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Printed: 06 July 2022 10:41 PM

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22 Jul 2021 - Performance Report: Bennelong Twenty20 Australian Equities Fund
By: Australian Fund Monitors

Report Date22 July 2021
ManagerBennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund NameBennelong Twenty20 Australian Equities Fund
StrategyEquity Long
Latest Return DateJune 2021
Latest Return2.47%
Latest 6 Months17.15%
Latest 12 Months40.54%
Latest 24 Months (pa)19.09%
Annualised Since Inception11.79%
Inception Date02 December 2015
FUM (millions)AU$15.02
Fund OverviewThe Fund aims to outperform the return of the S&P/ASX 300 Accumulation Index by 2% per annum after fees on a rolling three-year basis by combining indexed positions in the S&P/ASX 20 stocks with an actively managed exposure in primarily Australian stocks that are outside the S&P/ASX 20.

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 CommentsThe Bennelong Twenty20 Australian Equities Fund returned +2.47% in June, a difference of +0.21% compared with the ASX 200 Total Return index, which rose by +2.26%. Over the past 12 months the fund has returned +40.54%, compared with the index, which returned +27.8%, for a difference of +12.74%. Since inception in December, 2015, the fund has returned +11.79% per annum, a difference of +3.35% vs the index which has returned +8.44% over the same period.

Over the past 12 months, the fund's volatility has been 10.33% compared with the index's volatility of 10.42%. Since inception the fund's volatility has been 13.76% vs the index's volatility of 13.31%.

Since inception in the months when the market was positive the fund provided positive returns 97% of the time. It has an up-capture ratio of 125.88% since inception and 142.78 over the past 12 months. Across all other time periods, it has ranged between 138.64% (2 years) and 121.05% (5 years).
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