For any questions regarding the application process please contact:
Institutional Clients: Justin Brooks, +61 3 8663 7906, justin.brooks@pengana.com
By downloading the PDS you acknowledge that you have read the FSG
For product information and sales please contact a member of our Distribution Team -
Australia: Justin Brooks (National Distribution Manager) on +61 3 8663 7906 or justin.brooks@pengana.com
New Zealand: Martin Allison (New Zealand Representative) on +64 9 919 7407 or on martin.allison@craigsip.com
The Pengana Emerging Companies Fund seeks to combine the skills of highly experienced small company investors (collectively 33 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.
| Winner - Financial Review smart investor Blue Ribbon Awards 2010 (Australian Small-Cap Shares) |
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| Winner - Money Magazine Best Smaller Companies Fund 2009 |
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| Winner - Money Management/Lonsec Fund Manager of the Year 2008 (Australian Equities - Small Cap) |
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| Winner - Standard & Poor's Fund Awards 2007 (Australian Equity - Small Caps) |
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| Finalist - Money Management/Lonsec Fund Manager of the Year 2010 (Australian Equities - Small Cap) | |
| Finalist - Standard & Poor's Fund Awards 2009 (Australian Equity - Small Caps) | |
| Finalist - Money Management/IMCA Fund Manager of the Year 2007 (Australian Shares (Small Cap)) |
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| Finalist - Money Management/IMCA Fund Manager of the Year 2006 (Australian Shares (Small Cap)) |
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| Highly Commended - Financial Review smart investor Blue Ribbon Awards 2009 (Australian Small-Cap Shares) |
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| Runner Up - Money Management/Lonsec Fund Manager of the Year 2011 (Australian Equities - Small Cap) |
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| Fund Name and Comparative Benchmarks | 1 mth | 3 mths | 6 mths | 1 year | 3 yrs p.a. | 5 yrs p.a. |
Since
Inception p.a. |
Latest Report |
|---|---|---|---|---|---|---|---|---|
| Pengana Emerging Companies Fund | -4.3% | -2.6% | -11.8% | -14.7% | 19.0% | 0.9% | 11.3% | Click to view |
| S&P/ASX Small Industrials Accum. Index | -2.3% | 0.0% | -10.4% | -12.7% | 8.9% | -8.0% | 0.1% | |
| Outperformance | -2.0% | -2.6% | -1.3% | -1.9% | +10.0% | +9.0% | +11.3% | |
| S&P/ASX Small Ordinaries Accum. Index | -4.3% | -0.6% | -12.3% | -21.4% | 11.9% | -5.2% | 3.6% | |
| Outperformance | -0.0% | -2.0% | +0.5% | +6.7% | +7.1% | +6.1% | +7.8% |
Performance figures are shown after all fees and expenses and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance. The value of investments can go up and down.
* Fund inception date November 2004. The fund does not invest in resource stocks
Pengana Emerging Companies Fund
S&P/ASX Small Industrials Accum. Index
S&P/ASX Small Ordinaries Accum. Index
*Performance figures are shown after all fees and expenses and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance. The value of investments can go up and down.
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:
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 ManagerSteve 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 ManagerEd 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). |
| 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 (after all ongoing management costs have been deducted) |
| 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 (after all ongoing management costs have been deducted) |
| Buy / Sell Spread | 0.3% each on applications and redemptions |
| Fund Raising | The Product Disclosure Statement for the Pengana Emerging Companies Fund (Dated 11 August 2010) states that “Pengana must close the Fund when Fund assets reach 0.5% of Index capitalisation”. It is our intention to continue to manage the capacity of the Fund to approximately 0.5% of the Index capitalisation. However, it is possible that we may marginally exceed this level for a period due to unexpected index changes or cashflows. Notwithstanding this we will continue to actively manage the capacity of the Fund in the best interest of all investors and to maintain the integrity of our investment approach. |
| Entry / Exit Fee | Nil |
| Distribution | Half yearly (end June and December) |
| Minimum Initial Investment Amount | $25,000 direct. Lower amounts apply for investments via a platform. |
| Performance report | November 2011 | Click to view |
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| Quarterly review | December 2011 | Click to view |
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| Market update | Special Report on Takeover Activity | Click to view |
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| Fact sheet | September 2009 | Click to view |
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| Financial report | June 2009 | Click to view |
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| Investor update | June 2010 Tax Distribution | Click to view |
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| Date | Application A$ | Redemption A$ | Distribution A$ | History |
|---|---|---|---|---|
| 02/02/2012 | 1.8176 | 1.8067 | Click to view |
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
Please confirm that you are a Financial Adviser:
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|---|---|---|
| Mercer | Please Refer to the Research House for the Rating | |
| Morningstar | Please Refer to the Research House for the Rating | |
| Standard &Poor's | 4 Stars* |
Click to view
Please confirm that you are a Financial Adviser:
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| van Eyk | Please Refer to the Research House for the Rating |
*To the extent that any ratings, opinions or other information of Standard & Poors Information Services (Australia) Pty Ltd (ABN: 17 096 167 556, Australian Financial Services Licence Number: 258896) (Standard & Poors) constitutes general advice, this advice has been prepared by Standard & Poors without taking into account any particular persons financial or investment objectives, financial situation or needs. Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Past performance is not a reliable indicator of future performance. Ratings can change or cease at any time and should not be relied upon without referring to the meaning of the rating. For more information regarding ratings please call S&P Customer Service on 1300 792 553 and also refer to Standard & Poors Financial Services Guide at www.fundsinsights.com. Each analytic product or service of Standard & Poors is based on information received by the analytic group responsible for such product or service. S&P and Standard & Poors are trademarks of The McGraw-Hill Companies, Inc. 2010 Standard & Poors Information Services (Australia) Pty Limited.
**By viewing the Lonsec report you acknowledge that you are a financial adviser.
1. Read the Financial Services Guide and then the current Product Disclosure Statement (PDS):
2. Complete the Application Form found in the PDS (choose from the list below)
3. Send the completed Application Form and required Anti Money Laundering (AML) identification document(s) to the Administrator:
BNP Securities Services
PO Box R209
Royal Exchange NSW, 1225
Attention: Unit Registry,
Pengana Emerging Companies Fund
Due to AML legislative requirements, we cannot accept an ‘Application Form for New Investment’ by facsimile or email.
4. Transfer funds to Pengana
Transfer your application monies:
In addition, if you are paying the application monies by EFT or direct deposit you must ensure your investor name is recorded as a narrative on the payment. You will also need to advise us prior to the processing cut-off time (2pm each business day) so that we can identify your money.
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