The Pengana Australian Equities Fund aims to enhance and preserve investor wealth over a 5 year period1 via a concentrated core portfolio of principally listed Australian securities. The Fund is managed out of Sydney, Australia and uses fundamental research to evaluate investments capable of generating the target return over the medium term. Essentially we are in the business of seeking to preserve capital and make money – We are not in the business of beating the market.
Since inception of the Fund on the 1st of July 2008 the Fund has generated a return of 12.4%2 p.a., rewarding investors with 8.8%2 p.a. above the Reserve Bank Cash Rate of 3.6% p.a. and against a backdrop of returns from the Australian All Ordinaries Accumulation Index ("the Share Market") of 5.7% p.a. over the same period. Importantly the Fund has maintained its track record of capital preservation in Real terms (greater than inflation) in Australian Dollars, in every year since inception.
The Fund had a strong month closing up 1.1%. By way of comparison the Share Market was up 0.6% and the RBA cash rate remained at record lows (+0.2%). This is particularly pleasing given the Fund’s defensive positioning.
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