Impact investors are turning their attention to a human-made chemical that’s a big problem for water supplies. Regnan analyst Maxime Le Floch explains the opportunity

• Human-made chemical PFAS is a danger to waterways
• Innovative solutions are providing investment opportunities
• Find out about Regnan Global Equity Impact Solutions Fund

ABOUT 97 per cent of the world’s water is salty, or otherwise undrinkable.

The other 3 per cent needs to quench the thirst of nearly 8 billion people, water about 38 per cent of the global land surface to help grow crops and provide a myriad of other uses.

While it’s not always a scarce resource, water is limited. It needs to be appreciated as critical for life and fundamental to economic activity. It needs to be looked after.

Contaminants have always proven a major challenge for humans, and that’s only been exacerbated by urbanisation.

One particularly challenging contaminant is polyfluoroalkyl substances (PFAS). These are human-made chemical compounds that don’t otherwise occur in the environment.

They are very stable and resilient to breakdown — which is why they have been used extensively in industry and are now a problem in our waterways. In fact, it can take decades for the chemical bonds of PFAS to breakdown.

PFAS contamination was the cause of water contamination around the Williamtown air base in NSW in 2015, which triggered precautionary dietary advice and closure of fishing in the region.

A major problem for water supplies

Since the 1950s PFAS have been developed to make products resistant to heat, water, stains and fire. Most people have them in their homes in products such as carpet, food wrappers, non-stick cookware and fire-fighting products.

As a result, PFAS are now a major problem for water supplies.

“PFAS are problematic because they are widely used, highly persistent in the environment, bioaccumulate and biomagnify, are highly toxic across a range of human health factors, and are highly mobile,” says Regnan investment analyst Maxime Le Floch.

Le Floch is part of a four-person impact investment team at Pendal’s sustainable investment business Regnan. Maxime and his team manage the Regnan Global Equity Impact Solutions Fund.

“There are thousands of different PFAS. So far the regulatory focus has been on a subset of long-chain PFAS. But this is starting to change at least in Europe and Australia.”

Long-chain PFAS have a chemical make-up of more than six carbons. Short chain PFAS have fewer.

The trend towards short chain might eventually exacerbate the problem because they are harder to treat, Le Floch says.

Impact investing opportunity

Treating water — and specifically PFAS in water — is a long-term opportunity for investors.

Depending on regulators — and how they set maximum allowable concentration of PFAS — it could be an opportunity worth tens of billions of dollars in the US alone, Le Floch says.

“PFAS can be treated with established technologies but needs to be customised to each site to be effective.

“The value chain includes site assessment, project management, water treatment and waste disposal. Site assessment and waste disposal are the most difficult parts of the value chain.”

Water treatment innovator Evoqua targets PFAS

One company working on treating PFAS is US-based Evoqua Water Technologies.

Municipal drinking water suppliers provide a big opportunity for Evoqua — as do airports and military bases, construction and commercial de-watering and industrial water.

Regnan Global Equity Impact Solutions Fund holds a stake in Evoqua.

Le Floch says Evoqua’s work is very promising. But it is a young industry and there is little built-up knowledge around remediation project economics.

“Project length is a key question, in particular the initial assessment and pilot-testing phase before the full treatment equipment is installed,” he says.

But as the wealth of knowledge increases — and the size of the challenge and the opportunity become more apparent — investing in treatment of PFAS could prove rewarding.

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About Maxime Le Floch

Maxime is an analyst with Regnan’s impact investment team. He focuses on Regnan Global Equity Impact Solutions Fund. Maxime has more than 10 years of experience in sustainable investment. Before joining Regnan he was an investment analyst with Hermes where he helped launch and manage the Hermes Impact Opportunities Equity Fund.

Here are the main factors driving Australian equities this week according to our head of equities Crispin Murray. Reported by quantitative analyst Lee Ma

GLOBAL EQUITY markets remained soft last week. The S&P500 fell 0.5%, bringing month-to-date performance to -1.9%.

In Australia the S&P/ASX 300 was flat, though there was some meaningful sector divergence. Metals and Mining came off 4.4% while Energy was up 3.5%.

