The Fund fell 0.6% over December compared to a 1.4%1 fall in the Small Industrials Index and a 0.3% fall in the Small Ordinaries Index. For the 12 months to December 31, the Fund was up 24.8%1, outperforming the Small Industrials Index by 0.3%1 and the Small Ordinaries Index by 3.4%1. We are pleased with the fund’s returns over calendar 2019 particularly in the context of our conservative style of investing has meant that the fund has had a relatively low exposure to the strongly outperforming, but higher risk, technology sector.
|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||-0.3%||21.4%||10.0%||10.6%||4.1%||5.1%|
|ASA Small Cap Industrials Index**||-1.4%||24.5%||10.4%||10.5%||8.2%||6.1%|
||AP Eagers Ltd||Australia||Consumer Discretionary|
||Charter Hall Group||Australia||Real Estate|
||City Chic Collective||Australia||Consumer Discretionary|
||EML Payments||Australia||Information Technology|
||EQT HOLDINGS LTD||Australia||Financials|
||Lifestyle Communities||Australia||Real Estate|
||Seven Group Holdings||Australia||Industrials|
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.
|Alpha Israel Fund||International Fund||High Conviction Property Securities 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.