Bennett & Co sources the best fund managers from over 3,500 funds and blends them effectively to achieve superior, risk-adjusted returns over the long term. A selection of our high quality fund managers are shown below
The Alexander Credit Opportunities Fund aims to take advantage of the inefficiencies in the fixed income credit markets. These inefficiencies can occur for a numbers of reasons including the fact that the credit markets are an over-the-counter market that causes a lack of transparency and price dislocation.
The objective of the fund is to provide consistent, high returns with capital stability in both rising and falling markets. The fund has achieved this strategy having delivered returns of above 6% per annum over the past 5 years, with no negative monthly returns. It provides quarterly distributions with weekly liquidity.
The Allan Gray Australia Equity Fund is an actively managed, contrarian fund that aims to outperform the market over the long term by investing in select Australian shares. Our distinctive, long-term, contrarian investment strategy is different from most, which gives us our edge and the potential to outperform. We aim to create wealth by buying undervalued shares with a view to profiting when the price rises. Because we choose shares that are often overlooked by other investors, the Fund looks very different to other Australian equity funds and can be an effective way to diversify your portfolio
The Core Infrastructure Fund offers individual investors the opportunity to invest in high quality unlisted infrastructure assets that are usually only available to large institutional investors, including Melbourne Airport in Australia, Angel Trains in the UK and Powerco in New Zealand.
To help control risk and provide investors with diversification and liquidity, the Fund takes an integrated approach to building a global portfolio of unlisted infrastructure assets and listed infrastructure securities. Target asset allocation is a 50:50 blend of unlisted infrastructure assets and listed infrastructure securities plus cash. The Fund offers diversified exposure to multiple sectors, regions and asset types including airports, water, gas, electricity and transport infrastructure.
Antipodes Partners is a global asset manager offering a pragmatic value approach across long only and long-short strategies. Our approach is to take a holistic consideration of cyclical, structural and macro change factors to avoid “value traps”, combined with qualitative and quantitative tools and where permitted use shorts, currency and other derivative positions to drive alpha, offset unwanted risks and protect from tail risk.
We aspire to grow client wealth over the long-term by generating absolute returns in excess of the benchmark, at below market levels of risk. We seek to take advantage of the market’s tendency for irrational extrapolation, identify investments that offer a high margin of safety and build portfolios with a capital preservation focus.
Auscap is a value-based equities manager. The Fund targets attractive absolute returns through disciplined, patient, long and short investing.
The portfolio is high conviction and typically invested in 25-45 positions. The Fund is long biased, however may be net long, short or neutral depending on the opportunity set at the time. The Fund may also hold cash to be in a position to take advantage of compelling investment opportunities as they arise.
Auscap’s value-based investment approach focuses on long investments in high quality companies that have simple business models, sustainable competitive advantages and are trading at prices below their intrinsic value. Short positions are held in companies that display the opposite characteristics. Opportunities are identified using fundamental analysis with a particular focus on cash generation.
Auscap aims to preserve capital and generate long term, compounding returns through investing in accordance with its value philosophy, the ability to take short positions and holding cash in the absence of compelling investment opportunities. Robust risk management is central to the investment process.
Avoca Investment Management (Avoca) was established in May 2011 by John Campbell and Jeremy Bendeich in partnership with Bennelong Funds Management (Bennelong).
Their investment philosophy is based on the central principle that any asset’s value is solely determined by its likely future cash flows discounted back to today. In the context of equities, the team believes that in order to forecast future corporate cash flows with requisite accuracy, deep fundamental research at both the company and industry level is required. At its heart, Avoca is a research organisation.
The team manages the Bennelong Avoca Emerging Leaders Fund (the Fund), for which Bennelong is the Responsible Entity.
The Fund, which typically holds 30-50 stocks (with a maximum of 70 allowable), is actively managed with investment decisions driven by the team’s assessment of relative value. In turn, this is driven by deep fundamental investment research, which ultimately seeks to arrive at an intrinsic value for each stock. Through the application of sound risk management principles including sector and stock concentration rules and tracking error limits, the team seeks to minimise volatility of returns whilst maintaining strong long-term investment performance.
