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The increasing bifurcation in valuation multiples between ‘market darlings’ and what may unkindly be called the ‘plodders’ continues to offer opportunities to build a quality portfolio with a large margin of safety. The recent reporting season provided important investment thesis validation points for the portfolio holdings.
Rhett Kessler, Senior Fund Manager of the Pengana Australian Equities Fund shares key findings from reporting season. He also reviews some of the recent purchases and sales, performance, the portfolio’s positioning based on his views of the risks and opportunities in the market and highlights those areas to be wary of as well as those areas where the Fund is currently finding value.
You can download the accompanying presentation slides here.