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Bennelong Funds Management

Established in 2001, Bennelong Funds Management (Bennelong) provides high alpha investments. We acquire, incubate and distribute active funds, locally and around the globe. Our current suite of seven asset management teams manage over $7 billion. Bennelong is a wholly owned subsidiary of the Bangarra Group, a privately owned company encompassing a number of independent businesses.

US and China economic data ticking up

Bennelong Funds Management

The political uncertainty of the presidential race over-shadowed the trend of improving US economic figures. The US economy grew a stronger-than-expected 2.9 per cent in the third quarter, according to Commerce Department data. Consumer spending, which accounts for about 70 per cent of US economic activity, rose more than expected... Show More

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A tip of the hat for Twiggy

Bennelong Funds Management

Fortescue reported a result that was worthy of a round of applause. The result was surprisingly strong right across the board, but what drove the strength and was most impressive, was the very material productivity improvements the company achieved. The company reduced production unit costs by over 40% over the... Show More

Investment perspectives: Beware the chase for yield

Bennelong Funds Management

It now seems the consensus gets it. Interest rates will stay lower for longer and are unlikely to ‘normalise’ anytime soon. Out of fear they’d become the next Greece, Western nations thought they must cut government spending. It now appears their actions increase the likelihood they are becoming the next... Show More

Malls – the ‘go to’ asset for real estate investors

Bennelong Funds Management

The month of May was especially brutal for a number of US and Australian retailers. In the US, GAP, L Brands, Macy’s Nordstrom and others reported weaker than expected or declining sales and profits. While in Australia, Wesfarmers announced an A$1bn write-down in the discount department store, Target, while the... Show More

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Stock Story - the Star Entertainment Group (audio)

Bennelong Funds Management

Julian Beaumont, Investment Director at Bennelong Australian Equity Partners, talks about the transition occurring within the Australian economy, what this means for various sectors, and why his team likes the Star Entertainment Group. Listen here: http://www.bennelongfunds.com/insights/184/stock-story-the-star-entertainment#.V2iB7_l96Uk Show More

Listed infrastructure investment & rising interest rates

Bennelong Funds Management

A common dictum of listed equity investment is that infrastructure stocks under-perform as interest rates and inflation rise. This is often associated with the perception of these stocks as being a ‘bond proxy’. The logic then flows that, just like a government bond, as interest rates rise, share (bond) prices... Show More

Austbrokers: attractive position and value

Bennelong Funds Management

"Our view is that most market penetration stories are expensive. In fact, we believe these names are broadly overpriced and even as EPS growth emerges, stock prices will stagnate or fall given high starting valuations. One exception is retirement village operator Aveo, which will increasingly benefit from the ageing population,... Show More

A different perspective on Australian property

Bennelong Funds Management

There has been much discussion recently regarding the prospects for Australian residential property. From high profile media coverage predicting a ‘mortgage meltdown’ to debate in parliament suggesting changes to negative gearing will trigger an Australian property price collapse. Indeed, type ‘Australian Property Bubble’ into Google and the search will return... Show More

Will markets lose faith in central banks?

Bennelong Funds Management

Over the past five years, financial markets have moved in concert with changes in policy from central banks. Much of the share market recovery since 2009 has been attributed to ‘easy money’ – including the policy of quantitative easing. While the real economic benefits from central bank policy are questionable... Show More

BITBAD - stocks vulnerable to earnings misses

Bennelong Funds Management

The key ingredients supporting current frothy equity valuations are the global availability of credit and its moderate price. Our contention has been for the past 18 months, that equity markets are under-pricing the inherent risks surrounding the eventual tightening and re-pricing of credit. As credit markets tighten, many types of... Show More

A new angle on the tourism theme

Bennelong Funds Management

Jeremy Bendeich, Chief Investment Officer and Portfolio Manager of Avoca says: "We see good potential for inbound tourism plays as the Australian dollar falls. However, finding quality plays at reasonable prices is difficult. Much of Australia’s tourism infrastructure is cum-capex. Also, most of Australia’s unique and protected tourism assets –... Show More

Combining passive and active to get the best of both worlds

Bennelong Funds Management

Bennelong launched its new Twenty20 Australian Equities Fund today – giving investors a mix of passive and active management with low fees. The fund invests passively in the top 20 stocks, similar to an index fund, and invests actively in the ex-20 market, along the same tried and tested investment... Show More

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4 sectors we like for growth

Bennelong Funds Management

Bennelong Australian Equity Partners’ (BAEP’s) Julian Beaumont says adding value within their ex-20 portfolio in the current economic environment means looking to four key sectors. He shares his thoughts on these sectors as the team prepares to launch the new Bennelong Twenty20 Australian Equities Fund at the end of this... Show More

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