May was jam-packed with events that could shake any investor.
We had COVID-19 decline in most of the developed world, but we saw it escalate in the emerging markets, most notably, in Brazil and India. We saw the first real economic data that shows the impact of COVID-19 on developed markets, with COVID-19 starting in late March in most developed markets and showing an impact by May. This was eye-watering economic data, including many all-time low figures.
The other thing we saw was an escalation in the US-China politics. We had the US impose more sanctions on Huawei. And we also saw the US’s very strong response to China’s proposal to implement its law into Hong Kong, which drew widespread protests. Towards the end of the month, we saw the very tragic killing of George Floyd and the protests that ensued.
In this month’s video and written commentary below we hold a lens to our investment process in the face of a market that has become mind-boggling.
||Bharti Infratel||India||Communication Services|
||Charter Communications Inc||United States||Communication Services|
||Dollar Tree Inc||United States||Consumer Discretionary|
||Houlihan Lokey Inc||United States||Financials|
||Medtronic||United States||Health Care|
||Mowi ASA||Norway||Consumer Staples|
||Newmont Mining (USD)||United States||Materials|
||Pinterest Inc||United States||Communication Services|
||Thermo Fisher Scientific||United States||Health Care|
||UnitedHealth Group Inc||United States||Health Care|
|1 Month||1 Year||3 Years P.A.||SINCE MANDATED|
|VOLATILITY3||9.7%||NUMBER OF STOCKS||35|
|BETA (USING DAILY RETURNS)4||0.77||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’).
|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|
|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. 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.