Fund Overview

The Pengana Asia Special Events (Offshore) Fund (the “Fund”) employs an event-driven investment strategy that seeks to exploit the mispricing of securities of companies involved in corporate transactions within the Asian (including Japan, Australia and New Zealand) region. The Fund invests in events such as mergers and acquisitions, corporate reorganisations, capital management initiatives, index changes, earnings surprises, equity-capital structure arbitrage, holding company arbitrage and directors’ trades. Where appropriate, investments in these situations will be combined with the systematic hedging of broad market risk. The Fund aims to provide investors with consistently positive annual returns irrespective of Asian stock market conditions.

Performance

Accumulated Fund and Comparative Benchmark Performance Since Inception to end April 2012

• Pengana Asia Special Events Offshore Fund - Antonio Meroni
• MSCI Asia Pacific Index
• HFR Event Driven Index

Fund Performance - Net of all Fees and Expenses as at end April 2012

• Pengana Asia Special Events Offshore Fund - Antonio Meroni
• MSCI Asia Pacific Index
• HFR Event Driven Index

Fund Performance - Net of all Fees and Expenses as at end April 2012

The Fund seeks to profit from trading securities which are primarily subject to corporate events or from trading-related securities which the Investment Manager believes are mispriced by the market. The Fund invests in securities that are listed on Asian (including Japan, Australia and New Zealand) stock markets (and other markets where related securities may be listed and in securities which are listed on markets outside of Asia where more than 70% (by assets or earnings) of the underlying business originates from an Asian country).

The Investment Manager uses two primary investment strategies to participate in special events that traditional funds and direct investors may not be able to access. These strategies are:

Event driven – involves investing in opportunities created by significant current or anticipated corporate events which the Investment Managers believe can cause inefficiencies in the pricing of listed securities issued by companies undergoing such events (particularly the probability and timing of the event) which the Fund then seeks to exploit. These events could include: mergers and acquisitions, capital management initiatives, earnings surprises, index changes and Director’s trades.

Other Arbitrage and Relative Value Strategies – these include Capital structure arbitrage which aims to profit from market mispricing of different classes of securities from a single issuing entity; and Stub trades which refer to the investment in the securities of a holding company against the shares of its listed securities in expectation of a convergence of price performance.

The Fund aims to generate consistently positive returns which have a low correlation to the Asian stock markets. The objective is to generate 10-20% pa with a standard deviation of 6-10%.

Fund Managers

	Antonio Meroni - Senior Fund Manager (Sydney) Antonio has over 21 years experience in financial markets, including 14 years in Asian equities and convertible bond markets. He has worked in senior positions in Singapore, Tokyo, Zurich, Milan and London. Prior to joining Pengana, Antonio was the senior portfolio manager for the RHA Asia Special Events Fund at Rubicon. Previously, he held the position of senior portfolio manager at Antiro Abacus Pte Ltd, Singapore where he managed the Antiro Asian Equity Fund. Furthermore, Antonio was a senior portfolio manager at Credit Suisse and Von Ernst Performa with responsibilities for Asian equities and convertible bond portfolios, generating positive returns even in extreme market conditions during the Asia crisis and credit spread widening. Antonio’s investment expertise includes event-driven as well as directional trading strategies. As part of his investment process, Antonio seeks to utilise information drawn from his extensive equity and credit research background, as well as his experience in credit derivative and convertible bond markets. Antonio has a degree in Business from the KV Zurich Business School and is a Chartered Financial Analyst (CFA). He is based in Pengana’s Sydney office.
	Vikas Kumra - Fund Manager (Singapore) Vikas has over 5 years experience in the finance industry. Prior to joining Pengana in September 2008, he was an analyst with Credit Suisse HOLT division in Singapore, a proprietary corporate performance and valuation arm of the bank, undertaking fundamental analysis on companies in the Asia-Pacific region. Vikas holds a First Class Honours degree in Accountancy from Nanyang Technological University in Singapore and has successfully completed the second level of the Chartered Financial Analyst (CFA) accreditation. He is based in Pengana’s Singapore office.
	Robin Yeoh - Fund Manager (Singapore) Robin joined Pengana Capital in October 2009 and brings with him more than 13 years of experience in the financial markets. Robin started out in 1997 on the sell side conducting equity research at the leading research firms including CLSA. He moved on to funds management in 2002 and has had experience managing both country specific mutual funds for Pacific Mutual, a division of OCBC and Asia Ex Japan portfolios with AGF, a Canadian mutual fund group. He was also responsible for asset allocation and equities at IMC, one of the largest family offices in Asia. Most recently, he was with Asia Genesis Asset Management where he was lead portfolio manager for the Asia Genesis Equity Fund. Robin has had experience developing and implementing both quantitative alpha and turning point models on the buy-side. Robin holds an M.Sc in Economics from the University of Nottingham and was a British Chevening Scholar. He is also a Chartered Financial Analyst (CFA). He is based in Pengana’s Singapore office.
	Kate Akrawintawong - Analyst (Singapore) Kate joined Pengana in October 2009 and brings with her experience on both the buy and sell side in London and Asia. More recently, she was a market risk analyst with Credit Suisse in Singapore working on Basel II related Incremental Risk Charge Project. Prior to that, she was managing risk exposures with focus on emerging markets-fixed income funds for Black River Asset Management in London. Kate holds a Masters degree in Finance and Investment from Queen Mary, University of London and has completed the first level of the Chartered Financial Analyst (CFA) accreditation. She is based in Pengana’s Singapore office.

Reports

Ratings and Independent Research

Awards

Winner - Best Emerging Manager, Australian Hedge Fund Awards 2010

Unit Prices

Pengana Asia Special Events Offshore Fund - Antonio Meroni

* CUM price
** Ex distribution