Pengana High Conviction Equities Fund
The Fund invests in a highly concentrated portfolio of global equities aiming to deliver returns greater than the RBA Cash Rate + 3% and MSCI World Total Return Index over the long term.
Pengana High Conviction Equities Fund invests in a highly concentrated portfolio of global equities. The Fund invests primarily in listed (or soon to be listed) global equities. The Fund’s investment objective is to deliver returns that exceed the RBA Cash Rate target +3% and to outperform the MSCI World Total Return Index (net, AUD) over the long term.
There are two versions, the Class A and the Class B.
Class A: For investors who prefer a lower performance fee with a base management fee.
Management fee: 1.80%
Performance Fee: 15.38% of any return greater than the RBA’s Cash Rate target +3%, payable half-yearly
Class B: For investors who prefer a lower management fee with additional fees incurred for higher performance.
Management fee: 1.25%
Performance Fee: 20% of any return greater than the MSCI World Total Return Index (net, AUD), payable half-yearly
For up to date fund statistics please find the latest monthly report here
Investment Approach
The Fund’s Investment Team seeks to invest in securities that mostly exhibit strong cash generation and are trading at less than the Investment Team’s assessment of their intrinsic value. The Fund will hold a small number of securities and single security could make up a significant proportion of the portfolio. The portfolio may include companies with emergent technologies and have low levels of liquidity.
The Fund is unconstrained and there are no market capitalisation, sector or geographic restrictions placed on the Fund.
Investment Process
The Fund’s Investment Team has a bottom-up investment strategy undertaking detailed company analysis. It reviews scores of investment opportunities as an integral part of the idea generation, company assessment and portfolio management processes. An understanding of the opportunities’ fundamentals and outlook is developed using financial statements, journals, transcripts, company meetings and external research. All positions are meaningful and made with a patient long term investment perspective.
Indicative Strategic Asset Allocation
The Fund's Investment Manager aims to manage the Fund within the following guidelines:
- Typically no more than 20 securities
- A single stock could make up a significant proportion of the portfolio
- 0%-100% of the Fund may be held in Australian and global securities
- 0%-100% of the Fund may be held in cash and cash equivalents
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, 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.
James is a Portfolio Manager of the High Conviction Equities Fund.
James previously served as the Executive Director of the international subsidiary Hunter Hall International (UK) Limited and Deputy Chief Investment Officer and Senior Portfolio Manager of Hunter Hall Investment Management Limited.
Between 2003 and 2015, James was based in Hunter Hall’s London office, focusing on the European, American and Japanese markets. As Deputy Chief Investment Officer, he contributed to asset mix, capital allocation, team management and team selection decisions.
James has over 24 years of industry experience, including six years at BT Funds Management in the positions of Japanese Electronics Analyst and US Telecoms, Telecoms Equipment and Data Networking Analyst. He holds a BCom/LLB from the University of Queensland.
Jeremy is a Portfolio Manager for the High Conviction Equities Fund.
Jeremy has 20 years of experience in the wealth management industry. He co-founded and was CIO at Avoca Investment Management for nine years. He was Portfolio Manager of the UBS Australian Small Companies Fund, which was awarded the Australian Fund Managers’ Best Small Cap Fund Manager of the Year in 2009.
Prior to joining UBS, Jeremy worked for four years as an investment analyst at Colonial First State covering the small caps market, as well as large-cap telcos, utilities, infrastructure and property trusts. He also worked as an Associate Analyst at Smith Barney Australia Securities where he was responsible for transport and aviation equities research.
Jeremy also spent six years working in the Australian and New Zealand Governments’ Treasuries as an economist and policy advisor. He holds a BEc(Hons) from Sydney University.
Hansheng joined Pengana in 2021 as an intern with the Australian Equities Fund, learning the skills required to be a fundamental investor. Hansheng has now transitioned across to the Pengana High Conviction Equities Fund, assisting Portfolio Managers James McDonald & Jeremy Bendeich.
Hansheng has previous work experience at PwC in Financial Services & Insurance company reporting.
Hansheng recently graduated with a double Bachelor’s degree in Actuarial Studies & Commerce from UNSW and is currently working towards obtaining his CFA qualifications.
The latest monthly report is available here
- By clicking the enquire button on the card view
Or
- By selecting “Receive Info” when viewing the listing
We will respond using your preferred communication method (i.e., email or phone).
Tags
Statutory Statement
The issuer of this product is identified at the top of this page. The PDS and target market determination for the product are available in the Documents section of this listing. Prospective investors should consider the PDS before deciding to acquire the product. This product listing was vetted by and approved by the product issuer identified above before publishing. Investment Markets (Aust) Pty Ltd AFSL 527875 (IM) is not the issuer of the product.
General Disclaimer
IMPORTANT STATEMENT ABOUT YOUR USE OF THIS SITE
Information on this site is intended for Australian users only.
This site is operated by Investment Markets (Aust) Pty Ltd. (ACN 634 057 248) (IMA, we, us and our), the holder of Australian Financial Services Licence (AFSL) no. 527875. The content is provided solely for information purposes, is not a recommendation or an offer to buy or sell a security, and is not warranted to be correct, complete or accurate. To the extent permitted by law, neither IMA, its affiliates, nor the content providers (such as the issuers of securities who appear on the site) are responsible for any investment decisions, damages or losses resulting from, or related to, the content, data and analyses or their use. The investment products on this site and any statements made about them by their issuers are not vetted, verified or researched by IMA. The presence of an investment product on this site should not be interpreted as an implied endorsement of it by IMA. Certain content provided may constitute a summary or extract of another document such as a Product Disclosure Statement. To the extent any content is general advice, it has been prepared by IMA. Any general advice has been provided without reference to your investment objectives, financial situations or needs. For more information refer to our Financial Services Guide. To obtain advice tailored to your situation, contact a financial advisor. You should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement (or other offer document) before making any decision to invest. Past performance does not necessarily indicate an investment product’s future performance. The content is current as at date of initial publication and may not be current as at your date of viewing. For a more complete understanding of all the terms and conditions of your use of this site click here.