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| Fund Overview | The Fund may invest in securities expected to be listed on the ASX within 12 months. The Fund may also invest in securities listed, or expected to be listed, on other exchanged where such securities relate to ASX-listed securities |
| Manager Comments | The Bennelong Emerging Companies Fund returned +86.64% after fees over CY2019, outperforming the ASX200 Accumulation Index by +66.24% and taking annualised performance since inception in November 2017 to +36.43% versus the Index's +10.47%. As is expected of a fund investing in micro and small caps, these returns have been achieved with significantly higher volatility than the market. Over the December quarter the Fund returned +2.87% versus the Index's +0.68%. The largest contributors to quarterly performance were Viva Leisure and BWX, while the biggest detractor was Prospa. They discussed these stocks in some detail in their September quarterly report. Bennelong noted that, while performance through the year was very strong, they continue to find select opportunities among emerging companies that they believe should position the fund for decent returns over time. They also emphasise that investors should not expect future returns to be as good as they were in 2019. |
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