| Report Date | 13 November 2013 |
| Manager | Pengana Capital |
| Fund Name | Pengana Australian Equities Fund |
| Strategy | Equity Long |
| Latest Return Date | October 2013 |
| Latest Return | 2.29% |
| Latest 6 Months | 4.10% |
| Latest 12 Months | 23.93% |
| Latest 24 Months | 44.68% |
| Annualised Since Inception | 13.69% |
| Inception Date | 01 July 2008 |
| FUM (millions) | AU$353 |
| Fund Overview | The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ returns of 12-15% p.a. compounded over the medium term time horizon. The Fund seeks to generate consistent investment returns using fundamental research to identify companies with competent management and resilient business models. The investment methodology is designed to profit from a focus on tax aware returns (both capital and income) generated by owning outstanding businesses at reasonable prices. |
| Manager Comments | Pengana Australian Equities Fund returned 2.29% during October with a cash weighting of 22% at month-end. Over the last 12 months the Fund has returned 23.93% (25.48% Index) with a volatility of two-thirds of the ASX 200 Accum Index.
The top five holdings by value were: DUET Group, ANZ Bank, Telstra, Resmed and NAB.
The Fund increased its existing holdings in Resmed (post the sharp reaction to its lower than expected turnover growth by the US market), McMillan Shakespeare, Summerset, Mermaid Marine and David Jones. In addition the Fund acquired a new holding in new listing Australian Industrial REIT (a well-managed high quality industrial property group on an attractive yield). The Fund's exposure to non Australian dollar earnings streams (inclusive of companies with global earnings profiles such as Resmed and Fox Group, NZ based companies and US dollar exposure) stood at 22%.
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| More Information | » View detailed profile of this fund |
