3 days ago
- Business
- AU Financial Review
Australia's reigning top fund just returned 54pc in three months
Fresh off being crowned Australia's top-performing investment strategy last year with a 109 per cent return, Pengana's High Conviction Equities Fund suffered a reality check in the first quarter of this year as it sank 33 per cent.
Portfolio manager James McDonald described it as a 'perfect storm'; Pengana was caught up in the spectacular failure of biotech Opthea and froze redemptions from its high conviction fund in March. Meanwhile, US President Donald Trump's trade war rocked equities and liquidity dried up in the smaller end of the sharemarket – where Pengana thrives.
