How have Pengana’s global funds performed?
As Pengana sees the departure of two key managers, how have their funds performed over their tenure?
It was announced that Steven Glass and Jordan Cvetanovski would be departing the firm immediately due to differences about the future of the business.
In the interim, Pengana had appointed James McDonald as interim chief investment officer with responsibility for the international equities funds previously run by Glass and Cvetanovski.
The ratings of the two funds managed by the pair, Pengana International and Pengana International Ethical, were now on hold by SQM Research.
SQM said: “SQM Research views the departure of Mr Cvetanovski and Mr Glass as a significant event which requires further investigation. As a result of these developments, SQM Research has changed the rating of each of these funds to hold with immediate effect.
“The hold rating is an initial phase that will remain in place while SQM Research undertakes an assessment of the new permanent arrangements established by the manager, including the appointment of an external investment management team.”
Glass was previously portfolio manager for seven years at Hunter Hall, which was acquired by Pengana in 2014, and became a partner and portfolio manager, co-founding the Pengana International Equities strategies in 2015. Meanwhile, Cvetanovksi had 15 years of investment experience and had previously worked at Carmignac Gestion, Robeco and Platinum Asset Management.
Since inception in July 2015, the Pengana International fund returned 89% and the Pengana International Ethical fund returned 53% versus returns by the global equity sector of 64%, within the Australian Core Strategies universe, according to FE Analytics.
Over one year to 28 February, 2021, both the International and International Ethical fund had returned 19% compared to sector returns of 10% over the same period.
AUTHOR
Laura Dew
Recommended for you
Grant Hackett has been promoted from CEO of Generation Life to head up the wider Generation Development Group.
Tribeca Investment Partners has made a distribution hire from Australian Ethical in a newly-created role focused on the national intermediary market.
Asset managers may be urged to diversify their product ranges, but investment executives have warned any M&A deal should avoid simply filling gaps and instead consider long-term value creation.
Specialist wealth platform provider Mason Stevens has become the latest target of an acquisition as it enters a binding agreement with a leading Sydney-based private equity firm.
