Why did Pengana Private Equity Trust (ASX:PE1) shares jump 8% today?

This fund just hit a new all-time high…
The post Why did Pengana Private Equity Trust (ASX:PE1) shares jump 8% today? appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) ended up having a bit of a disappointing day of trading this Thursday. The ASX 200 ended up finishing at 7,384.5 points, down 0.28%.

But one ASX share was a far more pleasing spectacle to watch. That was the Pengana Private Equity Trust (ASX: PE1) share price. Pengana Private Equity shares ended up finishing the trading day at $1.66 each, up a very pleasing 7.82%. That came after closing at $1.54 a share yesterday and opening at $1.55 this morning.

What’s more is that the $1.66 share price that Pengana Private Equity finished at was both a new 52-week and all-time high for the fund.

Pengana Private Equity is a fund that invests in private equity (companies not traded on a public share market). It has returned an average performance of 13.3% per annum since its inception (April 2019) and targets a 4% dividend yield.

So what was pushing this trust up so convincingly today?

A new high for Pengana Private Equity shares

Well, it seems that a monthly investment update could be to thank. Pengana put out this ASX notice this morning before market open.

It informed the markets that the Pengana Private Equity Trust returned 9.3% over the month of November. That’s objectively an impressive performance for just one month. Especially considering the S&P/ASX 200 Index (ASX: XJO) actually went backwards by close to 1% over the same period.

So how did the Trust make such pleasing bank during November? Well, Pengana cited its investments in Project Rambler, Deliverr and the successful initial public offering (IPO) of the US carmaker Rivian Automotive Inc (NASDAQ: RIVN). On the latter, Pengana stated the following:

We had exposure to the private equity and a convertible security of Rivian, both of which are now held in the company’s public equity. As a participant in the convertible security, we were entitled to additional IPO shares, which we purchased at the IPO price and exited at a material profit shortly after the initial purchase.

The Amazon-backed Rivian made headlines last month when it rocketed nearly 30% on its first day of trading. So you can see how Pengana Private Equity Trust might have made a quid on this investment.

The post Why did Pengana Private Equity Trust (ASX:PE1) shares jump 8% today? appeared first on The Motley Fool Australia.

Should you invest $1,000 in Pengana Private Equity Trust right now?

Before you consider Pengana Private Equity Trust, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Pengana Private Equity Trust wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

What is the outlook for the NAB (ASX:NAB) share price in 2022?

Why did the AGL share price outperform the ASX 200 today?

Argenica (ASX:AGN) share price leapt 12% on US patent news today

2 top ETFs that could be buys in December 2021

Could rumours over a Westpac (ASX:WBC) mega-merger ever become facts?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!