VANGUARD PROTECTED LTD
Pennington Real Estate Investment Fund
 
 
 
 
Fund Manager Profile
   
 
  • Pennington Fund is an Asian-based industry leader in both multi and single-strategy hedge fund investments with over two billion USD in total assets under management allocated between 6 sub-funds and our managed trading platform. Operating as a self-contained entrepreneurial group for over 20 years, we maintain strong partnerships with various Asian government sovereign funds and pension systems. We employ more than 30 professionals in Asia with dedicated expertise in manager research and risk management, product development, investor services, legal services, compliance, and infrastructure support. We endeavour to deliver innovative solutions, including the development and use of proprietary technology and internal investment programmes designed to address industry challenges such as capacity constraints and alpha erosion.

    Strategy
       
     
  • The Pennington REIF (Real Estate Investment Fund) is a Fund-of-Funds (FoF) that invests in Asian REITs (Real Estate Investment Trusts). The Pennington REIF was designed to give savvy investors the opportunity to profit from the lucrative Asian real estate market.

     
  • The current portfolio is comprised of over 60 REITs in Hong Kong, Japan, Singapore, Taiwan, South Korea, Thailand, and Malaysia. These REITs invest in both commercial and residential properties in their respective countries.

     
     
    Statistics* (as through Q2, 2020)
    Summary Data  
    Annualised Return (%) 20.39
    Best Monthly Return (%) 8.43
    Worst Monthly Return (%) -2.50
    2018 Return (%) 14.24
    2019 Return (%) 15.44
    Rise in NAV Since Inception (%) 744.86
    Last 3 Months (%) 3.80
    One Year Rolling Return (%) 19.44
    Two Year Rolling Return (%) 37.72
    Five Year Rolling Return (%) 96.48
       
    Risk/Return  
    Sharpe Ratio (RFR = 2%) 3.05
    Volatility / Annualised Standard Deviation (%) 6.03
    Downside Deviation (%) (RFR = 2%) 1.55
    Upside Deviation (%) (RFR = 2%) 7.58
    Sortino Ratio (RFR = 2%) 11.90
    Maximum Drawdown (%) -5.68
    Percentage of Positive Months (%) 86.96
     
    Fund Index Returns
     
     
     
    Performance Tables (%)
       
     
      Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
    2020 2.70 3.00 1.28 1.80 1.31 0.65 11.22
    2019 2.40 0.93 0.83 0.26 1.15 1.70 -0.42 1.24 1.86 1.24 1.58 1.69 15.44
    2018 2.22 1.51 1.05 -0.23 0.80 1.00 1.53 0.85 1.80 1.82 0.90 0.17 14.24
    2017 1.98 0.37 1.48 0.59 1.42 -0.09 1.17 -0.37 -0.90 0.94 0.98 0.11 7.92
    2016 0.69 0.64 -1.08 2.44 1.54 3.01 1.86 1.68 0.43 1.22 0.02 1.70 15.03
    2015 2.85 3.50 0.36 1.59 1.77 1.27 -0.32 0.83 1.65 1.45 1.21 2.87 20.71
    2014 -0.14 2.11 2.45 2.72 -0.88 3.24 0.52 0.62 0.72 0.94 -0.40 1.02 13.60
    2013 0.83 -1.46 -0.03 2.41 -0.56 3.37 2.25 1.61 3.13 1.12 1.67 1.05 16.38
    2012 -2.20 -1.72 -1.12 1.39 0.87 0.77 0.22 1.75 1.44 3.02 0.31 2.61 7.43
    2011 1.13 4.08 1.44 2.60 3.69 1.95 3.09 1.25 2.63 0.48 -0.87 0.16 23.77
    2010 1.71 5.16 8.43 2.36 6.94 2.01 1.54 1.17 3.27 1.15 7.90 7.12 60.62
    2009 3.06 4.14 4.71 4.11 1.21 -2.50 4.29 0.52 1.94 1.51 2.15 6.42 36.15
     