There were two key drivers of this performance:

1. Concerns about Chinese growth in the wake of a potential default of Chinese property giant Evergrande, which led to a slump in bulk commodities
   
2. Concerns that central bank policy tightening may come through sooner than expected due to building inflation pressures

Covid and vaccines

Domestic news has been generally positive.

NSW Covid cases peaked at a lower level than feared and vaccine penetration has continued to grow solidly.

Take-up rate for the first dose has risen to 82.2% — up 3.7% compared to last week. This rate has been holding up well. That’s important since a higher rate will help relieve potential strain on hospital systems in future outbreaks and reduce the likelihood of future lockdowns.

The seven-day moving average for second-dose vaccinations is close to 61,000 this week — up from about 50,000 last week.

If this trend continues we might get to 80% full vaccinated — and further relief from lockdowns — before October 18.

Globally case numbers continue to improve, albeit marginally in the UK and the US.

Return-to-school impact can be seen in the higher ratio of kids in case numbers. Though this is tending to sustain case numbers rather than increase them.

Hospitalisation numbers have been slowly improving in both counties. This is leading to some evidence of improved sentiment in the US.

Economics and policy

Tension has been building for weeks around Evergrande, China’s (and the world’s) most indebted property developer.

Evergrande’s bond interest payments are due on September 23. The question is whether the market will see a bankruptcy or some form of debt restructure.

More importantly, people are contemplating whether this will have a cascading effect on China’s other property developers and the economy more broadly.

Weakened sentiment contributed to the precipitous drop in iron ore over the week.

We see great uncertainties around how this will eventually play out. There is a good chance a default is possible with the Chinese government choosing to send a strong message on property speculation.

But we think the outcome will be something the government can manage, since Evergrande is not a state-owned enterprise and is not as systemically important.

That said, we will reach a crescendo of concern over the next couple of weeks.

Outside China, the focus has been on renewed concerns that inflation is set to be persist for longer, leading to faster tapering and potentially an earlier move in rates.

Inflation fears in the US have come mainly from a combination of labour shortages and unemployment insurance (UI) payments coming to an end. The next few weeks will be an important test of the durability of labour tightness.

Recent pricing power surveys clearly indicate that US companies are pushing through pricing increases in a number of sectors. This reflects input price pressures, constrained availability of product and higher labour costs.

Also, gas prices continue to remain far higher than we have seen for years in the US and Europe.

Inventories are low heading into winter. There is a 70% probability of a La Nina weather event, which may lead to a colder winter. There are concerns elevated gas prices will persist, which has already led to higher electricity prices in the US and UK.

All eyes are on the Fed’s September meeting this week.

The market will closely watch how they signal the pacing of tapering and their quarterly update on the dot plots. The dots are expected to have shifted forward again towards the median rate rise around the turn of 2023. The other focus will be on the number of rate rises through to the end of 2024.

Similarly, there was media attention on unpublished forecasts by the ECB, which could see inflation rising 2% by 2025. This may lead to rates rising in 2023.

All this has added to the market’s wariness on the inflation impact on central bank policies.

Markets

The market saw a continued drop in iron ore price. The seaborne benchmark fell 22% last week and is now down 37% for the calendar year-to-date. In contrast the oil price was up by 3% and 45% in the same periods.

The main reason for this disconnect was iron ore’s reliance on Chinse demand, compared to oil’s link to global demand.

The fall in iron ore has been driven by a number of factors.

It had an over-extended starting point, driven by surging steel production in China in 1H21.

The production surge was then met by a dramatic slowdown starting from 2H21: steel production was down 18% in July and a further 10% in August.

The Chinese government has an aggressive rhetoric around holding down steel production through 2H21 for environmental reasons and trying to keep production growth flat for the full year.

These restrictions are expected to continue limiting steel production through to the end of the winter Olympics in late February next year.

At the same time the Chinese government has introduced policies to maintain controls of the property sector, which is a key driver of steel demand.

Fears for the overall sector have been exacerbated by the Evergrande situation.