Bentham Asset Management (Bentham) is a specialist global fixed interest and credit investment manager. Bentham actively manages a number of high yielding funds with varying risk profiles. The portfolios are designed to generate income while diversifying risk in global credit markets.
The CC JCB Active Bond Fund provides Australian investors with access to a high grade Governments which is designed to outperform the Bloomberg Ausbond Treasury 0+ Yr Index over rolling three year periods. It is a cornerstone diversifier as it is not correlated with other asset classes and helps to protect portfolios again deflation and cyclical downturns. For investors in pre-retirement or retirement phase, it also provides regular income, capital stability and liquidity.
The long-term trends of increasing population, prosperity and urbanisation, particularly among developing economies, are leading to rising global consumption growth rates of natural resource minerals, energy and food. We believe that these long-term demand drivers, combined with constrained supply, mean the importance of natural resource equities relative to other sectors will continue to grow.
The Janus Henderson Global Natural Resources Fund is a high conviction equity portfolio invested across mining, energy and agriculture companies. A global investment approach broadens the scale and range of the natural resources investment universe and also improves the chance of early identification of profitable resource investment trends and pricing inefficiencies across global markets.
The Fund has the flexibility to move across the resource supply chain including the production, extraction, exploration, processing, distribution and transportation of natural resources or the provision of services to the industry. The broader natural resource approach means the Fund can take advantage of pricing shifts between upstream and downstream sectors and across a range of commodities.
The Investors Mutual Australian Share Fund provides exposure to an actively managed portfolio of quality Australian shares listed on the ASX. The Fund will aim to provide attractive investment opportunities for investors seeking medium to long term capital growth with income. The Fund applies IML’s conservative value based investment philosophy with a long term focus and aims to deliver consistent returns to clients.
IML’s investment philosophy is based on the premise that over the long- term, a company’s share price will reflect its underlying inherent value. We seek to buy and own companies with a competitive advantage, recurring earnings, run by capable management, that can grow at a reasonable price.
IML has an active, “bottom-up” approach to identifying, researching and valuing quality companies. The investment style is built upon a systematic and disciplined research process that aims to deliver superior risk-adjusted returns by favouring quality stocks whose share prices are significantly different from their assessed ‘inherent value’.
Kapstream Capital (Kapstream) combines capital preservation techniques with unconstrained portfolio management skills in the pursuit of stable, absolute returns.
Kapstream adheres to an active and less traditional approach to fixed interest management, one that blends top down macroeconomic outputs with bottom-up security selection. Kapstream manages in excess of A$10 billion from offices in Sydney and Newport Beach, California.
The core focus of the L1 Capital Long Short Fund is the identification of equities that have substantial upside/downside compared to L1 Capital’s valuation and qualitative assessment. The fund utilises a variable beta strategy, where market exposure is adjusted to reflect the manager’s view of likely risk and return expectations for equities. The fund invests in Australian shares, international shares, index futures, and equity derivatives.
The Fund has an investment objective of 10% p.a. net return over the long term. It aims to achieve strong risk-adjusted performance, lower volatility (smoother returns) than the broader market, lower beta than long-only and index products, and lower portfolio risk than the market.
Since 2002 this fund has provided investors exposure to the performance of the global bond market (as measured by the Citigroup M1 Global Bond Index) and has provided the exact index returns for no management fee. Investors only pay the cost of hedging the portfolios exposure’s in foreign currency back to Australian dollars (0.12%). Investors in the fund gain exposure to a diversified portfolio of global fixed interest securities including government and corporate bonds, as well as some derivatives and cash. Investors in the fund should be aware that the performance of the index, and therefore the fund, is independent of Macquarie’s investment management expertise and that a key risk is the performance of the bond market.
Munro is an independent global equity manager with a core focus on growth equities. Via its proprietary investment process, worldwide network and unique knowledge base, Munro Partners seeks to invest in and benefit from some of the key structural changes that occur in our world today.
With a focus on absolute returns, Munro seeks to generate meaningful, absolute annualised returns to investors through the investment cycle, while maintaining a capital preservation mindset.
