The Pengana Emerging Companies Fund gained +4.4% in May, and has now recovered +25% from its lowest points in early March.
1 yr return: -30.10%. Annual (Oct 2007): -27.03%
Although the Fund has struggled over the past 12 months, the last six months have proven to be far more positive (+13.2%). The Fund remained invested chiefly in quality stocks with stable balance sheets while economic conditions continue to be uncertain, although it has invested in some cyclical stocks. The ongoing shortage of investors in the small cap sector also continues to provide opportunities for the Fund.
