The Pengana Global Bond Fund uses a multi-manager approach, investing with investment specialists in different debt asset classes to produce a global diversified portfolio. It provides clients with an exposure to asset classes and specialist fund managers that they may not be able to access if investing directly.
The Fund currently invests in government issued securities of developed and emerging markets, corporate debt, mortgages, bank loans and cash. The allocations are made within ranges to allow the Fund to take advantage of investment opportunities and manage risk.
The exposure to international investments is hedged back into Australian dollars to reduce the Fund’s exposure to currency risk.
The Fund uses a multi-manager strategy investing in six distinct fixed income sectors. The investment objective is to outperform, on an after fees basis and assuming distribution reinvestments, the Barclays Global Aggregate Index over rolling 5 year periods while emphasising consistency and capital preservation.
Pengana believes that the multi-manager approach is appropriate in global bonds due to the very different characteristics of each asset class and the different skills required to manage them. The underlying fund managers may be boutiques operating in niche areas or larger managers leveraging scale and resource advantages.
The underlying managers’ investment styles are selected to take full advantage of investment opportunities while reducing the cyclicality of the return evident in some fixed income sectors. The underlying managers may adopt an absolute return approach or employ relative value strategies.
If Pengana does not believe ‘alpha’ (value added above the benchmark or target) can be generated consistently in a sector, or it is too expensive, a passive management style is adopted. Such an approach provides exposure to the sector at minimal cost to the investor.
The asset allocation of the Fund will generally be managed in keeping with the following investment guidelines:
| Asset Class | Allocation Range |
|---|---|
| Global Government Bonds | 0 – 50% |
| Global Investment Grade Corporate Credit | 0 – 30% |
| Mortgages | 0 – 30% |
| Senior Secured Bank Loans | 0 – 20% |
| Emerging Market Sovereign Debt | 0 – 15% |
| Cash | 10 – 40% |
Pengana performs a rigorous research and monitoring process to select the most appropriate underlying fund managers. The process incorporates at least annual on site meetings with each manager and monthly monitoring of performance, risk and other significant developments as they relate to the management companies, investment teams or processes.
In selecting managers Pengana is able to draw upon its capabilities in risk management, operations and marketing, as well as its own experience as an investment manager. In addition Pengana may use external research houses to assist in the identification and assessment of potential underlying managers.
| Inception Date | May 2009 |
|---|---|
| Investment Universe | Global bonds and debt instruments |
| Type | Multi Manager |
| Structure | Australian Wholesale Fund |
| Applications | Monthly |
| Minimum Investment | A$100,000 |
| Withdrawals | Monthly |
| Management Fee | 0.25625% (including G.S.T.) |
| Performance Fee | 10.25% of NAV above benchmark (including G.S.T.) |
| Benchmark | Barclays Global Aggregate Index |
| Distribution | Annual |
| Performance report | June 2010 | Click to view |
|---|
| Investor update | June 2009 | Click to view |
|---|
| Date | Application | Redemption | Distribution ($) | History |
|---|---|---|---|---|
| 31/05/2010 | 1.1240 | 1.1218 | Click to view |
Please note that the Fund is currently only available to Wholesale Clients (also sometimes known as “Sophisticated Investors”), and the minimum initial investment amount is A$100,000. Australian and New Zealand residents may wish to view the definition of a Wholesale Client here.
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 Information Memorandum 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 Information Memorandum.
Please supply the investor-type relevant Wholesale Client’s accountant’s certificate with your application. Templates of this certificate are available from a member of our distribution team listed below.
In order to comply with regulations aimed at the prevention of money laundering and counter terrorism financing, which came into effect on 31 January 2008, we are now required to obtain more detailed identification information from any new investors into the Pengana funds. Please refer to the below section “New Application Requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006” for further information and the forms which are now required.
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 (in addition, if the previous Wholesale Investor Certificate which you provided is over two years old, you will also need to provide an updated Wholesale Investor Certificate). 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.
| Financial Services Guide (FSG) | Click to view I have read the Financial Services Guide |
|---|---|
| Information Memorandum (IM) | Click to view |
If you would like a copy of the Information Memorandum posted to you, please email your name and address to: operations@pengana.com
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
Advisors: Justin Brooks, +61 3 8663 7906, justin.brooks@pengana.com
In order to comply with regulations aimed at the prevention of money laundering and counter terrorism financing, which came into effect on 31 January 2008, we have prepared the “Know Your Customer Information” forms set out below. You will find separate forms for different types of investors, such as Individual/Sole Trader, Company, Trust (Including SMSF) and Other Organisation.
We must receive the relevant completed form and any additional verification information identified in the form before we can accept any applications from new investors into the Pengana funds.
If we have not received the completed relevant “Know Your Customer Information” 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.
Any new direct investors, or existing investors who wish to invest directly into any Pengana fund under a different investor name or entity, are required to provide the relevant “Know Your Customer Information” form.
Please note that we do not require a completed form from any existing investor in the Pengana funds, provided the investment is made in the same name. This includes existing investors who are topping up their investment in a Pengana fund or investing into another Pengana fund.
Due to the complex nature of the application of the new regulations to the fund manager / platform provider as well as fund manager / margin lender relationship, please refer to your platform provider or margin lender in the first instance as to whether you may be required to supply a Pengana “Know Your Customer Information” form with your application.
| Know your Customer Information - Individual/Sole Trader | Click to view |
|---|---|
| Know your Customer Information - Trust (including SMSF) | Click to view |
| Know your Customer Information - Company | Click to view |
| Know your Customer Information - Other Organisation | Click to view |
If you have any queries regarding the anti-money laundering regulations or “Know Your Customer Information” forms, please contact our Operations Team on +61 2 8524 9900 or operations@pengana.com.
For product information and sales please contact a member of our Distribution Team -
Institutional Clients: Denis Carroll, +61 2 8524 9974, denis.carroll@pengana.com
Private Clients: Juliet Dunworth, +61 2 8524 9984, juliet.dunworth@pengana.com
Advisors: Justin Brooks, +61 3 8663 7906, justin.brooks@pengana.com