Munro is controlled by its partners who all work at the firm, a team of like-minded individuals with previous working relationships, who have come together to build, own and operate a successful global equities fund manager. All partners are significantly invested in the fund, ensuring strong alignment between partners and investors.
The tenet underpinning PAN-Tribal Asset Management is to create wealth for investors by sourcing the best financial products from the best investment managers worldwide, and backing that with first-rate service and support.
The Pan-Tribal Global Equity Fund seeks to outperform the MSCI ACWI (in AUD), over the medium to long-term, by investing in companies with attractive long-term growth potential in both developed and developing markets. The Fund is benchmark agnostic, and represents high conviction ideas from a universe of global investment opportunities, not restricted by market cap, country, sector, or industry constraints.
The Partners Group Global Value Fund provides access to a portfolio of global unlisted equities that aims to deliver long-term capital growth with a low level of volatility.
The Fund is managed by one of the world’s leading private market managers, Partners Group. It offers investors a number of benefits, including:
The Payden Global Income Opportunities Fund is designed to generate steady and dependable returns regardless of the market environment and aims to produce a positive rate of return above the Bloomberg AusBond Bank Bill Index.
As an unconstrained investment strategy, the Fund is not beholden to a benchmark. It is designed to be better able to navigate the complexities of the evolving fixed income landscape and changing economic environment than traditional benchmark aware bond funds. Unconstrained strategies are typically managed to beat a cash or equivalent benchmark, rather than a bond index; this removes constraints around duration and sector positioning.
The Fund is managed using the Payden Absolute Return Investing – or PARI – strategy; the process focuses on constructing the portfolio from that combines top-down and bottom-up views, while emphasising income generation in its core positions.
Payden’s unconstrained approach enables the Fund to invest in the full spectrum of fixed income assets, of both long and short duration, providing a large degree of flexibility – as markets change, Payden can significantly change the portfolio. In other words, Payden can invest anywhere, anytime, to deliver on the Fund’s objective.
The Fund at a glance
The ESG Global Bond Fund is a diverse, actively managed portfolio of global fixed-income securities designed for investors who wish to have a broadly diversified exposure to global fixed interest markets while considering ESG factors.
Why Invest In This Fund
True core bond holding
Designed as a core allocation to global fixed interest, the Fund may provide diversification benefits amongst an allocation to other asset classes, such as equities. The Fund aims to provide a diversified exposure to multiple economies, yield curves and sectors, which can improve risk-adjusted returns.
Investing for sustainability and impact as well as returns
The Fund seeks to influence positive change while using its time-tested investment process to deliver strong, long-term performance. PIMCO’s approach to sustainable investing integrates dedicated ESG research with a robust credit research process to identify relative value opportunities while optimising the portfolio using ESG-based criteria. This approach also seeks to actively engage with issuers with the goal of improving their ESG-related business practices.
A core bond experience with an ESG presence
This fund offers the potential for investors to achieve returns consistent with other core bond strategies while also making a positive social impact. Broadly diversified, the Fund strives to capture attractive risk-adjusted returns across the global bond markets, which can help to both mitigate volatility and hedge against risks in other asset classes, such as equities. Diversification does not guarantee a profit or protect against loss.
A diversified portfolio of Asian (ex-Japan) companies across industry sectors, the fund offers investors exposure to undervalued businesses benefiting from the region’s dynamic growth and transformation.
To provide capital growth over the long-term by investing in undervalued companies in the Asian region (excluding Japan).
To provide capital and income growth by investing in Australian shares and outperforming the S&P/ASX 200 Accumulation Index over rolling five-year periods before fees and taxes.
The Fund applies a unique fundamental index approach to companies listed on the Australian Securities Exchange. The Fund
selects and weights companies based on fundamental measures of company size (sales, cash flow, book value and dividends).
Realindex also applies factors such as quality of earnings and debt coverage.
Realindex portfolios provide the benefits associated with traditional index funds, including lower cost, lower turnover,
diversification and liquidity. The investment process also aims to overcome the limitations of traditional market capitalisation
weighted indices (which overweight overpriced stocks and underweight underpriced stocks) by selecting and weighting stocks
based on fundamental accounting measures. This strategy potentially generates higher returnsover the long term.
