Zenith renews 'recommended' for Bennelong Avoca fund

22 February 2013

Zenith Investment Partners (Zenith) has renewed its ‘recommended' rating of the Bennelong Avoca Emerging Leaders Fund (the Fund), a rating initially awarded in February 2012. The Fund is managed by Avoca Investment Management (Avoca) which is headed-up by portfolio managers John Campbell and Jeremy Bendeich, and supported by Senior Investment Analyst Michael Vidler.

Thorough and robust process

Zenith Investment Analyst, Quan Nguyen, said Avoca's portfolio construction process and decision making structure ensures the Fund holds a concentrated portfolio of the team's highest conviction stocks, clearly stating an investment thesis for each investment. "The team's sell discipline and recognition of opportunity cost are strong", said Quan. In addition, Zenith regards Avoca's intrinsic value approach as one of the key strengths of the Fund. 

The report states that all members of the Avoca investment team are experienced and contribute a considerable level of knowledge of small companies stocks and the industries they operate in.

Supportive boutique environment

Avoca was established in 2011 in partnership with Bennelong Funds Management (Bennelong). The Zenith report states that the investment team's sole responsibility is to focus on investment decisions and alpha generation. "The joint venture arrangement is extremely robust," said Quan, "with the support of Bennelong allowing the investment team to focus purely on investment duties, enabling them to establish a high quality funds management business."

John Campbell, Portfolio Manager of the Fund and Managing Director of Avoca, said he was very pleased with Zenith's re-rating. "Zenith's report is a positive re-affirmation of our investment process, in particular our intensive industry and company-specific research capabilities. It's also a great acknowledgement of our highly disciplined portfolio construction process which is one of our key competitive strengths," said John.


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