Perpetual Equity Investment Company (PIC) has posted an operating profit after tax of $12.9 million for the six months to 31 December 2015.
PIC’s report said its portfolio delivered investors regular income and strong growth in the face of low interest rates and increased market volatility.
Portfolio performance for the said period was at 6.7 per cent, outperforming the benchmark by 7.1 per cent, the report said.
As at 31 January 2016, the portfolio returned 5.6 per cent per annum since inception, outperforming the S&P/ASX300 Accumulation Index by 4.6 per cent.
PIC’s portfolio manager, Vince Pezzullo, said the strong performance highlighted the benefits of combining Perpetual’s investment track record with a transparent and liquid investment vehicle.
He said PIC had up to 25 per cent opportunistic allocation to global listed securities, providing the needed diversification to Australian investors.
“We kept our powder dry and this was the right decision with PIC able to buy into a falling market at attractive prices — protecting our investors’ capital when the market looked overvalued,” Pezzullo said.
“Many investors are seeking transparent, liquid investments as part of a diversified portfolio and this is what we are delivering through PIC. PIC reports net tangible assets each business day and was the first listed investment company in the market to do this. This offers enhanced transparency for investors.
“Market volatility can also create a number of opportunities for prudent investors. PIC’s investment philosophy ensures we will continue to take advantage of quality businesses trading at attractive prices.”