     
    AUM Tables (US$m)
       
     
      Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
    2020 858 884 895 911 923 929 929
    2019 741 748 754 756 765 778 775 784 799 809 822 835 835
    2018 648 657 664 663 668 675 685 691 703 716 723 724 724
    2017 599 601 610 613 622 622 629 627 621 627 633 634 634
    2016 514 517 512 524 532 548 558 568 570 577 577 587 587
    2015 435 450 452 459 467 473 471 475 483 490 496 510 510
    2014 372 380 389 399 396 409 411 413 416 420 419 423 423
    2013 322 318 318 325 323 334 342 347 358 362 368 372 372
    2012 291 286 283 287 289 292 292 297 302 311 312 320 320
    2011 243 253 257 263 273 279 287 291 298 300 297 298 298
    2010 152 160 174 178 190 194 197 199 206 208 225 241 241
    2009 113 118 124 129 130 127 132 133 136 138 141 150 150
     
     
    Dividend Tables (%)
       
     
      Q1 Q2 Q3 Q4 YTD
    2020 1.33 1.36 2.71
    2019 1.36 1.25 1.29 1.33 5.33
    2018 1.35 1.35 1.37 1.36 5.54
    2017 1.27 1.28 1.29 1.30 5.24
    2016 1.29 1.30 1.30 1.30 5.29
    2015 1.28 1.29 1.29 1.29 5.25
    2014 1.28 1.28 1.28 1.28 5.22
    2013 1.27 1.28 1.29 1.29 5.23
    2012 1.20 1.22 1.22 1.24 4.97
    2011 1.22 1.23 1.23 1.22 4.99
    2010 1.30 1.35 1.38 1.35 5.49
    2009 1.18 1.18 1.17 1.17 4.78
     
     
    Manager Details
    Management Company Pennington Managers Ltd
    Address Unit 3A-25, U0350, 3rd Floor, Labuan Times Square, Jalan Merdeka, Labuan
    Country Malaysia
    Zip 87007
    Website fund.pennington-trading.com
    Year of Incorporation 2009
    SEC Registered Firm No
    Other Country Location Hong Kong, Thailand
     
    Advisory Company Pennington Trading Ltd
    Address Kwong Loong Tai Building, No. 1016-1018, Tai Nam West Street, Kowloon
    Country Hong Kong
    Zip n/a
    Website www.pennington-trading.com
    Year of Incorporation 1998
    SEC Registered Firm No
    Other Country Location Malaysia, Thailand
     
     
    Employee Type Name Email Telephone
    Fund Manager Pennington Fund fund@pennington-trading.com 852 5808 0603 ext 102
    Investor Contact Robert Lewis rlewis@pennington-trading.com 852 5808 0603 ext 109
    Manager Contact Gregory Halligan halligan@pennington-trading.com 852 5808 0603 ext 124
    Chief Executive Officer Charles Pennington not disclosed 852 5808 0603
    Chief Investment Officer James Wilkesford not disclosed 852 5808 0603
    Chief Operating Officer John Pennington not disclosed 852 5808 0603
    Chief Financial Officer Stephen Lynch slynch@pennington-trading.com 852 5808 0603
    Chief Compliance Officer Henry Johnson not disclosed 852 5808 0603
    Chief Legal Officer Jonathan Shapiro jshapiro@pennington-trading.com 852 5808 0603
    Chief Administrative Officer Tammy Chong tchong@pennington-trading.com 852 5808 0603
    Chief Risk Officer Y S Chow not disclosed 852 5808 0603
    Chief Technology Officer Peter Graham not disclosed 852 5808 0603
    Director William Lee not disclosed 852 5808 0603
    Head of Trading Walter Drake wdrake@pennington-trading.com 852 5808 0603
    Analysts James Burrows not disclosed 852 5808 0603
    Key Professional Tom Aikins tom.aikins@pennington-trading.com 852 5808 0603

