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Pengana Emerging Companies Fund August 2014 Update

During August our fund rose by 4.9%2, outperforming the Small Ordinaries Index by 2.6% and outperforming the Small Industrials Index by 1.2%. Over the twelve months to August, the Fund is up 22.0%2, which is 14.5% above the Small Ordinaries and 9.8% above the Small Industrials.
Global markets were strong in August, led by the US market which rose 4.0%, taking its gain to 10% so far this calendar year. Domestically, the Australian market rose 0.6%, driven by healthcare, telcos, energy and industrials. The resources sector fell sharply, primarily on the back of further weakness in the iron ore price. Smallcap stocks rose 2.3%, again driven by industrials strongly outperforming the resources sector.
We are particularly pleased with our strong performance during August, which is dominated by the official release of most companies’ annual results. Share prices are driven by fact rather than other technical factors. In summary, results from our larger shareholdings were very strong with notable performances from M2 Group, Infomedia, Slater & Gordon, Veda, and IOOF Group. We were also encouraged by strong inaugural results from a number of our newer additions which floated recently, including Burson Group, Intueri, Isentia and Mantra Group. The only disappointment was a small holding in Transpacific Industries which continues to grind through an awkward recovery, resulting in us selling the position until more clarity emerges.
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