The Bennelong Long Short Equity Fund returned a record +10.59% in August, the Fund's best month since inception in January 2003. The Fund has returned +28.97% over the past 12 months with an up-capture ratio of +103.97% and a down-capture ratio of -149.86% (a negative down-capture ratio indicates that the Fund, on average, has risen during the market's negative months). Since inception, the Fund has returned +16.77% p.a. versus the Index's +8.32%.

Both the long and short books made positive contributions in August, which reflected Bennelong's experience during company reporting season in which they enjoyed a strong hit rate in terms of hits and misses vs market expectations. Top performing pairs included long TPG Telecom / short Telstra, long ALS Limited / short Aurizon, long Bluescope Steel / short Sims Metal. The only notable detracting pair was long Origin Energy / short AGL Energy.

In their latest report, Bennelong provide an overview the Fund's returns and their correlation to the share market. They show that, over 12 months, the Fund has been positive in 69.7% of the market's positive months, positive in 22.9% of the market's negative months and negative in 0% of the market's negative months. This highlights the Fund's capacity to achieve strong positive returns regardless of the market's direction. Read the latest report for more.

The 4D Global Infrastructure Fund rose +1.38% in July, outperforming its benchmark by +0.67% and taking annualised performance since inception in March 2018 to +11.70%. The strongest performer for July was Indonesian toll road operator Jasa Marga, up +12.2% for the month. The weakest performer was Chinese infrastructure conglomerate Shenzhen International, down -11%. Read their latest report for their thoughts on the markets over the past month.

Given the global macro environment, 4D Infrastructure remain overweight user pay assets which have a direct correlation to macro strength. However, ongoing geo-political concerns, plus near-term elections, sees them maintain core exposure to quality defensive utility assets.

The Manager's outlook for global listed infrastructure over the medium term remains positive. They noted there has been a significant underinvestment in infrastructure around the world over the past 30 years and that public sector fiscal and debt constraints will limit governments' ability to respond, resulting in an increasing need for private sector capital as part of the funding solution.