25 Jan 2011 - Performance Report: Pengana Global Small Companies Solution

By: Australian Fund Monitors

Report Date	24 January 2011
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Solution
Strategy	Equity Long
Latest Return Date	December 2010
Latest Return	6.50%
Latest 6 Months	25.40%
Latest 12 Months	28.01%
Latest 24 Months	62.81%
Annualised Since Inception	-1.04%
Inception Date	01 November 2005
FUM (millions)	AU$33
Fund Overview	Global small companies have the potential to provide attractive returns to investors. Small companies should perform well relative to the broader market over the long term due to their greater risk premium. Small cap investment managers have also demonstrated a significant ability to outperform their benchmarks within this relatively inefficient asset class. The Fund uses a multi manager approach, investing with regional small company investment specialists to produce a global portfolio. To maximise the returns generated the Fund uses active investment managers with portfolios that are not overly diversified (the Fund will generally have exposure to between 40 and 80 stocks in each region).
Manager Comments	Pengana's Global Small Companies Solution benefited from strong returns from the global small cap sector to return 6.5% in December, with Europe and Japan (+8.8%) both performing better than North America (+4.4%) and Asia ex Japan (+4.6%). Asset Allocation remained evenly divided between the fund's sub managers in North America, Europe and Asia, with the latter's allocation split between Japan and Ex Japan.
More Information	» View detailed profile of this fund

Fund Monitors Pty Ltd

25 Jan 2011 - Performance Report: Pengana Global Small Companies Solution