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| 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 | Bennelong's view is that the volatility currently plaguing markets is telling of markets' fear of uncertainty. At this stage, Bennelong believe the virus is a short-term disruption and that it could pass within the next few months. Once it has passed, they expect the outlook for equities to be favourable; markets will be looking ahead with the benefit of low interest rates, possible fiscal stimulus and some pent-up demand. Looking beyond the short-term view of the market, Bennelong have taken the opportunity to selectively up-weight their position in holdings that were heavily sold off but in which they continue to see long duration growth that will resume in time. They are also proactively managing risk by focusing on quality, and in particular, durable businesses with strong balance sheets. |
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