    Unique Identifiers
    Vanguard ID VG-2743
    ISIN MYU8000AA000, MYU8001AA008, and MYU8002AA006
    Labuan Company Number LLP00332012
     
    Fund Details
    Investment Style REITs
    Investment Geography Asia
    Fund Size(US$m)* 929 (as through Q2, 2020)
    Fund Capacity(US$m) No Limit
    Firm's Total Asset(US$m)* 2,922 (as through Q2, 2020)
    Predecessor Fund n/a
    Inception Date Jan 2009
    Domicile Labuan
    Currency USD
    Dividend Policy Yes (Distributed)
    Hurdle Rate No
    High Water Mark No
    Listed on Exchange No
    Fund Open Close Open
    Minimum Investment Size USD 10,000
    Subsequent Investment Size USD 10,000
    Leverage
    No
    Annualised Target Return 15% 
    Annualised Target Volatility 10% 
    Market Performance Report Frequency Monthly 
    NAV Valuation Frequency Daily 
    UCITS No 
    40 Act Funds No 
    HMRC Reporting Status No 
    Agree to a "Look Through" Yes 
    SEC Exemption 3c1 
    Women-Owned/Minority-Owned No 
     
    Fee and Redemption Structure
    Subscription Frequency Monthly
    Subscription Notification Period 30 days
    Redemption Frequency Quarterly
    Redemption Notification Period 30 days
    Redemption Gate No
    Redemption Penalty No
    Lock-up Yes (2 year)
    Key Man Clause No
    Management Fee (% per annum) 0
    Performance Fee (% per annum) 15
    Other Fee(s) (% per annum) 0
     
    Investment Guidelines
    Seed hedge funds? No 
    If not seeding, how long to follow and observe the fund before investing? 6 months 
    Invest in start-ups? No 
    Require segregated accounts? No 
    Require that investment is listed on exchange? No 
    Require UCITS? No 
    Require Track Record? Yes 
    Minimum Track Record Length Required 6 months 
    Require Onshore Entity? No 
    Use Consultants? No 
    If Yes, Name of Consultants n/a 
    Distributor Status? No 
    External Due Diligence? Yes 
    Minimum assets required in hedge fund (US$m) 10 
    Investment Limits per Fund 20% 
     
    Fund Allocation*
    Average Number of Funds Held 68 
    Average Number of Asia-Pacific Funds Held 68 
    Average Number of North American Funds Held
    Average Number of Latin American Funds Held
    Average Number of European Funds Held
    Average Number of African Funds Held
    Average Number of Middle Eastern Funds Held
    Geographical Breakdown (%):
    Asia Pacific 75
    Emerging Markets 25
    Europe 0
    North America 0
    Strategy Breakdown (%):
    REITs 100
       

     
    Service Providers
    Administrator Vanguard
    Primary Auditor Vanguard
    Secondary Auditor Chan & Co
    Legal Advisor (offshore) Bradford Moody & Co
    Legal Advisor (onshore) Brooks Lynn
    Custodian CIMB
    Compliance Consultant Vanguard
     
     
       

     

     
    * Data is updated quarterly.

    Statistics for each of the funds being compared are calculated based on their respective stream of returns since inception, which may not be over the same time periods.

    The information and summaries contained in this data sheet (the "Reports") appear as a matter of record only and are provided for information purposes only. The Reports do not, and should not be construed to, constitute an offer to sell or a solicitation of an offer to buy any of the shares, or any other interest, in any fund or form the basis of any contract or commitment whatsoever. The Reports are based on information and data received from the subjects of each and from other third party sources and no guarantee of completeness or accuracy can be made nor is any representation or warranty made in this regard. We understand that many of the funds may not be sold into, or that their sales may be restricted in, particular jurisdictions (including the United States). Accordingly you are advised to seek independent professional advice before taking any action in relation to any fund mentioned herein. We accept no liability whatsoever for any direct or indirect loss arising out of the use of this data sheet or reliance on anything found in this data sheet.

    Past performance is no guarantee of future results.


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