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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 | As at the end of May, the portfolio's weightings had been increased in the Discretionary, Industrials, Communications and IT sectors, and decreased in the Materials, Consumer Staples, Health Care and Financials sectors. The portfolio's weightings in the Energy and REIT's sectors remained unchanged at 1.2% and 3.4% respectively. Bennelong believe it is more difficult to outperform when investing in the top 20 stocks on the ASX given that they are well known, heavily researched and have more broker and media coverage. They believe there is more opportunity to outperform when investing in ex-20 stocks, which they note tend to be priced less efficiently. At month-end, indexed positions in the top 20 stocks made up 56% of the portfolio while the other 44% comprised active positions in stocks outside of the top 20. |
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