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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 | The Fund returned +4.12% over quarter, outperforming the Index by +3.44%. The main contributor to quarterly performance was the fund's outsized position in the healthcare sector, particularly its positions in Fisher & Paykel Healthcare and CSL. The other main contributor was the significant underweight stance to the underperforming banks. The largest detractor was Afterpay, which 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. The Fund is selectively invested in a group of high quality growth stocks which include names like CSL and Fisher & Paykel Healthcare. Some general themes across the portfolio include: a growth bias, a significant weighting to global and offshore companies, underweight the top 20 stocks, underweight bond proxies such as utilities and teclo's, selective exposure to commodities and very little exposure to domestic cyclicals. |
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