Pengana Emerging Companies Fund
Awards
Winner - Standard & Poor's Fund Awards 2007 (Australian Equity - Small Caps)
Winner - Money Magazine Best Smaller Companies Fund 2009
Winner - Money Management/Lonsec Fund Manager of the Year 2008 (Australian Equities - Small Cap)
Finalist - Money Management/IMCA Fund Manager of the Year 2007 (Australian Shares (Small Cap))
Finalist - Money Management/IMCA Fund Manager of the Year 2006 (Australian Shares (Small Cap))
Highly Commended - Financial Review smart investor Blue Ribbon Awards 2009 (Australian Small-Cap Shares)
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Finalist - Standard & Poor's Fund Awards 2009 (Australian Equity - Small Caps)
Finalist - Money Management/Lonsec Fund Manager of the Year 2010 (Australian Equities - Small Cap)
Fund Overview
The Pengana Emerging Companies Fund seeks to combine the skills of highly experienced small company investors (collectively 30 years experience) with a limited fund size to provide above market returns over the medium term. Our benchmark is the S&P/ASX Small Ordinaries Accumulation Index. The fund managers Steve Black and Ed Prendergast are part owners of the business and investors in the fund, providing a strong incentive to perform. The Fund has strong research ratings from all major research houses and over the period since its inception has delivered returns well above benchmark.
Performance
Fund inception date November 2004. Past performance is not a reliable indication of future performance.
* The fund does not invest in resource stocks
Accumulated Fund and Comparative Benchmark Performance Since Inception to end June 2010
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Pengana Emerging Companies Fund
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S&P/ASX Small Industrials Accum. Index *
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S&P/ASX Small Ordinaries Accum. Index
Pengana utilises a robust investment process that combines in depth fundamental research with disciplined portfolio construction and risk controls.
The following factors will be integral to our approach of identifying market inefficiencies in the pricing of small/mid cap securities:
- Active company visitation program and the maintenance of strong relationships with company management,
- Industry based feedback via unlisted companies,
- Close monitoring of the ownership structure of each company to help assess market sentiment of each stock,
- The maintenance of strong relationships with broker analysts,
- Discounted Cash Flow basis for valuation of all stocks using integrated earnings/cash flow/balance sheet models. Other valuation methodologies will also be deployed.
The portfolio manager aims to construct portfolios that incorporate the best investment ideas from Pengana’s research, with appropriate levels of diversification so that the portfolio’s return and risk targets are realised.
Pengana actively adjusts the investment mix and asset allocation of the Fund within certain risk limits. The investment mix may change significantly and quickly due to changes in investment markets caused by factors like, but not limited to, the level of interest rates, economic growth prospects and capital flows.
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Steve Black - Portfolio Manager
Steve is Co-manager of the Pengana Emerging Companies Fund. Steve was a partner of Goldman Sach JBWere before resigning to establish the Pengana Emerging Companies Fund in October 2004. In his previous role, Steve managed the award winning JBWere Emerging Leaders Fund for almost 7 years, a period over which the Fund delivered an average return of near 20% pa. The Fund was voted the number one emerging companies fund in Australia in 2000 and 2001 by Personal Investor magazine before being closed to new investment in November 2001. Steve has a Bachelor of Economics/Commerce from Melbourne University. He is a member of ASIA and CA (Institute of Chartered Accountants).
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Ed Prendergast - Portfolio Manager
Ed is Co-manager of the Pengana Emerging Companies Fund which he established with Steve Black in 2004. He was previously a Director at Citigroup, and Head of the Small Companies research team. In total, Ed spent 10 years researching small companies for stockbrokers – primarily at Citigroup and ABN Amro, and was top-ranked by BRW in 2003 and 2004. Ed has a Bachelor of Economics from La Trobe University and a Graduate Diploma in Applied Finance (SIA).
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| Fund Style |
Securities listed or soon to be listed on the Australian or New Zealand Stock Exchange (but not within the S&P/ASX 50 Leaders Index) |
| Fund Objective |
To obtain returns greater than the Index over rolling 3 year periods |
| Fund Benchmark |
S&P/ASX Small Ordinaries Accumulation Index |
| Inception Date |
November 2004 |
| Management Fees1 |
1.3325% |
| Performance Fees1 |
20.5% of the outperformance above the S&P/ASX Small Ordinaries Accumulation Index |
| Buy / Sell Spread |
0.3% each on applications and redemptions |
| Fund Raising |
Maximum of 0.5% of the S&P/ASX Small Ordinaries Index Capitalisation |
| Entry / Exit Fee |
Nil |
| Distribution |
Half yearly (end June and December) |
| Minimum Initial Investment Amount |
$25,000 direct. Lower amounts apply for investments via a platform. |
1All percentages are on a GST inclusive basis less applicable reduced input tax credits. Please refer to the Product Disclosure Statement for a more detailed explanation.
Pengana Emerging Companies Fund
| Date |
Application A$ |
Redemption A$ |
Distribution A$ |
History |
| 29/07/2010 |
1.7280 |
1.7176 |
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Click to view
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* CUM price
** Ex distribution
Applications, redemptions and unit prices for the Pengana Emerging Companies Fund are available on a daily basis. To obtain a copy of the unit pricing policy, please contact us by email on operations@pengana.com
| Lonsec |
Highly Recommended |
Click to view
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| Mercer |
Well Rated ** |
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| Standard &Poor's |
4 Stars |
Click to view
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| van Eyk |
A positive recommendation * |
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*van Eyk subscribers can refer to the actual rating and report at
www.iRate.vaneyk.com.au
**Refer Mercer Investment Consulting for details.
- ANZ Margin Lending
- Bank of Queensland Margin Lending
- BT Margin Lending
- Citi Leveraged Equities
- Colonial Geared Investments
- CommSec Margin Lending
- Goldman Sachs JB Were Margin Lending
- Macquarie Margin Lending
- nab Margin Lending
- St George Margin Lending
- Suncorp Margin Lending
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$25,000.
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
