2020 was a good year for the Fund, which delivered 18.7% vs the Benchmark’s 5.9%. There was no one single bet that drove the performance, but rather the continued dogged application of our long-term strategy.
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||Charter Communications Inc||United States||Communication Services|
||Cigna Corp||United States||Health Care|
||Electronic Arts||United States||Communication Services|
||Houlihan Lokey Inc||United States||Financials|
||Indus Towers Ltd||India||Communication Services|
||Lumentum||United States||Information Technology|
||Mowi ASA||Norway||Consumer Staples|
||Pinterest Inc||United States||Communication Services|
||SIG Combibloc Group AG||Switzerland||Materials|
||UnitedHealth Group Inc||United States||Health Care|
|1 Month||1 Year||3 Years P.A.||5 Years P.A.||SINCE INCEPTION|
|VOLATILITY3||9.5%||NUMBER OF STOCKS||37|
|BETA (USING DAILY RETURNS)4||0.76||MAXIMUM DRAW DOWN||-9.4%|
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’).
|Harding Loevner International Fund||Axiom International Ethical Fund (Hedged)||Axiom International Ethical Fund||High Conviction Property Securities Fund|
|Australian Equities Fund||Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund|
|High Conviction Equities Fund||Pengana International Equities Limited (ASX: PIA)||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.