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Printed: 07 July 2022 11:24 PM

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17 Sep 2021 - Performance Report: Bennelong Australian Equities Fund
By: Australian Fund Monitors

Report Date17 September 2021
ManagerBennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund NameBennelong Australian Equities Fund
StrategyEquity Long
Latest Return DateAugust 2021
Latest Return8.18%
Latest 6 Months22.45%
Latest 12 Months40.81%
Latest 24 Months (pa)28.91%
Annualised Since Inception15.92%
Inception Date30 January 2009
FUM (millions)AU$1065.63
Fund OverviewBennelong Australian Equity Partners (BAEP) is a boutique asset manager offering Australian equities solutions for institutional and retail clients. The business was founded in 2008 by Paul Cuddy and Mark East, in partnership with Bennelong Funds Management. Prior to establishing BAEP, Paul and Mark were Co-Heads of Australian Equities at ING Investment Management.

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 CommentsThe Bennelong Australian Equities Fund rose by +8.18% in August, an outperformance of +5.68% compared with the ASX 200 Total Return Index which rose by +2.5%. Over the past 12 months, the fund has risen by +40.81% vs the index's +28.15%, and since inception in January 2009 has outperformed the index by +5.11% on an annualised basis.

The fund's Sharpe ratio has ranged from a high of 3.73 for performance over the most recent 12 months to a low of 0.99 over the latest 36 months, and is 0.93 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since February 2009 is 0.66.

Since inception in January 2009 in the months where the market was positive, the fund has provided positive returns 93% of the time, contributing to an up-capture ratio for returns since inception of 152.32%. Over all other periods, the fund's up-capture ratio has ranged from a high of 165.75% over the most recent 24 months to a low of 131.56% over the latest 12 months. An up-capture ratio greater than 100% indicates that, on average, the fund has outperformed in the market's positive months.

The fund's down-capture ratio for returns since inception is 96.02%. Over all other periods, the fund's down-capture ratio has ranged from a high of 97.65% over the most recent 36 months to a low of 50.11% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.
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