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Investment Strategy

The Pengana Emerging Companies Fund investment process is centred around a very active company visitation program in the belief that management is the most important factor in assessing investments in the sector. Over time we expect to visit most of the 800 or so companies in our universe.

Qualitative based analysis focuses on management, product/service quality, competitive advantage, growth prospects and financial position. Favoured stocks are then fully modelled providing the inputs for a standardised cashflow based valuation. We then cross check this valuation with other investment tools such as the Price Earnings ratio, the Enterprise Value/Earnings Before Interest Tax and Amortisation ratio and dividend yields.

As we will only invest in companies we can value with relative confidence, we will not own resource companies, listed property trusts, biotech stocks or loss making stocks.

Performance History & Investor Reports

Emerging Companies Fund Vs. S&P/ASX Small Ordinaries Accumulation Index

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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. Inception November 2004. The Fund does not invest in resource stocks.

Investment Team

  • ed-prendergast---headshot-4x5 website
    Ed Prendergast

    Senior Fund Manager

  • steve-black---headshot-4x5 website
    Steve Black

    Senior Fund Manager

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