| Report Date | 14 December 2009 |
| Manager | Pengana Capital |
| Fund Name | Pengana Australian Equities Core Fund |
| Strategy | Equity Long |
| Latest Return Date | November 2009 |
| Latest Return | 1.00% |
| Latest 6 Months | 20.82% |
| Latest 12 Months | 42.78% |
| Latest 24 Months | |
| Annualised Since Inception | 13.84% |
| Inception Date | 01 July 2008 |
| FUM (millions) | AU$11 |
| Fund Overview | The Fund invests in listed equities and seeks to hold a concentrated core portfolio of 15-20 listed stocks in outstanding businesses to provide capital preservation in real terms, and A$ returns of 12-15% p.a. compounded over the medium term time horizon. Investments will be principally ASX 300 listed companies selected through fundamental company research. 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's Australian Equities Core Fund posted a gain of 1.0% in November, in part due to rising precious metal prices. Holdings in Aquarius Platinum, Lihir Gold and Sino Gold all made positive contributions, along with industrial companies RCG Group and Telstra. The main detractors from the fund's performance were Graincorp, Westpac, AWB, Newscorp and Primary Healthcare.
The manager's holdings in Customers, Graincorp, Newscorp, Ramsay Healthcare and Resmed were all increased, while the fund's holdings in CSL and Primary Healthcare were sold.
The manager says that while the direction of the overall market is difficult to predict, they are increasingly confident that the environment for profitable stock selection continues to improve, with recent volatility and negative returns creating a less crowded market priced at more realistic levels. |
| More Information | » View detailed profile of this fund |
