Bennelong Kardinia Absolute Return (BFL0010AU) Report & Performance

What is the Bennelong Kardinia Absolute Return fund?

Bennelong Kardinia Absolute Return Fund is a long/short strategy investing in Australian equities. It aims to generate consistent positive returns in all market conditions, with an overarching philosophy of capital protection.

  • It provides variable exposure to the equity market, with the flexibility of lower volatility than the market and minimising losses in drawdowns.
  • Aims to achieve returns in excess of 10% per annum over the long term.
  • Variety of strategies are employed in a portfolio of Australian and New Zealand listed equities, derivatives and cash.

Growth of $1000 Investment Over Time

Performance Report

Peer Comparison Report

Peer Comparison Report

Latest News & Updates For Bennelong Kardinia Absolute Return

Bennelong Kardinia Absolute Return Fund Commentary April 30, 2023

The Bennelong Kardinia Absolute Return Fund returned +3.26% in April, with the market up for the seventh consecutive month (S&P/ASX300 Accumulation Index +3.70%).

Key contributors and detractors for the month

Fenix Resources operates the small high grade Iron Ridge iron ore mine in Western Australia. It is a simple open pit operation with direct shipping ore transported 490km by road to the Geraldton Port. The company has offtake agreements with Sinosteel for 50% of production and Atlas Iron (a subsidiary of Hancock Prospecting) for the other 50%. The management team have done an excellent job navigating the permitting and native title processes to get the mine into operation and are now reaping the rewards of a very strong iron ore price.

Beach fell after announcing a larger than expected downgrade to the size of its western flank 2P reserves while a short position in Share Price Index Futures was the major contributor to the negative performance for the Short Book this month.

The best sectors for the month were Information Technology (+9.7%), Materials (+6.8%) and Industrials (+4.3%). Energy (-4.9%), Consumer Staples (-2.5%) and Utilities (-1.2%) lagged.

READ HISTORICAL PERFORMANCE COMMENTARIES

Product Snapshot

  • Performance Review
  • Product Overview
  • Peer Comparison
  • Product Details

Performance Review

Fund Name Last Month
? Returns after fees in the most recent (last) month).
3 Months Return
? Returns after fees in the most recent 3 months.
1 Year Return
? Trailing 12 month returns.
3 Years Average Return
? Average Annual returns from the last 3 years.
Since Inc. Average Return
? Average (annualised) returns since inception
1 Year Std. Dev. (Annual)
? The standard deviation (or annual volatility) of the last 12 months.
3 Years Std. Dev. (Annual)
? The average standard deviation (or annual volatility) from the last 3 years.
Since Inc. Std. Dev. (Annual)
? The average standard deviation (or annual volatility) since the fund inception.
1 Year Max Drawdown
? The maximum drawdown in the last 12 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
3 Year Max Drawdown
? The maximum drawdown in the last 36 months - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Since Inc. Max Drawdown
? The maximum drawdown since inception - a drawdown is a peak-to-trough decline during a specific period for an investment, trading account, or fund.
Bennelong Kardinia Absolute Return3.41%4.28%18.8%2.59%4.51%12.57%10.25%7.69%-4.89%-13.83%-13.83%

Product Overview

Peer Comparison

Product Details

Product Due Diligence

What is Bennelong Kardinia Absolute Return

Bennelong Kardinia Absolute Return is an Managed Funds investment product that is benchmarked against ASX Index 200 Index and sits inside the Domestic Equity - Long Short Index. Think of a benchmark as a standard where investment performance can be measured. Typically, market indices like the ASX200 and market-segment stock indexes are used for this purpose. The Bennelong Kardinia Absolute Return has Assets Under Management of 48.36 M with a management fee of 1.54%, a performance fee of 20.50% and a buy/sell spread fee of 0.4%.

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Historical Performance Commentary

Performance Commentary - February 28, 2023

The Bennelong Kardinia Absolute Return Fund returned -3.91% in February, with the market also down (S&P/ASX300 Accum Index -2.55%) as signs of weakening earnings momentum came to the fore during the February profit reporting season. US and Asian markets were also weak (S&P500 -2.4%, MSCI Asia ex Japan -4.6%) although European markets posted positive returns (Euro Stoxx 50 +1.9%, FTSE 100 +1.8%).

The Reserve Bank of Australia increased the cash rate by 25bp to 3.35% while the US Fed raised the target range for the fed funds rate by 25bps to 4.5%-4.75%. Bond yields reversed last month’s falls (US 10-year +43bp to 3.95%, Australian 10-year +30bp to 3.86%).

The key theme from the February profit reporting season was negative earnings revisions, with FY23 earnings growth cut by 0.7% to +6.6%. The cuts to earnings estimates were broad-based and outlook comments generally acknowledged that we are entering a tougher economic environment. The lack of earnings beats mirrored the experience from the US 4Q reporting season.

Performance Commentary - December 31, 2022

Performance Commentary - November 30, 2022

Performance Commentary - October 31, 2022

Performance Commentary - September 30, 2022

Performance Commentary - August 31, 2022

Performance Commentary - July 31, 2022

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