Pengana Global Small Companies Fund
The Fund invests in small and midcap listed global equities with aims for returns greater than the MSCI All Country World Index SMID Cap unhedged in Australian dollars over rolling 3 year periods after fees.
The Pengana Global Small Companies Fund specialists in a vast and growing investable universe. It is an actively managed portfolio of global small-cap stocks.
The Fund’s investments are managed by specialist US-based manager Lizard Investors LLC, who creates and actively manages small-cap portfolios typically owned by large institutions.
The investment manager uses a value-oriented approach to identify and invest in quality businesses that create significant value but is mispriced, overlooked, or out of favour.
The portfolio is well-diversified across different geographies and industries.
For up to date fund statistics please find the latest monthly report here
Investment Approach
The Fund’s investment manager uses a value-oriented investment approach to small and midcap global equities that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions or unfavourable investor perception.
Investment Process
The investment manager conducts independent analysis to generate its own investment ideas.
Investment opportunities must meet the following 5 criteria to be considered for inclusion in the portfolio:
- A durable competitive advantage
- Management alignment with minority shareholders
- Strong corporate governance policies
- Balance sheets that enable the company to self-fund if the credit markets temporarily close
- Compelling valuations based on the company’s long-term cash flow generating potential
The portfolio construction process aims to develop portfolios that incorporate the best investment ideas from the investment manager’s research while allowing for liquidity constraints and perceived risk. The Fund’s investment manager will not typically hedge currency exposures, however during periods of currency extremes, some currency hedging may be employed.
Indicative Strategic Asset Allocation
The Fund's investment manager aims to manage the Fund within the following guidelines:
- Typically 30 to 80 securities
- Target median market capitalisation of less than USD3billion
- 0%-20% cash and cash equivalents
- No more than 10% in a single position
- No more than 5% in securities which are not currently listed
- No more than 35% in a single industry sector
- No more than 55% in US securities
- No more than 25% in any other country’s securities
The Fund can invest in securities that are not part of the Index. The Fund's investment manager will endeavour to work within the above guidelines – however these should be viewed as objectives only and not absolute limits.
Top Holdings can be viewed here
Latest Fund performance can be viewed here
Founded in 2003 and headquartered in Sydney, with offices in Melbourne, Brisbane, and Perth, Pengana currently manages over AUD$4 billion across a range of international and Australian strategies.
We hunt for the world’s leading investment teams in order to bring our investors unique, differentiated, and smart investment products.
Our unique business model also delivers centralised support from our corporate team, so our fund managers can focus on what they do best – managing portfolios.
Pengana’s premium investment products employ active strategies with non-benchmark mandates, giving our investment teams the freedom to invest in their best ideas.
With independent investment teams in Chicago, Connecticut, New Jersey, the United Kingdom, Israel, Melbourne, and Sydney, our range of independently managed investment strategies provides a well-blended and uncorrelated level of diversification.
Each strategy is run by a separate investment team with unique skills relevant to their investment class. Our focus and track record is to provide investors with long-term returns, adjusted for risk minimisation.
Pengana Capital is a wholly owned subsidiary of Pengana Capital Group.
Before joining the investment team at Lizard, Mr. Moog served as a Senior Research Analyst at Brightpoint Capital from 2006 to 2008.
He was a Private Equity Consultant with Investor Group Services from 2005 to 2006 and an Equity Research Associate at Loomis, Sayles & Co. from 2000 to 2003.
In his previous positions, Mr Moog analyzed U.S. companies. Mr Moog was responsible for all industries but focused on business services, restaurants, retail, media and industrials.
Mr Moog earned his MBA in Finance, Accounting and Strategy from The University of Chicago, graduating with High Honors in 2005 and his BS in Finance and Computer Science from Providence College, graduating
Magna Cum Laude in 1999. Mr Moog obtained his Chartered Financial Analyst (CFA®) designation in 2002.
Before joining Lizard in 2008, Mr Li gained extensive investment experience.
From 2003 to 2008 he was a Long/Short Analyst at Porter Orlin LLC (now known as Amici Capital).
Primarily Mr. Li’s time was dedicated to researching U.S. companies, but also spent some time on China, Korea and Taiwan.
Although he served as a generalist, Mr Li focused on TMT, industrials and business services. Prior to Porter Orlin, Mr Li was an Investment Banking Analyst at Bear, Stearns & Co.
He served as an Analyst Intern concentrating on proprietary trading, investment banking and leveraged finance with Credit Suisse First Boston/Citigroup from 1998 to 2001.
The latest monthly report is available here
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