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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 | Over the June quarter the Fund returned 21.90% against the Index's +16.48%. The main positive contributors to quarterly performance were James Hardie, Breville Group and Fortescue Metals Group. Bennelong noted that, while these stocks were sold off in the market downturn in the previous quarter, their operating businesses have held reasonably well despite covid-related headwinds. The main detractors included CSL and Fisher & Paykel Healthcare, both of which are defensive stocks that significantly outperformed during the previous quarter's downturn but which subsequently underperformed during the June quarter's recovery. Bennelong maintain a reasonably balanced outlook for the market, trying not to be either too bullish or too bearish. They noted that, in this context, they continue to see good prospects for a continued recovery in the economy and market. |
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