Michael Maughan

Pengana Capital Group has added senior Australian equities investment expertise to its ranks, with the appointment of Michael Maughan as a Senior Portfolio Manager within the Pengana Australian Equities team.

Michael Maughan previously held a long-term position as a Portfolio Manager at Tyndall Asset Management, and brings over 25-years of experience in equities research and portfolio management.

Russel Pillemer, CEO of Pengana Capital Group, said Michael is highly regarded and will be a huge asset to Pengana’s Australian equities team. “Michael is well-known for his disciplined investment approach, deep company insights, and consistent delivery of income and growth outcomes for clients.

“Michael will operate as a peer alongside our existing senior team members, contributing to the collaborative culture that defines Pengana’s investment philosophy”, Pillemer said.

Rhett Kessler, CIO and Senior Fund Manager for the Pengana Australian Equities Fund added: “Michael brings expertise across technology, media, telecoms, transport and property, which complements the team’s existing strengths and expands our research depth.

“We also value Michael’s disciplined focus on fundamental cash flow analysis, his strong senior corporate relationships, and his clarity in communication with both clients and stakeholders.”

Michael said he feels a natural affinity with Pengana’s approach. “I’m thrilled to be joining Pengana’s Australian equities team. I’ve always admired Rhett Kessler and Anton du Preez and the team for their integrity and skill as investors, operators, and communicators.

“While we all bring varied experiences and skills, we share the same philosophy and have a genuine commitment to growing clients’ wealth steadily and responsibly”, Maughan said.

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Since the Tyndall Australian Share Income Fund’s inception in 2008, it has maintained a leading position against income-focused funds in the category, with the fund described by Morningstar as having “consistently excellent execution.” The Tyndall Australian Share Income Fund is characterised by Tyndall’s value focus but with a distinct income bias. The portfolio typically holds 40–70 stocks, which aids diversification. Turnover has been between 40% and 70% per year, supporting a tax-conscious strategy.

“We are incredibly proud of this recognition of the Fund’s success in continuing to deliver positive alpha relative to the category benchmark index. Our investment team is specialised and collaborative and our true to label products ensure there are no surprises for clients. It’s a strong validation of our team’s relative value approach to delivering an income stream for clients over the long term,” said Malcolm Whitten, Portfolio Manager for Tyndall AM.

The Fund’s straightforward bottom-up analysis seeks out stocks offering the best value on an internal rate of return (IRR) basis. In addition to scrutinising financial data, the Fund also conducts thorough industry and risk analysis, a holistic research approach favoured in market. The approach has been recognised as clear, robust and repeatable.

“Our strategy allows us to build portfolios with diversified sources of high dividend-paying stocks and helps to produce lower volatility returns versus the S&P/ASX200 Index over the life of the Fund,” commented Michael Maughan, Portfolio Manager and Senior Analyst for Tyndall AM.

The Fund is co-managed by Malcolm Whitten and Michael Maughan. Both Whitten and Maughan have more than 20 years of industry experience with complementary skill sets and run the portfolio collaboratively. The two are backed by an 11-person investment team, including Tyndall AM’s Head of Australian Equities, Brad Potter.

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