Long-side stock picks drive Pengana to 14.8%


Across-the-board good stock-picking enabled the Pengana Australian Equities Long Short Fund to gain 4.59% in June, taking year-to-date performance to 14.80%.

All the month's gains came from the long book, with positions in banking, telecommunications, healthcare and a property trust all adding to performance. However, it was a 15% jump by Macquarie Communications Infrastructure Group, which was bid for by the Canada Pension Plan Investment Board that was the star performer as it was a substantial holding for the portfolio, explains Pengana's Steve Goldberg. A small short book ensured that there was no detraction from the fund's performance