Pengana Capital Group

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Comments262

Companies78

Positions opened14

Positions exited6

Last published31 Aug 2026

Companies discussed, last 12 months

68 companies, monthly, latest action on the right

NovJanMarMayJulSepLatest

BREBrazilian Rare Earths2Held FLTFlight Centre TravelInitiated EVNEvolution Mining2Reduced IPXIperionxHeld BLXBeacon LightingHeld

63 more companiesEvery company Pengana Capital Group has discussed in the past year.

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Commentary

DateManagerCompanyActionSummary

31 Aug 2026Pengana Capital Group BREHeldPengana Capital Group continues to hold Brazilian Rare Earths Ltd (ASX: BRE) after shares rose 14% on the release of a scoping study for the Monte Alto deposit, which highlighted world-leading grades of 11.3% total rare earth oxides. Pengana notes this is more than double the grades of major Western producers Lynas and MP Materials and should make Monte Alto one of the world's lowest-cost rare earth operations. The study's NPV of US$7.9 billion compares with a company market value of about US$690 million. Pengana observes that miners typically trade at around 30% of NPV at scoping stage, implying substantial potential upside. The study used a February 2026 cut-off, and subsequent positive drilling at Monte Alto should lift NPV in future studies.

Critical Minerals Rare EarthsMonthly Report, price recorded $4.01

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31 Aug 2026Pengana Capital Group FLTInitiatedPengana Capital Group initiated a position in Flight Centre Travel Group Ltd (ASX: FLT) as it reduced cash from 9.5% to 6.5% to buy companies sold down for reasons tied more to the sector or macro backdrop than to the durability of the individual business. Flight Centre fell as disruption in the Middle East dragged on, but Pengana views the impact as temporary. It sees an improving Leisure travel business and a valuable Corporate travel business that continues to take market share.

Monthly Report, price recorded $11.78

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260 more commentsEvery comment this manager has published, with sources.

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About Pengana Capital Group

Multi-Strategy Focused, Multi-Asset

Pengana Capital Group is an ASX-listed, multi-strategy Australian fund manager founded in 2003 by Russel Pillemer, offering a diversified range of Australian and international equity, private equity and alternative investment strategies. Pengana operates a boutique incubation model, backing specialist investment teams (including in Australian small caps, global private equity, and absolute return strategies) under a shared corporate and distribution structure. The group has built listed investment company vehicles alongside unlisted funds, giving retail and wholesale investors access to strategies not always available through traditional channels. Pengana emphasizes partnering with high-quality investment talent and providing them operational support while retaining distinct, autonomous investment processes.

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11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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