I just attended the Gold Coast presentation. Essentially the...

I just attended the Gold Coast presentation. Essentially the spiel was about explaining who Pengana is and their investment philosophy. I thought the presentation was very well attended considering the last one I went to was during the palace revolution back in April/May, where I think there were less attendees. This is in itself strange as back in April there were real hard decisions to be made by the shareholders, this month we were just being told the current state of play.

Suffice it to say HHV today bares no resemblance whatsoever to the company that existed in the Peter Hall days. The old HHV was a highly volatile, high conviction, opportunistic play. It was also largely invested in ASX holdings. The only company still held by HHV that was in the old portfolio is Howard Hughes Corp. The new HHV is a deeply researched low turnover international portfolio with ~4% Australian holdings.

I thought the explanation given for the rights issue was honest. It is about building the funds under management and expanding the holder base, not really a reward for long suffering holders.

Vibe? Fairly well received, some bewilderment, no obvious angst among attendees.