Reopening economies, ramping vaccination programmes, and rising consumer demand boosted confidence in April. Global markets, represented by our benchmark MSCI World Index, rose 3.2% in the month on the back of these positive factors. Against this backdrop, the Fund rose 2.9%, facing headwinds from strong performances in sectors unrelated to sustainability including financials, communication services and IT.
In this month’s commentary, Claire Jervis analyses the causes behind the ‘worst IPO in history’ and whether, despite being marred by ESG issues, Deliveroo is truly a disruptive company. In contrast, we present our holding in Hellofresh, a market leader in delivering fresh and healthy meals while also minimising food waste, reducing supply chain greenhouse gas emissions, and promoting healthy habits.
We are very excited to welcome Jayne Sutcliffe as WHEB Asset Management’s new Non-Executive Chair, the full press release can be found HERE.
Finally, WHEB is delighted to announce that Victoria MacLean will be joining our growing team in July. Victoria will join as an Associate Portfolio Manager and brings a wealth of experience and a passion for impact investing and ESG. With Victoria on board, WHEB’s investment team will have six members managing our pioneering impact strategy.
We recently hosted a webinar covering The Charge of Impact Investing as part of the Pengana webinar series. The recording is available below, as well as hosted with all the other webinars on www.pengana.com. Financial planners may also complete a short questionnaire available HERE for CPD points.
||A.O. Smith||United States||Industrials|
||Agilent Technologies||United States||Health Care|
||Ansys||United States||Information Technology|
||Danaher||United States||Health Care|
||Intertek Group||United Kingdom||Industrials|
||Thermo Fisher Scientific||United States||Health Care|
|1 Month||1 Year||3 Years P.A.||5 Years P.A.||SINCE INCEPTION|
|Strategy (partial simulation2)||12.8%||6.8%|
|VOLATILITY3||13.1%||NUMBER OF STOCKS||45|
Partner, Fund Manager
Partner, Head of Research
The Pengana WHEB Sustainable Impact Fund invests in companies with activities providing solutions to sustainability challenges. WHEB have identified critical environmental and social challenges facing the global population over coming decades including a growing and ageing population, increasing resource scarcity, urbanisation and globalisation. The Fund invests in companies providing solutions to these sustainability challenges via nine sustainable investment themes – five of these are environmental (cleaner energy, environmental services, resource efficiency, sustainable transport and water management) and four are social (education, health, safety and well-being). WHEB’s mission is ‘to advance sustainability and create prosperity through positive impact investments.’
|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. From August 2017, performance figures are those of the Pengana WHEB Sustainable Impact Fund’s class A units (net of fees and including reinvestment of distributions). The strategy’s AUD performance between January 2006 and July 2017 has been simulated by Pengana from the monthly net GBP returns of the Henderson Industries of the Future Fund (from 1 January 2006 to 31 December 2011) and the FP WHEB Sustainability Fund (from 30 April 2012 to 31 July 2017). This was done by: 1) converting the GBP denominated net returns to AUD using FactSet’s month-end FX rates (London 4PM); 2) adding back the relevant fund’s monthly ongoing charge figure; then 3) deducting the Pengana WHEB Sustainable Impact Fund’s management fee of 1.35% p.a. The WHEB Listed Equity strategy did not operate between 1 January 2012 and 29 April 2012 – during this period returns are zeroed. The Henderson Industries of the Future Fund’s and the FP WHEB Sustainability Fund’s GBP net track record data is historical. Past performance is not a reliable indicator of future performance. The value of the investment can go up or down.
2. The Fund incepted on 31 October 2007 as the Hunter Hall Global Deep Green Trust. The Fund was relaunched on 1 August 2017 as the Pengana WHEB Sustainable Impact Fund employing the WHEB Listed Equity strategy. This strategy was first employed on 1 January 2006 by the Henderson Industries of the Future Fund and currently by the FP WHEB Sustainability Fund.
3. Annualised standard deviation since inception.
4. Relative to MSCI World Total Return Index (net, AUD unhedged)
* For further information regarding fees please see the PDS available on our website.