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Printed: 02 December 2023 3:40 AM


20 Jan 2023 - Performance Report: Bennelong Australian Equities Fund


Report Date20 January 2023
ManagerBennelong Australian Equity Partners
Fund NameBennelong Australian Equities Fund
StrategyEquity Long
Latest Return DateDecember 2022
Latest Return-6.51%
Latest 6 Months-0.49%
Latest 12 Months-28.89%
Latest 24 Months (pa)-5.40%
Annualised Since Inception11.47%
Inception Date30 January 2009
FUM (millions)AU$919.401
Fund OverviewThe Bennelong Australian Equities Fund is a high conviction 'core' fund. It aims to grow investment value over the long term via a combination of capital growth and income, by investing in a diversified portfolio of Australian shares. It typically holds 25-50 stocks across the spectrum of the Australian share market (primarily from the S&P/ASX 300 Accumulation Index).
Manager CommentsThe Bennelong Australian Equities Fund returned -6.51% in December, a difference of -3.3% compared with the ASX 200 Total Return benchmark which fell by -3.21%.

The Bennelong Australian Equities Fund has a track record of 13 years and 11 months and has outperformed the ASX 200 Total Return benchmark since inception in February 2009, providing investors with an annualised return of 11.47% compared with the benchmark's return of 9.66% over the same period.

On a calendar year basis, the fund has experienced a negative annual return on 2 occasions in the 13 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -20.87% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -30.31% vs the index's maximum drawdown over the same period of -26.75%. The fund's maximum drawdown began in December 2021 and has so far lasted 1 year, reaching its lowest point during September 2022. During this period, the index's maximum drawdown was -11.9%.

The Manager has delivered these returns with 1.53% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.65 since inception. The fund has provided positive monthly returns 91% of the time in rising markets and 16% of the time during periods of market decline, contributing to an up-capture ratio since inception of 123% and a down-capture ratio of 100%.
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