The Bennelong Long Short Equity Fund lost -1.24% in May driven by the defensive positioning of the Fund, although it maintained a positive YTD return of +15.68%.
1 yr return: +21.33%. Annual (Jan 2003): +24.86%
Portfolio activity was low again during May, as the manager remained skeptical about economic conditions and outlook. The top spread for the month was long Riverside Mining with against short Fortescue Metals, while the bottom spread was long Billabong versus short David Jones.
