Pengana's Rhett Kessler tells us about the most significant change currently taking place in his portfolio

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Pengana's Rhett Kessler tells us about the most significant change currently taking place in his portfolio. Cash levels have risen to 25% of the Fund. The robust increases in the share prices of several of our holdings resulted in these positions being trimmed. While each case is assessed on individual merits, a simplified (yet accurate) theme is as follows: While we like to have a big bet when we identify good businesses run by competent management at a compelling price, as the price rises the valuation component becomes less compelling and therefore we wish to hold a smaller exposure. On the flip side we have been unable to find sufficient new compelling opportunities to apply cash to. The outcome has been a large cash pile consistent with our mandate that if we cannot find investments that meet all our criteria we will stay in cash.


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