19 Jul 2016 - Pengana Global Small Companies Fund

By: Australian Fund Monitors

Report Date	15 July 2016
Manager	Pengana Capital
Fund Name	Pengana Global Small Companies Fund
Strategy	Global Diversified
Latest Return Date	June 2016
Latest Return	-4.60%
Latest 6 Months	-0.22%
Latest 12 Months	-1.52%
Latest 24 Months
Annualised Since Inception	-1.67%
Inception Date	01 April 2015
FUM (millions)	AU$4.881
Fund Overview	The Pengana Global Small Companies Fund provides exposure to a diversified portfolio of predominantly listed global small and mid-cap companies. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in AUD index over rolling 3 year periods after fees. Pengana Capital Limited ('Pengana') is the Responsible Entity of the Fund and has appointed Lizard as the investment manager for the Fund which is responsible for making investment decisions in relation to the Fund. The Fund is managed by Founder & CIO Leah Zell, and Portfolio Managers Jon Moog and David Li. The Lizard investment team have over 50 years combined investment experience in global small cap investing. Leah Zell has over 30 years of experience and is a recognized expert in international investing in the international small-cap category. The Fund's investment team uses a value-oriented investment approach to small and mid-cap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception. The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager's research while allowing for liquidity constraints and perceived risk. The Fund's investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed. Derivatives may be used to achieve long or short exposures, reduce risk and reduce transaction costs. Derivatives will not be used for the purposes of leverage and the Fund's net exposure will never be short.
Manager Comments	Pengana Global Small Companies Fund returned -4.60% in June 2016, compared to a -4.10% return for the MSCI AC World SMID Cap Index. At month-end, the Fund's top 10 holdings accounted for 35.4% of the Fund's assets, with no single name representing more than 6% of the Fund. Cash represented 9.2% of the Fund. Currency negatively impacted the Fund and the benchmark by 2%. The top five holdings in alphabetical order were Boohoo, LiLAC Group, Moleskine, Peyto Exploration, and Spirit Airlines. The largest positive contributors to June performance were: Tegma Gestao Logistica, Liberty Tax, Daikokutenbussan, Pico Far East, and a UK IT company; while the largest detractors were: LiLAC Group, Babcock & Wilcox, Rami Levi Chain Stores, Moleskine, and Credito Real. Click below to read the latest Fund Manager's report.
More Information	Fund Profile Manager's Report

Fund Monitors Pty Ltd

19 Jul 2016 - Pengana Global Small Companies Fund