Realm Investment House (Realm) is an independent boutique fund manager, that specialises in managing a range of income strategies. Realms strategies are managed by an experienced investment team, using a disciplined investment approach to manage assets in a contrarian, benchmark unaware style.
The Realm High Income Fund (Fund) seeks to target a return of 3% (net of fees and after franking) over the RBA cash rate through the market cycle (3-5 years) while seeking to preserve capital. To achieve this the Fund invests in domestic credit, including corporate and asset backed securities, whilst actively managing the credit exposures to mitigate risk.
The Fund is a diversified, actively managed income and bond portfolio that invests in securities issued by banks and corporations, governments and asset backed securities.
Realm Investment House embraces a best practice management philosophy of combining a top down assessment of key macro and regulatory drivers supported by a bottom up process that provides a ground level view of issuers. Combining a risk first approach to investing along with the Fund’s flexible investment mandate and the use of proprietary models to allocate tactically and strategically to preserve capital and provide consistent monthly income. Environmental, social and governance (ESG) issues are considered as part of the investment process.
(SMHI) is an active fixed-income fund that invests in Australian-issued deposits and floating-rate notes, to maximise the rate of return savers can earn without introducing unacceptable risk. The fund targets returns after all fees that are 1.5% to 3.0% pa above the RBA cash rate and superior to those available on traditional savings products. Smarter Money Higher Income has a low to medium risk profile and offers access to many investments that are not easily acquired by non-institutional investors. The fund’s investment managers are experts in the bond and cash markets and seek to produce superior performance through this knowledge.
Smarter Money Higher Income’s low portfolio risk is derived from its conservative investment mandate. It is only permitted to invest in Australian floating-rate notes (ie, bonds) and cash securities (mostly bank-issued) with an average “A” rating which deliver a steady and consistent return. The Smarter Money Higher Income Fund is permitted to invest in investment grade ASX listed hybrid securities to a maximum portfolio weighting of 15%. This, along with a greater portfolio weighting in Australian bonds, allows for a higher expected return target.
SMHI actively invest in a portfolio of Australian bank deposits, floating-rate notes and hybrids with a target dollar-weighted average credit rating in the “A” band. SMHI does not invest in fixed-rate bonds (unless interest rate risk is swapped out), equities or overseas bonds. SMHI’s portfolio managers add value through active asset-selection with materially lower volatility and interest rate duration risk than traditional fixed interest funds.
The Spectrum Strategic Income Fund holds a diversified portfolio of debt and income securities with a view to minimising any loss of income and capital of the Fund. Issuers may be government bodies, banks, corporations and, to a limited extent, specialist financing vehicles. To maintain a diversified portfolio structure, certain limits are imposed on security type, credit risk, industry and issuers.
To achieve long-term capital growth by investing in the shares of those companies which are particularly well positioned to benefit from, and contribute to the sustainable development of the countries in which they operate. The Fund aims to exceed the MSCI All Country World Index over rolling five-year periods before fees and taxes.
The Fund will seek to invest in a diverse portfolio of equity securities which are listed, traded or dealt in on any of the regulated markets worldwide. The portfolio construction process does not take into account the constituents of the benchmark. The Fund may have exposure to developed or emerging markets whilst maintaining its geographic diversity. The investment process will take account of sustainability themes and issues and requires positive engagement with companies in respect of these.
The Supervised Global Income Fund was launched in April 2009 and has an enviable track record of providing attractive returns for investors, whilst carefully managing the risks of investing in the Australian and international debt markets. The fund delivered 103 positive monthly returns in its first 105 months, from inception to 31 December 2017!
Our investment philosophy aims to protect our clients’ capital by investing in securities which we have assessed are likely to repay 100% of principal and interest obligations in a worst case economic environment, such as the recent global financial crisis.
The Fund aims to outperform the Bloomberg AusBond Bank Bill Index plus 2.5% p.a. net of fees.
Why use the T. Rowe Price Australian Equity Fund?
The role that the fund plays in the portfolio is to provide higher active core solution relative to some of the incumbent managers, targeting a minimum active share of 50%.