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Printed: 05 February 2023 8:52 AM

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23 Jan 2023 - Performance Report: Bennelong Concentrated Australian Equities Fund

By: FundMonitors.com

Report Date23 January 2023
ManagerBennelong Australian Equity Partners
Fund NameBennelong Concentrated Australian Equities Fund
StrategyEquity Long
Latest Return DateDecember 2022
Latest Return-6.53%
Latest 6 Months-0.64%
Latest 12 Months-31.01%
Latest 24 Months (pa)-6.29%
Annualised Since Inception13.04%
Inception Date30 January 2009
FUM (millions)AU$1334.96
Fund OverviewThe Bennelong Concentrated Australian Equities Fund is a portfolio of BAEP's best high-conviction picks. 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 20-35 stocks, primarily from the S&P/ASX 300 Accumulation Index.
Manager CommentsThe Bennelong Concentrated Australian Equities Fund returned -6.53% in December, a difference of -3.32% compared with the ASX 200 Total Return benchmark which fell by -3.21%.

The Bennelong Concentrated 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 13.04% 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 3 occasions in the 13 years and 11 months since its inception. Over the past 12 months, the fund's largest drawdown was -22.65% vs the index's -11.9%, and since inception in February 2009 the fund's largest drawdown was -32.24% 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 December 2022. During this period, the index's maximum drawdown was -11.9%.

The Manager has delivered these returns with 1.99% 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 0.72 since inception. The fund has provided positive monthly returns 90% of the time in rising markets and 18% of the time during periods of market decline, contributing to an up-capture ratio since inception of 131% and a down-capture ratio of 97%.
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