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
First Sentier Investors chief executive, Mark Steinberg, is set to depart the asset manager after seven years.
Metrics Credit Partners has completed the acquisition of Taurus Finance Group and BC Investment Group as it looks to launch consumer lending arm Navalo.
AMP has announced to the ASX that it is being sued by property fund manager Dexus regarding the sale of its real estate and domestic infrastructure equity business.
Having seen inflows of US$5.6 billion to its fixed income funds in the last quarter, Janus Henderson has closed on a deal with life insurer Guardian to secure funds to boost its product development.
