The Pengana Global Small Companies Solution was down -2.2% in December and was -47.5% for 2008. The Pengana Property Securities Fund was also negative in December, down -9.9% (-57.2% for 2008).
The Global Small Companies Solution, a fund of funds which invests with small regional company investment specialists, attributed the result to poor returns from their European manager, which offset positive performance from North America and Asia. The sharp depreciation of the Australian dollar also affected the final result.
The Property Securities Fund, which invests in listed real estate investments, outperformed the sector by +0.59% in December with a portfolio heavily weighted towards larger, less risky business models. The manager will remain cautious regarding the A-REIT sector going into 2009.
