Pengana Asian Equities Fund
Fund Overview
The Pengana Asian Equities Fund (the “Fund”) provides investors with equity exposure to companies within the Asia Pacific region. The Fund is managed out of Sydney, Australia, and supported by the Pengana Asia Research team based in Singapore. The Fund utilises the core strategy to be both long and short securities, to better manage market volatility and to seek absolute returns.
Performance
Accumulated Fund and Comparative Benchmark Performance Since Inception to end June 2010
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Pengana Asian Equities Fund
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MSCI AC Asia Index (A$, gross)
- The performance of the Pengana Asian Equities Fund is net performance after all fees and charges, and assuming reinvestment of all income. Past performance is not a reliable indicator of future performance.
On 22 April 2009 the Fund expanded its investment universe from the Asia region to the Asia Pacific region.
- The performance of the Pengana Asian Equities Fund is net performance after all fees and charges, and assuming reinvestment of all income. Past performance is not a reliable indicator of future performance.
On 22 April 2009 the Fund expanded its investment universe from the Asia region to the Asia Pacific region.
The Fund principally invests in a portfolio of listed (and proposed to be listed) Asia Pacific securities. The Fund may also invest in securities which are listed (and proposed to be listed) on exchanges outside the Asia Pacific region where the relevant entity has substantial operations in the Asia Pacific region. The Fund seeks to offer investors participation in the region’s superior growth with protection from short term volatility.
China and India have entered an era of economic transformation to become amongst the world’s most influential economies. This transformation is expected to drive the Asia Pacific region to produce much stronger economic growth in coming years compared to other regions. However, investing in Asian equity markets is often associated with high volatility due to the markets’ liquidity-driven nature and the region’s highly cyclical economic structure.
In order to generate long-term sustainable returns, the manager believes it is essential to understand how to protect against downside risks and reduce short-term volatility. Through prudent management of equity and currency exposure, the Fund aims to achieve its investment objective of generating sustainable returns through market cycles by reducing volatility during the market’s down-cycles whilst participating during the up-cycles.
Philosophically, the manager believes that markets behave irrationally at times, either under-or over-estimating the growth potential and risk profile of certain companies or sectors. This can lead to mispricing of listed securities, which may offer attractive opportunities for experienced and disciplined investors, with a strong focus on fundamentals and valuations, to establish either long or short positions.
The Fund employs a fundamental Long/Short equities strategy, combining a bottom-up fundamental approach for stock selection with a macro and technical overlay. In order to reduce short term volatility, the Fund may implement hedging strategies by short selling index futures and individual securities. Shorting of individual stocks is also used to generate alpha. The Manager may also make use of leverage. While the Fund does not systematically hedge its currency exposure, it does actively manage that exposure.
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Diane Lin - Fund Manager
Diane joined Pengana to establish the Pengana Asian Equities Fund in 2008. Diane brings to Pengana over 16 years of experience in financial services and funds management, with a particular focus on Japanese and Asian equities. Prior to joining Pengana, Diane was the Head of Asian and Japanese Equities for Perennial Investment Partners, where she led the Asian Equity Investment Team and managed the Perennial Japan Fund and Perennial Asia ex-Japan as well as the Rubicon Asia Fund, a Pan-Asia long short equity strategy. Before moving to Australia in 1998, Diane worked in London, UK, for five years, first with Nomura International plc, and then with Union Bank of Switzerland (UBS), responsible for managing Asia-related equity portfolios for private clients. After moving to Australia, Diane has continued to apply her in-depth understanding of Asia, its economies and its financial markets to the management of regional investment portfolios, first at Platinum Asset Management as an Equity Analyst/Portfolio Manager, responsible for financial market analysis and identification of investment opportunities in Japan, and then with Perennial Investment Partners. Diane’s fluency in English, Japanese, Mandarin and Cantonese, combined with her cultural affinity with Japan and China continues to give her preferential access to major sources of investment information in regional markets, a key asset in the complex, idiosyncratic and rapidly evolving Asian investment environment. Diane holds a B.A. in Economics from Osaka University, Japan.
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Charles Stodart- Fund Manager
Charles joined Pengana to establish the Pengana Asian Equities Fund with Diane Lin in 2008. Charles brings to Pengana over 14 years of experience in global equities analysis and funds management, with a significant focus on Asia and Japan. Prior to joining Pengana, Charles worked for Perennial Investment Partners, initially as a Senior Investment Analyst researching International Equities, including Asia and with particular focus on the telecom and technology sectors. In 2004, Charles was given portfolio management responsibilities for some of Perennial’s international client portfolios, including the Rubicon Global Fund, a global long short equity strategy. Subsequently, Charles became deputy Portfolio Manager for the Asian Equity Investment Team, which managed the Perennial Japan Fund and Perennial Asia ex-Japan Fund as well as the Rubicon Asia Fund, a Pan-Asia long short equity strategy. Before coming to Australia in 2000, Charles spent five years at Murray Johnstone Ltd, a Glasgow-based investment firm with GBP4 billion of funds under management. He initially spent two years on the North American team, before moving to the Japanese desk, first as an Assistant Investment Manager, analysing and researching companies across a wide range of industries, and then as Investment Manager, with regional responsibility for several funds, including the company’s flagship International Trust. Charles is a CFA charterholder and has a Masters Degree from St Andrews University in Scotland.
