https://data.pengana.com/wp-json/pen/performance?fund_code=PENHCT&date=31/10/2024&aggregation_code=Class%20A
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High Conviction Equities Fund

A concentrated portfolio of ethically screened global companies

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October 2024 - Monthly REPORT

October Report

SUMMARY

The Fund fell 3.9% in October but is up 117% over one year.

  • IperionX rose 10% post-$100m capital raise; EBR Systems gained 27%.
  • Opthea increased 14%, and Genetic Signatures rose 7% after investor meetings.
  • Oncosil fell 39%, Amplia dropped 11%, and Clarity Pharmaceutical declined 13%.

PORTFOLIO

Top Holdings (alphabetically)

Brazilian Rare Earths Ltd.
Australia
Materials
Brazilian Rare Earths Ltd. operates as a mineral exploration company. It focuses on the discovery and development of mineral resources in Brazil. The company was founded on March 3, 2021 by Bernardo da Veiga and is headquartered in Sydney, Australia.
Genetic Signatures Ltd
Australia
Health Care
Genetic Signatures Ltd. is a research company, which engages in the identification and commercialization of individual genetic signatures for the diagnosis of infectious diseases. It is also involved in the sale of associated products into the diagnostic and research marketplaces. Its products include the treatment for gastrointestinal infections, respiratory, sexual health, anti-microbial resistance, meningitis, and tropical disease. It operates in the following geographical segments: Asia Pacific, Europe, Middle East, and Africa (EMEA), and Americas. The company was founded by Robert J. Birrell, Christopher M. Abbott, and Geoffrey Grigg on February 15, 2001 and is headquartered in Newtown, Australia.
Greatland Gold plc
United Kingdom
Materials
Greatland Gold Plc engages in the exploration and development of precious and base metals. Its project portfolio includes Paterson, Ernest Giles, Panorama, Firetower, Warrentinna, and Bromus. The firm operates through the following geographical segments: United Kingdom and Australia. The company was founded on November 16, 2005 and is headquartered in London, the United Kingdom.
IperionX Ltd
Australia
Materials
IperionX Ltd. engages in the development of low carbon titanium for advanced industries, including space, aerospace, electric vehicles and 3D printing. It produces titanium metal powders from titanium scrap at its operational pilot facility in Utah and intends to scale production at a Titanium Demonstration Facility in Virginia. The company was founded on May 5, 2017 and is headquartered in Charlotte, NC.
Iperionx Ltd. Sponsored ADR
United States
Materials
IperionX Limited focuses on sustainable mineral and material supply chains. The Company develops low carbon titanium for advanced industries including space, aerospace, electric vehicles, and 3D printing. IperionX serves customers worldwide.

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Oct 2024 1

High Conviction Equities Fund Class A

1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. 5 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Equities Fund Class A -3.9% 116.9% 47.7% 19.5% 18.2% 26.6%
MSCI World Total Return Index (net, AUD) 3.8% 29.2% 20.1% 11.3% 13.2% 12.5%
RBA Cash Rate plus 3% 0.6% 7.4% 7.0% 5.9% 4.8% 4.7%

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High Conviction Equities Fund Class B

1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Equities Fund Class B -2.9% 113.6% 47.2% 19.5% 20.3%
MSCI World Total Return Index (net, AUD) 3.8% 29.2% 20.1% 11.3% 14.9%
RBA Cash Rate plus 3% p.a. 0.6% 7.4% 7.0% 5.9% 5.1%

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Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values 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.

Fund inception date Class A: December 2014, Class B July 2020.

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Titanium technology company IperionX rose 10% after completing a $100mln capital raise, which we participated in. Fund manager Regal has since disclosed a 6% holding. We view the strengthening of the balance sheet very positively as it enables the company to accelerate its development plans.

The Fund invested in a new holding, cardiac rhythm management device producer EBR Systems, which rose 27%. We expect the company to receive FDA approval in March next year, which will be a significant catalyst.

Ophthalmic drug developer Opthea rose 14% on little news.

Molecular diagnostic company Genetic Signatures rose 7% after newly appointed CEO Allison Rossiter, formerly head of Roche Australia, met with investors. Quarterly results highlighted advanced preparations for the company’s new enteric test launch with a pipeline of 60 customers.

On the negative side, pancreatic radiation therapy developer Oncosil fell 39% after conducting a capital raising, which the fund participated in. The company did however have excellent news from the German government, which agreed to fund a large randomized phase 3 clinical study. Not only can the company sell the device into the study, but it also allows the company to negotiate insurance reimbursement with a large number of hospitals.

Pancreatic drug developer Amplia fell 11% after also announcing a capital raising, which we supported. Our experience has been it takes several months for the market to digest the offerings before share price recovery occurs.

Clarity Pharmaceutical fell 13% on little news.

PROFILE

Platform Availability

Class A - APEX NZ, Hub24, Mason Stevens - IDPS, Netwealth - IDPS Class B - Hub24, Macquarie Wrap - IDPS

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
25%
NUMBER OF STOCKS
16
BETA 4
0.63
MAXIMUM DRAW DOWN
-32.1%

FEATURES

  • APIR CODE Class A: HHA0020AU Class B: PCL9196AU
  • REDEMPTION PRICEClass A: A$ 3.952 Class B: A$ 1.6746
  • 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$10,000
  • FUM AT MONTH END A$ 82.74m
  • 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
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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)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund
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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.