The last quarter has certainly been an event-filled 3 months. Steven Glass, deputy portfolio manager of the Pengana International Equities range of funds provides a regroup on what has been affecting markets for the past 3 months, and how the team has positioned the portfolio for performance through the volatility, and into the future.
||Alibaba Group Holding LTD||China||Consumer Discretionary|
||Bharti Infratel||India||Communication Services|
||Charter Communications Inc||United States||Communication Services|
||Houlihan Lokey Inc||United States||Financials|
||Mowi ASA||Norway||Consumer Staples|
||Pinterest Inc||United States||Communication Services|
||Tencent Holdings||China||Communication Services|
||Thermo Fisher Scientific||United States||Health Care|
||UnitedHealth Group Inc||United States||Health Care|
|1 Month||1 Year||SINCE INCEPTION P.A.2|
|VOLATILITY3||12.6%||NUMBER OF STOCKS||34|
|BETA (USING DAILY RETURNS)4||0.47||MAXIMUM DRAW DOWN||-47.4%|
CIO & Portfolio Manager
Deputy Portfolio Manager & Analyst
Pengana International Equities Limited provides access to the benefits of an actively managed core portfolio of 30-50 ethically screened companies across developed and developing global markets via a listed investment company structure. Investments are made predominantly in companies that deliver stable yet growing free cash flow throughout cycles (which we classify as ‘Core’ holdings) whilst also taking positions in more cyclical companies (‘Cyclical’) and those whose valuation has been materially misconstrued by the market (‘Opportunistic’). We avoid investments in companies that in our opinion are harmful to people, animals or the environment.
|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. As at the last day of last month prior to publishing of this report. Performance figures refer to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017. Pengana International Equities Limited has been managed under the new investment mandate by the Pengana investment team since 1 July 2017. The performance since inception in the table above refers to the movement in net assets per share since the inception of PIA in March 2004.
3. Annualised Standard Deviation since inception
4. Relative to MSCI World
**. As at the last day of last month prior to publishing of this report. The figures are unaudited.
***. MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested, in A$.