The Fund rose 10.0%1 in April, underperforming the Small Industrials by 2.8% and underperforming the Small Ordinaries Indices by 4.3%1. For the 12 months to April, the Fund was down 17.7%1, underperforming the Small Industrials Index by 3.4%1 and underperforming the Small Ordinaries Index by 4.4%.
The strong market bounce, especially in the riskiest stocks, should not be confused as a signal that the economic challenges ahead have lowered. This bounce was driven by a phenomenal liquidity injection by the Fed. We remain conservatively positioned until clarity on the economic picture emerges, or until cyclical stocks are sold to levels which reflect despair rather than optimism. Full commentary below.
|1 Month||1 Year||3 Years P.A.||5 Years P.A.||10 Years P.A.||SINCE INCEPTION P.A.2|
|S&P/ASX Small Ordinaries Index||14.3%||-13.3%||3.2%||4.9%||2.5%||3.8%|
|ASA Small Cap Industrials Index**||12.8%||-14.3%||2.7%||4.8%||6.3%||4.7%|
||Charter Hall Group||Australia||Real Estate|
||Cleanaway Waste Management||Australia||Industrials|
||EQT HOLDINGS LTD||Australia||Financials|
||Lifestyle Communities||Australia||Real Estate|
||OptiComm Ltd||Australia||Communication Services|
||Technology One||Australia||Information Technology|
Senior Fund Manager
Senior Fund Manager
The Pengana Emerging Companies Fund combines the skills of highly experienced small company investors (collectively over 45 years’ experience) with a limited fund size and an objective of providing above market returns over the medium term. Our benchmark is the S&P/ASX Small Ordinaries Accumulation Index. The fund managers Steve Black and Ed Prendergast are part owners of the business and investors in the Fund, providing a strong incentive to perform. The Fund has strong research ratings from all major research houses and over the period since its inception has delivered returns well above benchmark.
|International Fund||Australian Equities Fund||International Fund - Ethical||Global Small Companies Fund|
|WHEB Sustainable Impact Fund||Emerging Companies Fund||High Conviction Equities Fund||Australian Equities Income Fund|
|Pengana International Equities Limited (ASX: PIA)||International Fund - Ethical Opportunity||Private Equity Trust (ASX: PE1)|
1. Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception 1 July 2004.
3. Annualised standard deviation since inception.
4. Relative to S&P/ASX Small Ordinaries Accumulation Index
* For further information regarding fees please see the PDS available on our website.
** The Fund does not invest in resource stocks.