Also weighing on demand, the Chinese economy has been generally softer recently due to rolling COVID lockdowns. More stimulatory policies on local government bond issuance that funds infrastructure spend are unlikely to kick in until 2022.

Lastly, the deteriorating relationship between China and Australia may have led to other measures impacting on the commodity price.

Where to from here? The debate is not so much whether iron ore bounces much, but rather whether it can hold in the US$100s or if it continues to move towards a longer term price of US$70.

The Evergrande final resolution may mark a sentiment low in China and its property sector.

Consequently, some measures to support the economy may be introduced such as the RRR cut.

We should still expect relatively subdued demand from China, but the real-time indicators on the economy look to be near their lows.

Global demand for steel remains strong, as evident from the very high global steel spreads, suggesting there are still cyclical tail winds.

Supply disruption also continues to emerge, with Vale announcing this week its iron ore production next year will be lower than expected.

Overall, this week could be the crescendo in negative sentiment before investors start to rebuilding confidence slowly.

Against this backdrop, equity markets overall are re-testing support levels.

There could be support in early evidence that the US economy is experiencing a re-acceleration as Covid cases start to stabilise and fall. And liquidity from Central Banks remains abundant.

Lastly, we note the rotation of value to growth has been mirrored by fund flows. Inflows to tech and outflows from cyclicals look to be at extremes.

As such, we continue to see cyclicals holding better from here.

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About Crispin Murray and Pendal Focus Australian Share Fund

Crispin Murray is Pendal’s Head of Equities. He has more than 27 years of investment experience and leads one of the largest equities teams in Australia. Crispin’s Pendal Focus Australian Share Fund has beaten the benchmark in 12 years of its 16-year history (after fees), across a range of market conditions.

Pendal is an independent, global investment management business focused on delivering superior investment returns for our clients through active management. 

Find out more about Pendal Focus Australian Share Fund here.  

Contact a Pendal key account manager here.

Jeremy leads the Responsible Investment Distribution strategy across Institutional, Wholesale and For-Purpose clients.

He works closely with the Investment boutiques and Regnan Advisory to deliver client solution that seek meet both investment outcomes and sustainable goals.

Prior to joining the company, Jeremy held senior product and distribution roles at the Westpac-owned BT Financial Group (Listed Equity Products), Westpac Institutional Bank (Equity Derivatives and Debt Markets) and Citi (Global Markets and Banking).

Jeremy holds a Bachelor of Business (Charles Sturt) and a Masters of Applied Finance (Macquarie University). Jeremy is a CIMA® professional.

 

Notice of Termination: Pendal Total Return Fund (APIR: RFA0108AU, ARSN: 092 178 704)

 

The Pendal Total Return Fund (Fund) will terminate effective Thursday, 16 September 2021.

As an existing investor in the Fund, you are affected by this decision. 

Why is the Fund being terminated?

We consider that it is in the best interest of investors to terminate the Fund as we are no longer able to efficiently manage the Fund in accordance with its investment objective and investment strategy. We also consider that the Fund has little prospect of significant growth in funds under management in the foreseeable future.

How this affects you?

We will terminate the Fund on Thursday, 16 September 2021 and as soon as practicable, we will begin winding up the Fund. The assets remaining in the Fund will be realised and the proceeds distributed to all investors in proportion to their unit holding.

Applications, transfers or withdrawal requests received after 2:00pm (Sydney time) on Wednesday, 15 September 2021 will not be accepted.

What does this mean for you?

The cash proceeds from the termination of the Fund will be paid directly to your nominated bank account on or around Friday, 1 October 2021.

If there is a final distribution for the Fund, this will be paid directly to your nominated bank account prior to the cash proceeds from the termination. The details of the final distribution will be included in your December quarterly statement. 

You will also receive an annual tax statement following the end of the financial year during July/August 2022.

Questions?  

If you have any questions, please contact our Investor Relations Team during business hours on 1300 346 821.

