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Pengana Emerging Companies Fund April 2014 Update

Fund Commentary
During April our Fund fell by 2.0%1, underperforming the Small Ordinaries Index by 0.8% and underperforming the Small Industrials Index by 0.8%. Over the twelve months to April, the Fund is up 12.5%1, which is 10.4% above the Small Ordinaries and 5.5% above the Small Industrials.
Global markets were mixed during the month, with the US market rising 0.7% and Japan’s index falling 3.5%. The Australian market rose 1.8%, driven by property trusts and utilities, however smallcap stocks fell 1.2% due primarily to a correction in stocks with higher valuations in line with a recent correction in the NASDAQ index in the US.
Within our portfolio we saw a correction in some stocks such as Capitol Health and G8 Education which have been particularly strong over the prior 12 months (up 250% and 140% respectively). Such a correction is not a major surprise given the strength of late, and does not indicate a major shift in the investment thesis.
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