The portfolio comprises securities purchased primarily from, but not limited to, the S&P/ASX 300 Index (but excluding those securities in the S&P/ASX 20 Index). The Fund may invest in securities expected to be listed on the ASX except those expected to be included in the S&P/ASX 20 Index upon listing.

The Fund’s objective is to outperform the Benchmark (as defined below) by 4% per annum after fees, on a rolling three-year basis. Our investment team aims to achieve this goal by actively managing a portfolio of primarily Australian securities and generating a combination of capital growth and income.

Benefits of investing in the Bennelong Ex-20 Australian Equities Fund

The significant benefits of investing in the Fund are:

• access to a share portfolio that aims to consistently deliver above-benchmark returns over the medium to long term;

• investing with a quality team of highly experienced investment professionals who undertake comprehensive ongoing research to assess the earnings prospects and relative valuations of the stocks in their investment universe;

• regular reporting including monthly unitholder statements, half-yearly income distribution statements and annual tax statements; and

• easy access to your investment information.

Risk
High
Investor Suitability

The Fund is suitable for investors who:

• are primarily seeking capital growth from a portfolio of Australian stocks;

• are seeking some income via dividends and franking credits; and

• have a high tolerance for risk.

About the Fund

The Bennelong ex-20 Australian Equities Fund primarily selects stocks from the S&P/ASX 300 Accumulation Index excluding those from the S&P/ASX 20 Leaders Index. Recognising that 67% of the S&P/ASX 300 Accumulation Index is concentrated in the top 20 stocks, the Fund seeks lesser known opportunities, outside the ubiquitous 'mega-cap' stocks, in order to add value and complement investors' existing Australian equities holdings.

Investment objective

The Fund's investment objective is to grow the value of your investment over the long term via a combination of capital growth and income, by investing in a diversified portfolio of primarily Australian shares, providing a total return that exceeds the return generated by the S&P/ASX 300 Accumulation Index excluding that part of the return that is generated by the stocks comprised in the S&P/ASX 20 Index, which represents the 20 largest stocks by market capitalisation in Australia, by 4% per annum after fees (measured on a rolling three-year basis).

Our investment team aims to achieve this goal by generating a combination of capital growth and income.

How we invest your money

Fund strategy

The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index excluding the S&P/ASX 20 Index.

The Fund may invest in securities expected to be listed on the ASX. The Fund may also invest in securities listed, or expected to be listed, on other exchanges where such securities relate to ASX-listed securities.

Although the Fund does not allow stocks to be bought whilst inside the S&P/ASX 20 Index, it does allow stocks that move into the S&P/ASX 20 Index to be held for up to 12 months after which they must be exited.

Asset classes and strategic asset allocation

The Fund can invest in the following asset classes:

• equities: 90 - 100%;

• cash: 0 - 10%; and

• derivatives: 0 - 10% - used to replicate underlying positions on a temporary basis and hedge market and company-specific risks.

Maximum active position

The maximum active position (portfolio weight less index weight) of an individual stock is +/-10%. Up to an additional 2% is allowed due to market movements.