The third quarter of 2020 kept investors on the edge of their seats. By the end of August, the S&P500 delivered its strongest five-month return since 1938, shortly followed in September with the fastest technical correction sell-off of the NASDAQ in history.
In addition, of significance to Australian investors, the Australian dollar rallied from an intra-day low of 55.1 cents (March low) to approximately 72 cents to the USD which translates to an appreciation of over 30%.
Despite the intra-quarter volatility, the final outcome was a repeat of most quarters over the prior five years.
View full commentary HERE
We are pleased to include below a recent investment update with Fund Manager Jordan Cvetanovski.
||Bharti Infratel||India||Communication Services|
||Charter Communications Inc||United States||Communication Services|
||Cigna Corp||United States||Health Care|
||Houlihan Lokey Inc||United States||Financials|
||Lumentum||United States||Information Technology|
||Mowi ASA||Norway||Consumer Staples|
||Rakuten Inc||Japan||Consumer Discretionary|
||SIG Combibloc Group AG||Switzerland||Materials|
||Tencent Holdings||China||Communication Services|
||UnitedHealth Group Inc||United States||Health Care|
|1 Month||1 Year||3 Years P.A.||SINCE INCEPTION|
|VOLATILITY3||9.5%||NUMBER OF STOCKS||37|
|BETA (USING DAILY RETURNS)4||0.76||MAXIMUM DRAW DOWN||-9.4%|
CIO & Portfolio Manager
Deputy Portfolio Manager & Analyst
The Pengana International Fund invests in 30-50 companies across developed and developing markets, large and small companies. The Fund predominantly invests in franchises 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’).
|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. 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 1st July 2015.
3. Annualised standard deviation since inception.
4. Relative to MSCI All Country World Total Return Index in AUD
* For further information regarding fees please see the PDS available on our website.