The largest market-related news event during January was the performance of heavily shorted shares including GameStop, Bed Bath & Beyond, and Blackberry. These price moves were driven mainly by retail investors, facilitated by Reddit’s WallStreetBets chat room and free trading on platforms like Robinhood. Hedge Funds that were heavily short these stocks sustained material losses that will be difficult for them to recover from. For example, Melvin Capital, was reported to have declined >50% during the month.
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||Alibaba Group Holding LTD||China||Consumer Discretionary|
||Charter Communications Inc||United States||Communication Services|
||Cigna Corp||United States||Health Care|
||Dollar Tree Inc||United States||Consumer Discretionary|
||Houlihan Lokey Inc||United States||Financials|
||Indus Towers Ltd||India||Communication Services|
||Lumentum||United States||Information Technology|
||Pinterest Inc||United States||Communication Services|
||Tencent Holdings||China||Communication Services|
||UnitedHealth Group Inc||United States||Health Care|
|1 Month||1 Year||3 Years P.A.||5 Years P.A.||SINCE INCEPTION|
|VOLATILITY3||9.4%||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.