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International Fund

October 2020 - Monthly REPORT

Meaningfully differentiated

SUMMARY

During the month, the Fund delivered 0.6%, which was a strong outcome in the context of a market that declined -0.4%.

In case you missed our recent investment update with Portfolio Manager Jordan Cventanovski, a recording is available HERE.

PORTFOLIO

Top Holdings (alphabetically)

Bharti Infratel India Communication Services Charter Communications Inc United States Communication Services Houlihan Lokey Inc United States Financials Lumentum United States Information Technology Mowi ASA Norway Consumer Staples Pinterest Inc United States Communication Services Rakuten Inc Japan Consumer Discretionary SIG Combibloc Group AG Switzerland Materials Tencent Holdings China Communication Services UnitedHealth Group Inc United States Health Care

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

Segment

PERFORMANCE

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE FOR PERIODS ENDING 31 Oct 20201
1 Month1 Year3 Years P.A.SINCE INCEPTION
Fund 0.6%18.2%12.2%11.2%
Benchmark -0.4%2.9%8.7%8.9%
1 Month1 Year3 Years P.A.SINCE INCEPTION
Fund
0.6%
18.2%
12.2%
11.2%
Benchmark
-0.4%
2.9%
8.7%
8.9%

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

During the month, the Fund delivered 0.6%, which was a strong outcome in the context of a market that declined -0.4%.

The Fund’s stocks performed well with Pinterest being the standout as its share price increased 21% following its 3Q20 results.

Other stocks that made meaningful contributions were Tencent and Lumentum.

Weaker performing stocks in the portfolio were Flow Traders, Mowi and Deutsche Boerse.

The Fund is meaningfully differentiated to the Benchmark with 25% of the Fund invested in Europe ex-UK vs the Benchmark’s 13% and 42% invested in North America vs the Benchmark’s 61%.

Further, the Fund has fully exited the FAANG’s and Microsoft and has 5% invested in the IT sector vs the Benchmark’s 22%.

Finally, the portfolio is on a c5% FCF yield, 8% revenue CAGR and the companies in the Fund have virtually no debt, all of which compare favourably to the broader market.

All portfolio holdings were compliant with the principles of the UN Global Compact and the portfolio had a “low ESG risk” rating, based on the aggregate weighted score of the portfolio’s holdings.

PROFILE

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY3
9.4%
NUMBER OF STOCKS
35
BETA4
0.76

FEATURES

  • APIR CODE PCL0026AU
  • REDEMPTION PRICEA$ 1.3451
  • FEES * Management Fee: 0.974%
    Performance Fee: Nil
  • Minimum initial investment $25,000
  • FUM AT MONTH END A$ 103.13m
  • STRATEGY INCEPTION DATE 1 July 2015
  • BenchmarkMSCI All Country World Total Return Index in AUD

Fund Managers

Description

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’).

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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.