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.
The Hunter Hall ethical screen that exists across the three portfolios will remain in place, said a statement by Pengana Capital Group on the ASX yesterday.
Mr Cvetanovski said, "An integral element of our portfolio construction process is the division of stocks into three segments: Core, Cyclical and Opportunistic. Core stocks, which will always represent 60-80 per cent of the fund, provide stability, while stocks that we classify as Cyclical or Opportunistic provide the opportunity for material upside."
As part of the changes, the base fee for HHV has been reduced from 1.5 per cent to 1.2 per cent and the performance fee high watermark has been reset.
The management fee for VGT has been reduced from 1.64 per cent to 1.35 per cent. In addition, a reimbursable expense of 16 basis points and a 15.38 per cent performance fee have also been removed.
The GET management fee will remain unchanged, but the performance fee has been removed.
Pengana Capital Group chief executive Russel Pillemer's annual salary of $603,146 (including superannuation) was also announced on the ASX yesterday.
The document showed Mr Pillemer also holds 15,872,528 Pengana Capital Group shares under the Employee Share Loan Plan (of which Mr Pillemer is the sole shareholder and director).
Pengana Capital Group shares were trading at $2.90 at the time of writing.
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