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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.

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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.

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