 

A new Trump Administration, mass restructuring of Japanese corporates, artificial intelligence and weight loss drugs are just some of the trends that will drive global equities in 2025, says Pendal’s CHRIS LEES

• Global mega-trends resetting investing
• Mid-caps set to benefit
• Find out about Pendal Global Select Fund
• Watch a Pendal webinar covering the outlook for global equities and emerging markets

AS THE biggest global election year in history comes to a close, a range of new opportunities – and risks – are emerging for global equities investors in 2025.

Just after the US election, Pendal Global Select fund manager Chris Lees joined a live webinar with Pendal Global Emerging Markets Opportunities fund manager Ada Chan to discuss the major trends affecting investors.

You can watch the full webinar here. 

Below are Chris Lees’s key points. Click here for Ada Chan’s insights.

The Trump effect

“Our assumption is that Trump 2.0 will be slightly different from Trump 1.0 and will probably be quicker to make some deals,” says Lees.

Mid-cap stocks are already beneficiaries.

“There are a lot of really exciting mid-cap stocks around the world, in many geographies, in many sectors, where earnings have come through the last few years but share prices haven’t done much because global markets have been obsessed with the Magnificent Seven [technology stocks],” Lees explains.

“Partly the better performance from mid-caps is a result of the Trump election, because the new Administration will be very business friendly.

“We are also seeing a better performance from the financials and cyclicals. I think that is sustainable.”

Japanese restructuring

Opportunities in Japan involve corporate restructuring, Lees says.

“Japanese corporates are embarking on western style restructuring and seeing huge earnings growth and huge revenue growth. That’s the excitement in Japan – politics is much less the driver.

He calls it a regime change, and it was triggered by the Japanese stock exchange writing to companies telling them to restructure to get their price-to-book values above one.

“The threat is they will be de-listed [by the exchange] and no CEO wants to be delisted. It’s a powerful stick,” Lees says.

“There’s a whole generation of really, really exciting new Japanese restructuring opportunities for global investors.”

Second generation GLP-1 drugs

Lees calls the development of GLP-1 drugs, better known as weight loss drugs, a “genuine regime shift”.

“Humankind has never had these before … and when you get a regime shift you tend to overshoot.”

He says investors in Novo Nordisk and Eli Lilly, the manufacturers of first generation obesity drugs, have done well. But the side-effects of the drugs, including gastro issues, vomiting and diarrhea, are negatives. There is also too much weight loss from muscle, and not enough from fat.

“The next generation of weight loss drugs is what we are most excited about. The are 20 plus next generation anti-obesity drugs in phase one, two or three trials. Eli Lilly and Novo Nordisk have about half of them, but the others are owned by some really exciting mid-cap companies,” Lees explains.

 “They have less side effects and more of the weight loss is from fat. So that whole market will evolve.”

Artificial intelligence

On artificial intelligence, Lees says the big question is who is going to make money, apart from chip maker Nvidia?

“At the moment, the majority of profits have gone to one stock. Can we find other stocks that can use AI to become inherently more profitable for shareholders?” he asks.

“The bear case for AI is that in the history of technology, successful tech is better, faster, cheaper. But AI isn’t better, faster cheaper because …. Its three to five time more expensive to do an AI driven search than it is a regular Google search.”

“Don’t be wholeheartedly positive, because this technology currently is slower and more expensive. It’s fascinating.”

Find out more about Pendal Global Select Fund

About Chris Lees and Nudgem Richyal

Chris Lees and Nudgem Richyal are senior fund managers of Pendal Global Select Fund. The pair have been working together as investment managers for more than 20 years.

Chris has more than 32 years of investment industry experience. He joined Pendal Group’s UK-based asset manager J O Hambro Capital Management (JOHCM) in 2008 after spending 19 years at Baring Asset Management, ultimately as head of its global sector team.

Nudgem has 22 years of industry experience, joining JOHCM with Chris in 2008. He was previously an investment director with the Global Equity Group of Baring Asset Management, where he worked closely with Chris since 2001.

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About Pendal Global Select Fund

Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach. It is a ‘quantamental’ fund combining quantitative and fundamental investing with decades of experience.

Instead of following the crowd, portfolio managers Chris Lees and Nudgem Richyal focus on “fat tail” winners in the distribution of stock returns.

