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8 Oct 2021 - Performance Report: Bennelong Australian Equities Fund

By: Australian Fund Monitors

Report Date08 October 2021
ManagerBennelong Australian Equity Partners (BAEP), a Bennelong boutique
Fund NameBennelong Australian Equities Fund
StrategyEquity Long
Latest Return DateSeptember 2021
Latest Return0.20%
Latest 6 Months21.94%
Latest 12 Months43.74%
Latest 24 Months (pa)27.62%
Annualised Since Inception15.83%
Inception Date30 January 2009
FUM (millions)AU$1095.97
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 +0.2% in September, an outperformance of +2.05% compared with the ASX 200 Total Return Index which fell by -1.85%. Over the past 12 months, the fund has risen by +43.74% compared with the index which has returned +30.56%, and since inception in February 2009, the fund has returned +15.83% per annum, a difference of +5.25% relative to the index which has returned +10.58% on an annualised basis over the same period.

The fund's returns over the past 12 months have been achieved with a volatility of 8.51% vs the index's 9.42%, and the annualised volatility of the fund's returns since inception in February 2009 is 14.55% vs the index's 13.48%.

Since inception in February 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 166.21% 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 over the specified period.
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