Pengana Absolute Return Asia Pacific Fund

The Pengana Absolute Return Asia Pacific Fund aims to deliver consistent returns that are uncorrelated with traditional asset classes, by exploiting inefficiencies in share prices caused by significant corporate events in the Asia-Pacific region including Australia.


KEY BENEFITS

  • Aims to have a low correlation to traditional asset classes, which can enhance diversification and risk benefits in portfolio construction
  • Aims to deliver low volatility through controlled risk management
  • Aims to generate investment returns more through manager skill than market exposure
  • Provides exposure to corporate activity in the Asia-Pacific region
  • Track record of six* years with focus on capital preservation and downside protection

 

WHO THE FUND SUITS

  • Investors looking for genuine portfolio diversification benefits to other equities investments.
  • Investors looking for a skill based strategy that aims to deliver absolute returns with low market exposure.
  • Investors seeking a truly active investment approach.
  • Investors with an investment time horizon of at least five or more years.


FUND OBJECTIVE

The Fund aims to generate a net annualised return of 10%–20% regardless of market direction, with low volatility and low correlation with Asia-Pacific stock markets.



INVESTMENT PHILOSOPHY

  • The philosophy of the Fund is based on seeking consistent superior investment returns for investors rather than returns driven by the general direction of equity markets.
  • The investment manager believes that corporate events can create market inefficiencies and aims to understand the investment opportunities that these events create.


INVESTMENT STRATEGY

  • The Fund uses two primary investment strategies to participate in corporate events – event-driven or catalyst-driven strategies and relative-value strategies.
  • The Fund employs an active fundamental stock selection process based on proprietary models.
  • The portfolio construction process attempts to control risk by maintaining low exposure to relative market movements and other broad risk factors.
  • Stock positions may be either long or short and leverage may be used.





*Includes the prior track record of the RHA Asia Special Events Fund. Antonio Meroni, the Senior Manager for the Fund, was also the Senior Manager for the RHA Asia Special Events Fund. The Fund and the RHA Asia Special Events Fund have the same investment strategy.

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FUND FACTS

APIR Code
PCL0004AU
 
Inception Date
September 2010 (strategy has been running since October 2008)
 
Minimum Investment
$20,000
 
Recommended Investment Timeframe
Five or more years
 
Benchmark
RBA Cash Rate Target
 
Management Fee (incl. GST)
1.50% p.a. of the Net Asset Value of the Underlying Fund
 
Performance Fee#(incl. GST)
20.5% of any increase in the Net Asset Value of the Fund which is greater than the cash rate hurdle and less any prior loss carried forward and adjusted for applications, redemptions and distributions to investors.
 
Buy/Sell Spread
Currently the Fund does not charge a buy/sell spread on applications and redemptions
 
Entry/Exit Fees
Nil
 
Fund Pricing
Monthly
 
Distribution Frequency
Annually within 60 days of 30 June each year
 
Fund Capacity
$500m
 
Typical number of positions
30–40
 
FUND RATINGS*
Lonsec Rated
Zenith Rated

CONTACTS

Investor Services
Phone 1300 738 355
 
Email
info@nabam.com.au
 
Adviser Services
Please contact your NAB Asset Management Investment Specialist
 

AVAILABILITY

  • BT Wrap
  • Direct $20,000
  • Macquarie Wrap
  • NetWealth
  • Hub 24
  • Mason Stevens
  • MLC Wrap
  • MLC Navigator

PRINCIPAL PORTFOLIO MANAGER

Antonio Meroni

Antonio is the Senior Fund Manager for the Pengana Absolute Return Asia Pacific. He has over 23 years experience in financial markets including 14 years experience in Asian equities and convertible bond markets having worked in senior positions in Singapore, Tokyo, Zurich, Milan and London.

Previously, Antonio was a Senior Portfolio Manager at Rubicon Asset Management where he managed the RHA Asia Special Events Fund. He has also held Senior Portfolio Management positions at Credit Suisse, Von Ernst Performa and Antiro Abacus.

Antonio has a degree in Business from the KV Zurich Business School and is a Chartered Financial Analyst (CFA).
Pengana Capital Ltd (ABN 30 103 800 568, Australian financial services license number 226566) is the issuer of units in the Pengana Absolute Return Asia Pacific Fund (ARSN 145 116 810) (the 'Fund'). A product disclosure statement for the Fund is available and can be obtained from our distribution team. A person should obtain a copy of the product disclosure statementand should consider the product disclosure statement carefully before deciding whether to acquire, or to continue to hold, or making any other decision in respect of, the units in the Fund. This report was prepared by Pengana Capital Ltd and does not contain any investment recommendation or investment advice. This report has been prepared without taking account of anyperson's objectives, financial situation or needs. Therefore, before acting on any information contained within this report a person should consider the appropriateness of the information, having regard to their objectives, financial situation and needs. Neither Pengana Capital Ltd nor its related entities, directors or officers guarantees the performance of, or the repayment of capital or income invested in, the Fund.

# Please refer to Product Disclosure Statement for more details.

* Zenith: The Zenith Investment Partners ("Zenith") ABN 60 322 047 314 rating (assigned September 2013)referred to in this document is limited to "General Advice" (as defined by the Corporations Act 2001)for Wholesale clients only. This advice has been prepared without taking into account the objectives,financial situation or needs of any individual. It is not a specific recommendation to purchase, sell orhold the relevant product(s). Investors should seek independent financial advice before making aninvestment decision and should consider the appropriateness of this advice in light of their own objectives,financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer documentbefore making any decision and refer to the full Zenith Product Assessment available on the Zenithwebsite. Zenith usually charges the product issuer, fund manager or a related party to conduct ProductAssessments. Full details regarding Zenith's methodology, ratings definitions and regulatory compliance areavailable on our Product Assessment's and at http://www.zenithpartners.com.au/RegulatoryGuidelines.

* Lonsec: The Lonsec Rating (assigned July 2014) presented in this document is published by LonsecResearch Pty Ltd ABN 11 151 658 561 AFSL 421445. The Rating is a "class service" (as defined in theFinancial Advisers Act 2008 (NZ)) or is limited to "General Advice" and based solely on consideration ofthe investment merits of the financial product(s). In New Zealand it must only be provided to "wholesaleclients" (as defined in the Financial Advisers Act 2008 (NZ)). Past performance information is for illustrativepurposes only and is not indicative of future performance. It is not a recommendation to purchase, sellor hold Pengana product(s), and you should seek independent financial advice before investing in thisproduct(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update therelevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researchingthe product(s) using comprehensive and objective criteria. For further information regarding Lonsec'sRatings methodology, please refer to our website at: https://www.lonsec.com.au/aspx/Public/Documents/Ratings%20Definitions.pdf