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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 Bennelong Australian Equities Fund returned -5.94% in February, outperforming the ASX200 Accumulation Index by +1.75% and taking annualised performance since inception in February 2009 to +13.55% versus the Index's +10.33%. The Fund's up-capture and down-capture ratios for performance since inception, 122.49% and 95.59% respectively, indicate that, on average, the Fund has outperformed in both rising and falling markets. As at the end of February, the portfolio's weightings had been increased in the Discretionary, Health Care and REITs sectors, and decreased in the Materials, IT, Communication, Industrials, Consumer Staples and Financials sectors. The Fund's top three holdings at month-end were CSL, Idp Education and Aristocrat Leisure. The Fund aims to invest in high quality companies with strong growth outlooks and underestimated earnings momentum. The portfolio's characteristics, as detailed in the latest report, indicate that the Fund is in line with Bennelong's investment objective. |
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