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High Conviction Equities Fund

A concentrated portfolio of ethically screened global companies

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April 2021 - Monthly REPORT

Top contributors and detractors

SUMMARY

Two of the Fund’s largest contributors in April were Novavax (which rose 28%) and cancer immunotherapy company Immutep (which rose 14%). We invite you to join us for our upcoming webinar: Burgeoning opportunities for healthcare investors.

PORTFOLIO

Top Holdings (alphabetically)

Howard Hughes United States Real Estate Novavax Inc United States Health Care Photocure Norway Health Care Telecom Italia SpA/Milano Italy Communication Services Telix Pharmaceuticals Ltd Australia Health Care

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Apr 20211
1 Month1 Year2 Years P.A.3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund -1.0%41.5%18.8%18.9%16.8%32.7%
MSCI World Total Return Index, Net Dividends Reinvested, in A$ 3.2%23.2%12.7%13.2%13.8%12.2%
RBA Cash Rate + 3% 0.3%3.2%3.5%3.8%4.1%4.3%
1 Month1 Year2 Years P.A.3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund
-1.0%
41.5%
18.8%
18.9%
16.8%
32.7%
MSCI World Total Return Index, Net Dividends Reinvested, in A$
3.2%
23.2%
12.7%
13.2%
13.8%
12.2%
RBA Cash Rate + 3%
0.3%
3.2%
3.5%
3.8%
4.1%
4.3%

Performance Chart

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

The Fund declined 1% during April. Notable contributors were Novavax, which rose 28% on the back of President Biden’s comments that he hoped the company’s Covid-19 vaccine would soon be approved. The company has already reported very strong phase 3 data in the UK but a second trial is underway in the US that will report in May or June with approval expected soon after in many countries. The company is facing delays in sourcing enough materials such as specialised plastic bags used to brew the vaccine.

US property developer Howard Hughes rose 12% after hosting an upbeat investor day that highlighted the company’s estimated Net Assets per share of $150 was substantially higher than the share price, which was $96 at the time of writing. Plans to close the value gap include selling non-core assets, which are expected to generate $600m of net proceeds.

Australian cancer immunotherapy company Immutep rose 14% after an investor update where it highlighted progress in enrolling patients into its lung cancer and head and neck cancer studies, which are expected to start reporting results as soon as early June.

On the negative side Australian radiotherapy company Telix declined 12% on little news as did US optical networking company Ciena which fell 9%.
Israeli discount retailer Max Group fell 15% after a report that it was being investigated by customs officials.

US optical component producer Lumentum fell 8% after other Apple suppliers reported weak outlooks due to slowing iPhone sales. Lumentum produces lasers that drive the facial recognition technology in these phones.

Australian molecular diagnostic producer Genetic Signatures fell 11% after reporting weak Covid-19 test sales in both Australia and the USA due to inventory build in Australia and supply disruptions in the US. The company is making progress in enrolling patients into its Enteric Protozoan test trials (diagnosing gut parasites) in the US. If approved the company sees a USD500m potential market given an estimated 5m stool tests are currently processed.

PROFILE

Platform Availability

  • Hub24
  • Macquarie Wrap
  • Mason Stevens
  • Netwealth

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY3
25.8%
NUMBER OF STOCKS
20
BETA4
0.59
MAXIMUM DRAW DOWN
-20.2%

FEATURES

  • APIR CODE HHA0020AU
  • REDEMPTION PRICEA$ 1.2912
  • FEES * Management Fee: 1.80% p.a. (Class A) | 1.25% p.a. (Class B)
    Performance Fee: 15.38% (Class A) | 20% (Class B)
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 38.92m
  • STRATEGY INCEPTION DATE 11 December 2014
  • BenchmarkRBA Cash Rate + 3%

Fund Managers

James McDonald

Portfolio Manager

Jeremy Bendeich

Portfolio Manager

Description

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.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund
CONTACT INVESTOR SERVICES
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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.