Portfolio Manager
Portfolio Manager
The Pengana High Conviction Equities Fund (the Fund) invests globally in a concentrated portfolio of up to 20 stocks. The Fund can invest in both small and large cap stocks and is diversified across countries and sectors. We avoid investment in companies that are currently, in our opinion, unnecessarily harmful to people, animals or the environment.
1. Net performance figures are shown are those of Class A Units, after all fees and expenses and assume reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception 11 December 2014.
3. Annualised standard deviation since inception.
4. Relative to MSCI World. Using daily returns.
* For further information regarding fees please see the PDS available on our website.
COMMENTARY
Australia’s radiotheranostic developer Clarity Pharmaceuticals rose 75% after announcing the full recruitment of the CoPSMA study by St Vincent’s Hospital, comparing Telix’s and Clarity’s prostate cancer diagnostics. The study is investigating whether Clarity’s more sensitive scan leads to changes in the way prostate cancer patients are subsequently treated. The company also raised $200 million, placing it in a strong position to complete two major Phase 3 studies for its prostate cancer diagnostic and to reach breakeven.
Titanium metal producer IperionX rose 25% after completing a successful $70 million capital raise. The company is now in a very strong financial position, with $150 million in cash.
Australian-listed cardiac AI software company Artrya rose 42% after announcing that founder John Konstantopoulos will step into the CEO role, along with the signing of a contract with Tanner Health. We view John’s appointment and relocation to the US from Australia very positively and expect further contract announcements as the year unfolds. The major upcoming catalyst will be the FDA approval of the company’s second AI software module, expected in late August or September.
US-listed biotech Calcimedica rose 129%. We expect a readout from its randomised Phase 2 acute kidney disease trial by year-end to be a significant catalyst for the shares, a view the market also appears to share.
Australian molecular testing company Genetic Signatures fell 10% after reporting quarterly earnings. The market has been disappointed by the company’s slow progress in adding customers and revenue for its enteric (gut bug) test, which was approved by the FDA one year ago. The company remains optimistic and expects to sign new customers over the coming months.
Cancer radiotherapy company OncoSil and Brazilian Rare Earths each fell 10% on little news.