Pengana boosts to $12 million
Pengana International Equities Limited (PIA) announces a half year profit after tax of $12 million following new strategies to deliver better long-term returns and a repositioned portfolio.
Investment returns for the half year to 31 December 2017 grew 190 per cent, reaching $20.7 million, compared to the negative investment return of -$23.1 million in the previous corresponding half.
Chairman of PIA, Frank Gooch, said although the new investment strategy has only been in place for just over six months, the outcome from the portfolio is entirely worth the 3.5 cents per share dividend.
Chief investment officer, Jordan Cvetanoviski, added that the portfolio remains well positioned to take advantage of opportunities as they arise.
“The repositioned portfolio benefited from excellent stock selection over the six month period, and generated strong returns despite relatively low exposure to ‘hot’ sectors, such as IT, and regions such as the USA and Asia,” he said.
Chief executive officer of Pengana Capital Group Limited, Russel Pillemer, said PIA’s portfolio has held up exceptionally well given the volatility in equity markets.
“Measures put in place by our portfolio management team, including prudent stock selection, a relatively high cash weighting, and put options on key indexes all served to protect PIA during the recent correction,” he said.
AUTHOR
Anastasia Santoreneos
Recommended for you
Blackwattle Investment Partners has hired a management trio from First Sentier Investors – who departed amid the closure of four investment teams last year – to run its first equity income offering.
Ausbil is to expand its active ETF range with two ASX-listed launches, one focusing on global small caps and one on listed infrastructure.
Up to 20 per cent of wealth and asset managers globally are set to be acquired in the next five years, according to Morgan Stanley, with focus expected to move to ‘inter-sector’ deals between industries.
Fidelity International has appointed Thomas Taw to the newly created role of head of ETF distribution for APAC, joining from a decade at BlackRock.
