Pengana acts on new events in Asia

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Pengana Asia Special Events was up 0.3% on the month taking Q1 returns to 2.37%. During the month, the fund saw gains thanks to the capital return of Tishman Speyer Office fund which benefited from the weakening Aussie dollar.

Pengana also initiated a position on the share buyback announced by Pacific Century Premium. As the buyback extends to all minority shares outstanding with no scaleback, the managers see the position offering a safe rate of return conditional on a procedural EGM approval.

ERA Mining issued a profit warning, resulting in the spread to deal terms