Rhett Kessler, who leads the firm’s Australian equities team, is bullish on “boring” companies that have turned cheap, including takeover target BlueScope Steel.
For nearly two decades, Pengana Capital’s head of Australian equities, Rhett Kessler, has had one simple message for company boards and management teams pitching their stock: show us the money.
It is a mantra forged through cycles, booms and busts, and one that has shaped a stock portfolio he says is deliberately out of step with sharemarket fads.
While momentum and passive investing have dominated the flow of money on the ASX, Kessler’s fund has stuck to a valuation-first and cash-driven discipline that has survived the global financial crisis, a pandemic, and a bruising period for active managers.
Source: https://www.afr.com/markets/equity-markets/show-us-the-money-the-stocks-pengana-has-been-busy-buying-20251215-p5nnwa