Pengana International Equities, previously named Hunter Hall Global Value, has returned to profit after posting a net loss of $22.9 million in the previous financial year.
Pengana’s global equities LIC has returned to profit after it was revamped in June 2017 with a new investment strategy following Pengana’s takeover of Hunter Hall.
The LIC invests in global equities using an ethical screen and was managed by Hunter Hall founder until he announced his exit in late 2016.
Pengana announced yesterday that Pengana International Equities Ltd had posted a net profit of $24.6 million for 2017–18, a $47.5 million turnaround from the previous financial year’s $22.9 million loss.
The LIC’s chairman, Frank Gooch, said: “It is pleasing to report that this proven strategy, which is designed to generate long-term consistent returns whilst reducing both volatility of returns and the risk of losing capital, delivered on its objectives in 2018.”
The LIC delivered total investment income of $39.9 million, up 260 per cent, and a final dividend of 3.5 cents per share (franked at 27.5 per cent).
The company was trading at a discount of just over 6 per cent to its net tangible asset value (NAV) as at 30 June 2018.
Stimulate new ideas. Stimulate new thinking. Top up your CPD and hear from industry experts with InvestorDaily’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD. Explore the knowledge centre Knowledge Centre now.
Despite the Australian economy’s ongoing rapid recovery, an Australian equity head believes GDP growth will “fade” in 2022. ...
The next financial year could see a “new record year” for dividends as the Australian economy continues its recovery from the COVID-19 p...