors to outperformance over the quarter were Fisher & Paykel Healthcare and Viva Leisure. The main detractor over the quarter was Afterpay, which Bennelong noted gave back some of the outperformance delivered in previous periods. Bennelong believe many of the social, political and economic uncertainties that overshadowed markets over 2019 remain. They expect the ASX to produce reasonable returns over the medium term, albeit with ups and downs along the way. |
| More Information |
