In November, global stock markets bounced back strongly on the news of significant progress in the development of a vaccine for Covid-19. Despite this, we believe the pandemic has led to some permanent changes. A significant example is the successive governments’ green recovery measures. In this month’s commentary, Seb Beloe discusses the implications in “There are decades where nothing happens, and there are weeks where decades happen.”
We are pleased to announce that the Fund received a “Recommended” rating from Zenith Investment Partners, meaning that Zenith believes that the Fund has a high probability of meeting its stated investment objectives, and, compared to peers, scores highly across most of Zenith’s key areas of assessment.* The Fund was assigned Zenith’s highest responsible investment classification of “Impact”.
The Fund also received the highest sustainability score of five bees from Lonsec Research, indicating that the Fund is in the top 10% of all Lonsec-rated global equity funds based on Lonsec’s sustainability model. This model measures the overall ‘net goodness’ in a portfolio by combining the contribution of the Fund to the Sustainable Development Goals, netted against the Fund’s controversial activities measure into a single, peer ranked score.** The Fund has been rated as “Highly Recommended” by Lonsec Research since 2018.***
In this past month, WHEB has become a Future-Fit Pioneer. The ambition behind the Future-Fit Foundation is grand, seeking nothing less than the complete transformation of the way businesses operate. Read more about WHEBs journey and how you can join here.
Also, this month Square Mile has released its annual “Good Investment Review 2020”. The review is a collection of market statistics, commentary, and information about some of the best responsible and sustainable funds and fund managers in the UK. WHEB is featured in this review and the investment strategy (implemented through FP WHEB Sustainability Fund (UK)) has been given the highest possible AAA rating by 3D!
* The Zenith Investment Partners (“Zenith”) Australian Financial Services License No. 226872 rating (assigned November 2020) referred to in this document is limited to “General Advice” (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at http://www.zenithpartners.com.au/RegulatoryGuidelines.
** This score does not constitute a Product Rating from Lonsec.
*** The Lonsec Rating (assigned January 2020) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445. The Rating is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold Pengana Capital product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria.
||Agilent Technologies||United States||Health Care|
||Ansys||United States||Information Technology|
||Cerner||United States||Health Care|
||Danaher||United States||Health Care|
||MSA Safety||United States||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)||10.2%||6.6%|
|VOLATILITY3||13.2%||NUMBER OF STOCKS||47|
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.’
|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. 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.