These are the long-term compounders, stocks in early-stage growth or those undergoing transformation or recovery.

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About Pendal

Pendal is an Australian investment manager focused on delivering superior investment returns for clients through active management.

Our experienced, long-tenured fund managers have the autonomy to offer a broad range of investment strategies with high conviction based on an investment philosophy that fosters success from a diversity of insights and investment approaches.

In 2023, Pendal became part of Perpetual Limited (ASX:PPT), bringing together two of Australia’s most respected active asset management brands to create a global leader in multi-boutique asset management.

Contact a Pendal key account manager here

In a new short video, Pendal Global Select portfolio manager CHRIS LEES outlines the themes driving his team’s investment decisions in 2024

• Anti-obesity theme is revealing winners and losers
• Trend from mega-caps to mid-caps
• Find out about Pendal Global Select Fund

THERE are ten major themes driving global equities investing right now, according to Pendal portfolio manager Chris Lees.

In his latest quarterly video (watch below), Chris briefly outlines each theme and how he and Pendal Global Select Fund co-manager Nudgem Richyal aim to take advantage.

Chris and Nudgem remain enthusiastic about the biotech theme, buying a mid-cap stock with positive new drug results in the anti-obesity space.

But he also warns investors to be aware of anti-obesity losers among snacking stocks and consumer staples.

“It’s also becoming bad news for the healthcare sector. So we would expect the healthcare sector to deteriorate to red lights as well.”

Chris sees a tech-driven bull market continuing to broaden away from mega caps into midcaps — a trend he predicted he spoke about in February.

“The technology sector’s got positive fundamentals and positive trend, but it’s now expensive and we would expect other cyclical sectors above it to start improving.”

Chris says he and Nudgem are now “80 per cent bullish and 20 per cent bearish”.

In this video, Chris also outlines three possible scenarios — and their likelihood — going forward.

Watch the video above.

Find out more about Pendal Global Select Fund

About Chris Lees and Nudgem Richyal

Chris Lees and Nudgem Richyal are senior fund managers of Pendal Global Select Fund. The pair have been working together as investment managers for more than 20 years.

Chris has more than 32 years of investment industry experience. He joined Pendal Group’s UK-based asset manager J O Hambro Capital Management (JOHCM) in 2008 after spending 19 years at Baring Asset Management, ultimately as head of its global sector team.

Nudgem has 22 years of industry experience, joining JOHCM with Chris in 2008. He was previously an investment director with the Global Equity Group of Baring Asset Management, where he worked closely with Chris since 2001.

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About Pendal Global Select Fund

Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach. It is a ‘quantamental’ fund combining quantitative and fundamental investing with decades of experience.

Instead of following the crowd, portfolio managers Chris Lees and Nudgem Richyal focus on “fat tail” winners in the distribution of stock returns.

These are the long-term compounders, stocks in early-stage growth or those undergoing transformation or recovery.

---

About Pendal

Pendal is an Australian investment manager focused on delivering superior investment returns for clients through active management.

Our experienced, long-tenured fund managers have the autonomy to offer a broad range of investment strategies with high conviction based on an investment philosophy that fosters success from a diversity of insights and investment approaches.

In 2023, Pendal became part of Perpetual Limited (ASX:PPT), bringing together two of Australia’s most respected active asset management brands to create a global leader in multi-boutique asset management.

Contact a Pendal key account manager here

Get set for a 2024 that flips the script on the story of 2023, with the end of big tech outperformance and a resurgent Japanese yen. CHRISTOPHER LEES explains

• Magnificent Seven peaking
• Japanese yen set for recovery
• Find out about Pendal Global Select Fund

The outperformance of America’s Magnificent Seven tech megacaps will come to a halt in 2024, paving the way for a return to market leadership for small and midcaps stocks, says Pendal’s Christopher Lees.

Big tech dominated markets in 2023, with the so-called Magnificent Seven – Amazon, Apple, Google, Meta, Microsoft, Nvidia and Tesla – collectively outperforming global equities by 73 per cent.

