Pengana Emerging Companies 6 Month Update Webinar

Webinar Sections:

Introduction & Fund Overview

Reporting Season & Market Update

Portfolio Activity & Stock Highlights

Q&A

In this webinar, Co-Portfolio Manager Steve Black outlined the Fund’s performance, market outlook, and recent portfolio moves.

Key topics discussed:

• Performance: +15.5% over 6 months; 21-year history of 13% p.a., ~7% above benchmark.

• Process: Bottom-up, risk-focused, cash-flow driven; 50–60 stock portfolio, always fully invested.

• Market themes: Reporting season volatility, stabilising margins, continued weakness in Victoria & NZ, small caps set for catch-up.

• Thematics: Specialty retail still over-earning; AI real but early, hype ahead of returns.

• Portfolio activity: Added Breville, Catapult, Regis Healthcare, ALS, HUB24 & Netwealth; exited Propel Funerals and Equity Trustees.

• Outlook: ~⅔ of fund in defensive growth; stronger small-cap earnings expected to drive further outperformance.

CPD points applicable for Australian Financial Planners