Covid-19 created havoc as the global economy was placed into an induced coma. In response, markets seized-up, convulsed, and collapsed. Central banks came to the rescue and governments are implementing record stimulus plans with more (probably) to come.
Amidst this environment, in 1Q20 the MSCI World Total Return Index, Net Dividend Reinvested, in Australian Dollars “Index”) declined 9.3% and Pengana International Equites Limited’s portfolio declined 4.2%. This outperformance came from both the portfolio’s equity investments and cash holdings.
||Charter Communications Inc||United States||Communication Services|
||Cigna Corp||United States||Health Care|
||CME Group||United States||Financials|
||Medtronic||United States||Health Care|
||Mowi ASA||Norway||Consumer Staples|
||Tencent Holdings||China||Communication Services|
||UnitedHealth Group Inc||United States||Health Care|
|1 Month||1 Year||SINCE MANDATED|
|VOLATILITY3||12.6%||NUMBER OF STOCKS||36|
|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.
|International Fund||High Conviction Property Securities Fund||Australian Equities Fund||International Ethical Fund|
|Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund||High Conviction Equities Fund|
|Pengana International Equities Limited (ASX: PIA)||International Fund - Ethical Opportunity||Private Equity Trust (ASX: PE1)||Alpha Israel Fund|
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 mandated in the table above refers to the movement in net assets per share since the new mandate adopted on 1 July 2017.
3. Annualised Standard Deviation since mandated
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$.