SUMMARY
The Australian stock market followed up a strong performance in FY21 with a 1.1% gain in July. The Pengana Australian Equities Fund returned 0.3%.
We are entering the reporting season for most companies’ fiscal 2021 year results. Until recently, investors were hoping to get an insight into what the ‘new normal’ would look like, however with the extension of lockdowns and multiple covid waves continuing to play out, ‘normal’ gets kicked further down the road.
We are pleased to note that at the time of writing, the Fund has had good early results from key holdings in Telstra, Credit Corp and Mirvac.