13 Aug 2010 - Performance Report: Pengana Emerging Companies Fund

By: Australian Fund Monitors

Report Date	12 August 2010
Manager	Pengana Capital
Fund Name	Pengana Emerging Companies Fund
Strategy	Equity Long
Latest Return Date	July 2010
Latest Return	4.20%
Latest 6 Months	3.41%
Latest 12 Months	31.9%
Latest 24 Months	16.29%
Annualised Since Inception	14.03%
Inception Date	01 November 2004
FUM (millions)	AU$389
Fund Overview	The fund invests in listed (or soon to be listed) small/mid cap securities on the Australian or New Zealand Stock Exchange. It has the ability to invest in securities outside of the S&P/ASX Small Ordinaries Accumulation Index, but is precluded from investing in companies within the S&P/ASX 50 leaders Index. The fund aims to obtain returns greater than the S&P/ASX Small Ordinaries Accumulation Index over rolling 3 year periods. The fund may also invest in listed trusts. The manager utilises a robust investment process that combines in depth fundamental research with disciplined portfolio construction and risk controls.
Manager Comments	The Pengana Emerging Companies Fund's July result of +4.2% may have been 1.1% less than its Small Ordinaries Index benchmark, but over the last 12 months the fund has returned +31.9%, 24.6% more than the Index. While July is generally a quieter month for the Australian Equity market as investors await full year results, the manager reports that takeover activity has not abated since six deals were announced in May. The manager believes that this may persist for the next 6 to 12 months following bids for AWB Ltd, Mitchell Communication and Redflex in the last couple of months. Winners for the fund in July included Mitchell Communications, Vita Group, VDM Group, Macmillan Shakespeare, M2 Communications, and Mac Services. Detractors included Slater and Gordon, Thinksmart, Flexigroup, REA Group Talent 2, and Customers.
More Information	» View detailed profile of this fund

Fund Monitors Pty Ltd

13 Aug 2010 - Performance Report: Pengana Emerging Companies Fund