About us

Kardinia Capital is a boutique absolute return investment manager offering a long/short Australian equities capability to both institutional and retail investors. It was established by Mark Burgess and Kristiaan Rehder, in partnership with Bennelong Funds Management, in August 2011.

The Kardinia team manages the Bennelong Kardinia Absolute Return Fund (incepted in 2006). The Fund is a long/short Australian equity product with the long-term objective to achieve consistent positive returns through an investment cycle, with an overarching philosophy of capital protection. Core to the strategy is long-term fundamental stock selection to create a high conviction portfolio of between 20-50 stocks.

Our Team

Kristiaan Rehder Portfolio Manager

Kristiaan Rehder

CFA®, BCom

Kristiaan is a CFA® charterholder with over 20 years of experience in the broader financial services industry, having worked at Merrill Lynch in their mergers and acquisitions team (both London and Singapore offices), and KPMG Corporate Finance advising on divestments and acquisitions for medium to large-sized private corporations. In his most recent role, Kristiaan was a Portfolio Manager with Herschel Asset Management with responsibilities across the Australian Equity Fund, Concentrated Australian Equity Fund and Absolute Return Fund.

Kristiaan holds a Bachelor of Commerce from the University of Melbourne.

Stuart Larke Portfolio Manager

Stuart Larke

CFA®, LLB (Hons), BCom

Stuart is a CFA® charterholder with over 20 years of experience in the financial services industry in Australia. Previously, Stuart was Senior Portfolio Manager/Portfolio Manager, Australian Equities at Telstra Super for five years, where he was responsible for stock selection and portfolio construction. Prior to this, Stuart held various portfolio management and analyst positions at Myer Family Company, Goldman Sachs/JBWere and KPMG Corporate Finance.

Stuart holds a Bachelor of Laws (Honours) and a Bachelor of Commerce from University of Melbourne.

Mark Burgess Investment Specialist

Mark Burgess


Mark is a CFA® charterholder with over 30 years of experience in the financial services industry in Australia, London and New York. Mark has been the Portfolio Manager of the Absolute Return Fund since inception in 2006 and prior to that founded Angle Investment Management, a specialist absolute return manager. The first 15 years of his career were spent as a stockbroker with ANZ McCaughan, Ord Minnett and JPMorgan.

Mark holds a Bachelor of Economics from Monash University.

To find out more about our team, please contact us.


Investment style

Kardinia's investment style can best be categorised as Growth At a Reasonable Price (GARP), combining elements of both growth investing and value investing. Different investment styles outperform at different stages of a share market cycle, so Kardinia employs a style agnostic approach which allows them to adapt their stock picking to best suit prevailing market conditions.

Kardinia's style is a combination of both top-down and bottom-up investing. The majority of stocks are selected after the team's macroeconomic analysis has identified key investment thematics or trends. They then drill down to the individual company level to identify the stocks which give the best exposure to those particular thematics and trends.

The Kardinia Capital investment style is also risk averse, with a focus on capital protection.

Investment process

Kardinia draws on a wide range of sources and screens to generate investment ideas which are then subjected to rigorous fundamental company analysis. A portfolio of long-term core positions is combined with shorter-term trading opportunities.

The asset allocation decision draws upon the experience of the investment team and their analysis of macroeconomic factors and sentiment to determine the level of net equity market exposure for the Fund.

A robust risk management framework is applied at both the portfolio and individual stock level. At the portfolio level conservative exposure limits are employed, avoiding financial leverage. Stop loss limits are used at the individual stock level to contain losses. Derivatives are also occasionally used to hedge physical positions.

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