Pengana climbs back into the black

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Strong performance by an eclectic mix of holdings in a buoyant market helped the Pengana Australian Equities Core fund gain 4.69% in October, tipping year-to-date numbers back into positive territory at 2.22%.

Portfolio manager Rhett Kessler explains that although he is more bearish than most about the general outlook, because sentiment is so negative there are many opportunities to make decent returns by being long companies.

Among the holdings that did well in October were Seven West Media, banking stocks NAB and CBA, NIB Holdings, McMillan Shakespeare and the fund’s largest holding, energy utility assets firm DUET. All