Pengana Global Resources Fund
Awards
Finalist - AIMA Australian 2008 Hedge Fund Awards (Best Emerging Manager)
Fund Overview
The Pengana Global Resources Fund provides investors with equity exposure to companies within the global mining, energy, steel, commodities and associated services sectors. The Fund is managed out of Melbourne, Australia and uses multiple strategies to profit from inefficiencies in the pricing of companies in its investment universe. Among the strategies utilised by the Fund is the ability to be both long and short securities which allows market volatility to be better managed.
Performance
Accumulated Fund and Comparative Benchmark Performance Since Inception to end June 2010
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Pengana Global Resources Fund
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Composite Index: 75% HSBC Global Mining Total Return Index, 25% MSCI World Energy Index, denominated in AUD
Performance figures are shown after all fees and expenses and assume reinvestment of distributions. The inception date of the Fund is March 2007. The performance figures for the period March 2007 to 30 June 2007 reflect the performance of an internal fund seeded by Pengana Capital and have been calculated by Pengana Capital. Past performance is not a reliable indicator of future performance. The value of investments can go up and down.
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Pengana Global Resources Fund
-
Composite Index: 75% HSBC Global Mining Total Return Index, 25% MSCI World Energy Index, denominated in AUD
Performance figures are shown after all fees and expenses and assume reinvestment of distributions. The inception date of the Fund is March 2007. The performance figures for the period March 2007 to 30 June 2007 reflect the performance of an internal fund seeded by Pengana Capital and have been calculated by Pengana Capital. Past performance is not a reliable indicator of future performance. The value of investments can go up and down.
Performance figures are shown after all fees and expenses and assume reinvestment of distributions. The inception date of the Fund is March 2007. The performance figures for the period March 2007 to 30 June 2007 reflect the performance of an internal fund seeded by Pengana Capital and have been calculated by Pengana Capital. Past performance is not a reliable indicator of future performance. The value of investments can go up and down.
The Fund invests in global listed resource securities, and has been developed to provide investors with a long short exposure to mining, energy, steel, commodities and associated services. It is designed to profit from mis-pricing of liquid large caps, the best opportunities in small and mid caps, and event driven activity. The investment strategy relies primarily on fundamental company research and an understanding of the markets in which the companies operate.
The Fund may invest “long” (i.e. the purchase of securities which the Investment Manager believes will appreciate in value) and “short” (i.e. the sale of securities which the Investment Manager believes will depreciate in value). It may therefore benefit from securities increasing or decreasing in value.
The Fund employs four core investment strategies:
- Pairs trading: the purchase of one company and sale of a related company (a “Pair”). The Fund seeks to gain from changes in the relative price of the two companies.
- Directional Long and Short: Long and Short positions in large and medium sized companies.
- Small Cap: Long positions in small sized companies.
- Event Driven: Long and Short positions to take advantage of opportunities resulting from corporate events such as mergers or acquisitions.
The portfolio construction process aims to incorporate the best investment ideas with appropriate levels of diversification so that the Fund’s investment objectives are achieved. Index and stock derivatives are used to reduce risk (i.e. hedge) or gain exposure to investments.
The application of sound risk disciplines is a key to adding value to the Fund. Investment guidelines include investing up to a maximum of 20% of the Fund’s net asset value in any single long position, and up to 10% in any short position. The Fund’s net exposure will be kept between -50% and 100% of the Fund’s net asset value, and the gross exposure below 200%.
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Ric Ronge - Fund Manager
Ric joined Pengana in November 2006 to establish the Pengana Global Resources Fund. Ric was previously employed as a Senior Executive at GRD Limited, an ASX 200 resource contracting and development company. Prior to this he was an Investment Manager at County / Invesco for over ten years, specialising primarily in mining and energy. At the end of this period the County / Invesco Australian equity fund was top quartile over one, three and five years. In addition, Ric has over four years experience as a rated stock-broking analyst at Swiss Bank Corporation Australia as well as Burdett Buckeridge and Young, covering the gold sector and smaller miners. Ric is a trained Geophysicist and has industry experience primarily in the oil sector. He has a Bachelor of Science with Honours and Bachelor of Economics from Monash University.
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Tim Schroeders - Analyst and Portfolio Manager
Tim joined Pengana Capital in October 2007 as an analyst and portfolio manager. From December 2003 to September 2007 Tim worked for InvestorWeb Research – the research division of IWL Limited – formerly an ASX listed financial services company (now taken over by Commonwealth Bank of Australia). At InvestorWeb Research, Tim was General Manager – Equities Research. In that role he was responsible for co-ordinating equities research, equities strategy and company specific research in a variety of sectors including Materials and Energy. Previously Tim worked at County Investment Management for 11 years in a variety of roles including equity dealer, analyst and Investment Manager – Head of Resource Equities.
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| Fund Style |
Resource securities including mining, energy, steel, commodities and related services |
| Fund Objective |
To achieve an average 15% p.a. return over the economic cycle after deduction of ongoing management costs. |
| Fund Benchmark/Index |
Composite Index: 75% HSBC Global Mining Total Return Index, 25% MSCI World Energy Index, denominated in AUD |
| Inception Date |
March 2007 |
| Management Fees1 |
1.54% per annum of the Net Asset Value of the Fund (including GST net of RITC). |
| Performance Fees1 |
20.5% (including GST net of RITC) of any return the Fund which is greater than the return of the Index after deduction of management fees and adjusted for applications, redemptions and distributions to investors |
| Buy / Sell Spread |
0.30% each on applications and redemptions |
| Investors |
Wholesale and Retail |
1 Plus GST and net of reduced input tax credits. Please refer to the information memorandum for a more detailed explanation.
Pengana Global Resources Fund
| Date |
Application A$ |
Redemption A$ |
Distribution A$ |
History |
| 28/07/2010 |
1.6692 |
1.6591 |
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Click to view
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Please note that for the period of March 2007 to July 2007 no unit prices are available for this product as the Fund was run as an internal fund seeded by Pengana Capital only. Performance data for this period is available as calculated by Pengana Capital.
* 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.