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Tim Shaw - Fund Manager
Tim Shaw joined Pengana in 2007, bringing with him 16 years of experience in investment banking and funds management. Prior to joining Pengana, Tim was Co-head of Real Estate Investment Banking, Australia at Deutsche Bank, where he was responsible for client coverage across the Australian listed real estate sector. Tim gained eight years experience in REIB at Deutsche Bank through his involvement in a broad range of M&A, Equity Capital Markets, Hybrid, FX and Rates transactions across the LPT sector. Prior to his role at Deutsche Bank, Tim was part of Macquarie Bank’s investment banking division, working in Sydney and Melbourne as well as in Singapore. During his career at Macquarie, Tim focussed on project finance as well as real estate. From his experience Tim brings to the team comprehensive knowledge of bank operations and a broad understanding of real estate investment and development within the Asia-Pacific region. Combining this with relationships across management teams and financiers in the region, gives Tim strong insights into the future direction of the financial sector. Tim has a Bachelor of Commerce (Finance) and Bachelor of Laws from the University of New South Wales.
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Elan Miller - Fund Manager
Elan joined Pengana in 2005, bringing with him thirteen years of hedge fund experience, managing equity-orientated non-directional and arbitrage portfolios. At Pengana, Elan has a particular responsibility for hedge fund strategies and the construction of a regional portfolio through relative value, pairs trades, holding company structures and directional exposure strategies. He also has responsibility for Australia. Prior to joining Pengana, Elan had a long career within South African financial services group Sanlam’s investment banking arm Gensec, initially as trader/analyst and then as a hedge fund arbitrage manager and proprietary trader, both in South Africa and from 2001 in Ireland, with his responsibilities expanding to that of portfolio manager of the domestic and international multi-strategy hedge funds. During this time, Elan initiated and expanded an internal hedge fund, diversifying its exposure across all major South African domestic sectors, from 2001 onwards, expanding its reach geographically to take advantage of global investment opportunities. Elan holds a Bachelor of Business Science degree from the University of Cape Town, South Africa.
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Tobias Yao - Investment Analyst
Tobias Yao was born and raised in Shanghai, China. He is fluent in Mandarin and has an intimate understanding of Asian business cultures and practices. In addition, Tobias has lived and studied in a number of other regions and countries, including the United Arab Emirates, South Africa and New Zealand. He now resides in Australia. Prior to joining Pengana, Tobias was a consultant in the Valuation and Business Modelling Division of Ernst & Young Transaction Advisory Services. In this role, he was involved in the valuation of companies and assets both in Australia and overseas. Tobias also took charge of building and reviewing financial models. In addition to his role at Ernst & Young, he gained hands-on investment experience working in the Asset Management division of Goldman Sachs JBWere. Tobias graduated from the University of New South Wales with a Commerce Cooperative Scholarship, majoring in Accounting and Finance. He was also a recipient of the CFA Institute Student Scholarship and is currently pursuing CFA Level 2. At Pengana, Tobias’ main role is to provide investment research, modelling and analysis, liaise with external parties and other day-to-day tasks.
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Pengana Asian Equities Fund
| Date |
Application A$ |
Redemption A$ |
Distribution A$ |
History |
| 29/07/2010 |
1.0500 |
1.0448 |
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Click to view
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The performance of the Pengana Asian Equities Fund is net performance after all fees and charges, and assuming reinvestment of all income. Past performance is not a reliable indicator of future performance.
On 22 April 2009 the Fund expanded its investment universe from the Asia region to the Asia Pacific region.
* CUM price
** Ex distribution
Investors can either invest directly into the Fund via the Product Disclosure Statement (PDS) or indirectly via a Wrap / Master Trust provider. The minimum direct investment is A$20,000.
The Financial Services Guide is an important document that tells you about the services and products that Pengana Capital Limited is authorised to provide to you under the Australian Financial Services Licence. Please ensure you have read this document prior to downloading the Product Disclosure Statement below.
In order to make an investment in this Fund, please fill in, sign and submit an application form which can be found in the Product Disclosure Statement.
Should you wish to make on additional investment in the Fund, please send a formless fax or letter to the registry contact stated on the application form, informing them of the amount you wish to invest along with your name(s), the account details your funds will be coming from and your investor number. This document must be signed by all original applicants. A standard electronic transfer into the Fund’s account is sufficient to finalise the application of additional funds. Alternatively, you can post a cheque, made payable to the Fund’s account as stated on the application form.
If you would like a copy of the Product Disclosure Statement posted to you, please email your name and address to: operations@pengana.com
We must receive the completed application form and any additional verification information specified in the application form before we can accept any applications from new investors into the Pengana funds.
If we have not received the completed application form and any additional verification information required within two weeks of receiving the original application (or longer if the compliance officer agrees) then we will have to refuse the application and return the application monies without any interest payment.
For any questions regarding the application process please contact:
Institutional Clients: Denis Carroll, +61 2 8524 9974, denis.carroll@pengana.com
Private Clients: Juliet Dunworth, +61 2 8524 9984, juliet.dunworth@pengana.com
Retail Clients & Advisors: Justin Brooks, +61 3 8663 7906, justin.brooks@pengana.com
