|Latest Return Date|
|Latest 6 Months|
|Latest 12 Months|
|Latest 24 Months (pa)|
|Annualised Since Inception|
The overriding objective of the Concentrated Australian Equities Fund is to seek investment opportunities which are under-appreciated and have the potential to deliver positive earnings, while satisfying our stringent quality criteria. Bennelong's investment process combines bottom-up fundamental analysis together with proprietary investment tools which are used to build and maintain high quality portfolios that are risk aware.
The portfolio typically consists of 20-35 high-conviction stocks from the S&P/ASX 300 Index.
The Fund may invest in securities listed on other exchanges where such securities relate to ASX-listed securities. Derivative instruments are mainly used to replicate underlying positions and hedge market and company specific risks.
The fund's returns over the past 12 months have been achieved with a volatility of 10.39% vs the index's 10.35%. The annualised volatility of the fund's returns since inception in January 2009 is 14.85% vs the index's 13.54%. Over all other periods, the fund's returns have been more volatile than the index.
The fund's Sharpe ratio has ranged from a high of 3.39 for performance over the most recent 12 months to a low of 0.72 over the latest 36 months, and is 1.01 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.65.
Since inception in January 2009 in the months where the market was positive, the fund has provided positive returns 92% of the time, contributing to an up-capture ratio for returns since inception of 154.93%. Over all other periods, the fund's up-capture ratio has ranged from a high of 139.89% over the most recent 24 months to a low of 118.32% over the latest 36 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months over the specified period.