Pengana Emerging Companies Fund Presentation and Market Outlook

Ed Pendergast, Portfolio Manager of the Pengana Emerging Companies Fund, provides a detailed presentation on his current view of the equity markets and investing landscape and where the fund has been investing. Pendergast says the markets remain a murky place and whilst things have improved over the past few years there remains significant uncertainty. The result has seen markets climb a 'wall of worry' and while valuations have gone up since the GFC Pendergast says they are still not excessively priced. The Fund continues to look for companies that are able to grow independent of the economic cycle with a relatively small (20%) allocation to cyclically exposed business. The presentation covers the chase for yield, impacts of a weakening dollar, the challenges facing the domestic economy and the IPO cycle.