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Pengana International Equities Limited

Fund Manager: Pengana Capital
Inception Date: Mar 01, 2004

Pengana LIC profitable again

Financial Standard - Aug 15, 2018

Pengana's listed investment company posted solid profits for the financial year, springing back from last year's losses of $23 million. Pengana International Equities (PIA) raked in a total investment income of $40 million, up 260% over the previous financial year. Net profit after tax totalled $25 million for the year. The LIC was founded in 2004 and invests in ethically-screened international equities. The improved profits come at the back of changes made in June 2017, following the merger with Hunter Hall. [More]

Pengana International Equities Limited, formerly known as the Hunter Hall Global Value Fund, was dealt a 49 per cent protest vote from shareholders on its plan to reset the high watermark on performance fees paid to its manager, Pengana. At the listed investment company's annual meeting in Sydney on Monday, the first since Peter Hall's resignation from his eponymous investment house, shareholders voted forcefully against the re-election of directors Julian Constable and David Groves, the remuneration report, and the fee change proposal. Based on proxies cast, those resolutions attracted protest votes of 42 per cent, 42 per cent, 50 per cent and 49 per cent respectively. [More]

Pengana revamps Hunter Hall funds

Investor Daily - Jun 07, 2017

Hunter Hall’s managed funds have a new investment mandate and fee structure following the finalisation of the merger with Pengana Capital. Following a shareholder vote last Thursday that officially merged Hunter Hall with Pengana, Hunter Hall's funds will replicate the strategy and process of the Pengana International Equities Fund (PIET). Hunter Hall Global Value Limited (HHV), Hunter Hall Value Growth Trust (VGT) and the Hunter Hall Global Equities Trust (GET) will be managed by a combined Pengana and Hunter Hall team led by PIET chief investment officer Jordan Cvetanovski and head of research Steven Glass. [More]

Ethical investing comes of age

AFR - May 20, 2017

Green is the new black in investing as billions of dollars pour into ethical funds and a rush of financial products with environment and social themes targets mainstream investors. Ethical fund assets grew 62 per cent in 2015 to $52 billion, shows the latest Responsible Investment Association Australasia (RIAA) Benchmark Report. The sector has doubled in two years as responsible investing redefines the investment landscape. "There's been a massive awakening in ethical investing," says RIAA CEO Simon O'Connor. "Investors have realised they can invest in a way that helps rather than harms the planet, without sacrificing returns. We are rapidly heading towards a 'tipping point'."   [More]

Logic says that the end game in the fight for boardroom control of listed investment company Hunter Hall Global Value will not occur at this Thursday's general meeting of shareholders. When proxy voting closes at 9.30am on Tuesday it is likely that Geoff Wilson, the man challenging the incumbent directors, will fall short of the necessary 50 per cent majority of those voting. But we won't know the actual proxy numbers until the meeting occurs on Thursday at the Museum of Sydney. [More]

Hunter Hall's listed investment company has set the date for its showdown with Wilson Asset Management, where shareholders will vote to decide the fate of the board and settle a bitter feud with its biggest investor. Hunter Hall Global Value shareholders have been urged by the current board to vote against the resolutions put forward by Geoff Wilson's Wilson Asset Management, or WAM, on April 6 in Sydney. WAM is the listed investment company's number one shareholder and controls 12.97 per cent of the HHV register ahead of Washington H. Soul Pattinson, which now speaks for 9.03 per cent through its interest in Hunter Hall. [More]

Hunter Hall International's ethical investment mantle is under threat, this time as former star fund managers launch a listed investment company which is aimed squarely at ethical investment. Morphic Asset Management, a private fund manager launched by Jack Lowenstein and Chad Slater, which is also backed by Westpac Bank, is seeking to raise more than $200 million for the Morphic Ethical Investment Trust, which is to be listed on the ASX. [More]

Peter Hall exits Hunter Hall LIC

The Australian - Jan 14, 2017

Hunter Hall International founder Peter Hall has stepped down from the board of the group’s listed investment company Hunter Hall Global Value Limited (HHV), as his swift exit continues apace. Mr Hall shocked investors late last month with a move to sell a 19.9 per cent stake in Hunter Hall International to Washington H. Soul Pattinson and push to exit the day-to-day running of the group. The deal between the founder of the ethical fund manager and a noted coal investor in Soul Patts came at a staggering discount, with the stake hived off at $1 a share, less than a third of its last traded price at that time. [More]

It may end up being Peter Hall’s worst trade. In his apparent haste to exit the business he founded 24 years ago, the London-based Hall has accepted less than a third of the market price to sell his shares, and to a company in Washington H. Soul Pattinson that would have struggled to pass the investment screens set by the environmental campaigner. As Hall jetted back to his London home this week, he left investors in Hunter Hall International confused and angry, regulators taking a look at events around his exit and rival fund managers — many of whom face the same “key man” risks as Hall — scratching their heads. [More]

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