Pengana FUM reaches $4b

Pengana Capital Group has seen funds under management (FUM) reach $4 billion while it declares a final dividend of 8 cents per share (cps).

In its full-year results for FY21, the firm said funds under management rose 27% to $4 billion compared to a 4% decline in the previous year.

Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 95% to $19.2 million thanks to the increased FUM and performance fees.

It declared a final dividend of 8 cps, up 100% on the previous year.

Chief executive, Russel Pillemer, said: “Pengana’s range of funds were well placed to not only participate in the recovery experienced by the general market, but also benefitted from the expertise of our fund management teams in highly volatile and uncertain times.

“The strong results were impacted by strategic initiatives undertaken in the business over the last three years, including: deliberate diversification of FUM; pursuit of higher margin products; and investments in sales and marketing capabilities.”

According to data from FE Analytics, strong results were seen by the firm’s Emerging Companies fund which returned 48% versus returns of 39% by the Australian Core Strategies (ACS) Australian small and mid-cap sector over one year to 30 June.

The High Conviction Equities fund also returned 40% versus returns by the ACS global equity sector of 28% over the same period.

Pillemer alluded to the firm seeing increases in its FUM in “high demand” themes such as global equities; environmental, social and governance (ESG); ethical and impact investing; and private equity.

“Our profitability is highly leveraged to growth and we have an efficient and highly scalable infrastructure that is capable managing much larger FUM with minimal additional expenses,” he said.

Performance of Pengana funds versus sector over one year to 30 June 2021

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