But as the earnings and price performance of the tech stocks begins to peak, the market baton is set to be passed back to a fast-recovering small and mid-caps sector, says Lees, who manages Pendal’s Global Select fund. “2023 was an extraordinary year.

But we expect the Magnificent Seven to start underperforming the overall index in 2024. This really could be the beginning of a new trend change – a ‘vice versa’ where small and mid-cap stocks outperform mega caps,” says Lees.

Lees – speaking above via video update to holders of the Pendal Global Select fund – says 2024 is shaping to provide a number of ‘vice versa’ performances when compared to 2023.

Apart from the end big tech’s outperformance, the year is also likely to be characterised by a peak in US market outperformance as emerging markets take the lead, and renewed strength from the historically weak Japanese yen.

These changes have profound implications across equities, fixed income and currency markets, says Lees.

“In 2023, the US improved and emerging markets deteriorated. That’s one of the first things we think might be a vice versa in 2024 with the US economy slowing and emerging market earnings recovering.”

Lees says emerging markets inflation rates are falling and emerging market interest rates still have quite a way to come down. Meanwhile, cyclical indicators in emerging markets are recovering very strongly.

“We expect emerging market earnings to recover very strongly as well,” he says.

“So you put those two things together, the prospect of falling interest rates and accelerating earnings growth in emerging markets and that’s why we think emerging markets will perform much better in 2024 than they did in 2023.”

Lees says another change could come from the end of historical weakness in the Japanese yen, which is trading at a 50-year low relative to other major currencies.

“The Bank of Japan was the last central bank with negative interest rates. Many people think that will change in 2024.

“Recently we’ve seen the Fed do a dovish pivot on interest rates and we’ve seen the Bank of Japan loosening yield curve control.

“Both of those we think are early warning signs and very, very bullish for the Japanese yen in 2024.”

Find out more about Pendal Global Select Fund

About Chris Lees and Nudgem Richyal

Chris Lees and Nudgem Richyal are senior fund managers of Pendal Global Select Fund. The pair have been working together as investment managers for more than 20 years.

Chris has more than 32 years of investment industry experience. He joined Pendal Group’s UK-based asset manager J O Hambro Capital Management (JOHCM) in 2008 after spending 19 years at Baring Asset Management, ultimately as head of its global sector team.

Nudgem has 22 years of industry experience, joining JOHCM with Chris in 2008. He was previously an investment director with the Global Equity Group of Baring Asset Management, where he worked closely with Chris since 2001.

* Source: JO Hambro, Morningstar universe – Global Large-Cap Growth Equity funds, Lipper survey – Sector quartile ranking: IA Global, and Lipper Global Equity Global domiciled in the UK, offshore Ireland, or offshore Luxembourg. Lipper ranking is from A GBP Class. Please note that these performance figures have not been calculated in accordance with the Financial Services Council (FSC) standards. 

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About Pendal Global Select Fund

Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach and a 17-year track record of outperformance. Since its inception, the underlying strategy (JOHCM Global Select Fund) has delivered top-decile performance in Lipper and 2nd decile in Morningstar.*

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This presentation has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426. It is not to be published, or otherwise made available to any person other than the party to whom it is provided. PFSL has appointed J O Hambro Capital Management Limited (JOHCML) as the investment manager of the Fund. JOHCML is a wholly owned subsidiary of Perpetual Limited and a related party of Pendal Institutional Limited. Pendal Institutional Limited has appointed JOHCML as its authorised representative (Representative number 001280039) under its Australian Financial Services Licence.

PFSL is the responsible entity and issuer of units in the Pendal Global Select Fund (Fund) ARSN: 651 789 678. PFSL has appointed J O Hambro Capital Management Limited (JOHCML) as the investment manager of the Fund. JOHCML is a wholly owned subsidiary of Perpetual Limited and a related party of Pendal Institutional Limited. Pendal Institutional Limited has appointed JOHCML as its authorised representative (Representative number 001280039) under its Australian Financial Services Licence.

A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund.

An investment in the Fund is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested.

This presentation is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation.

The information in this presentation may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.

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About Pendal

Pendal is an independent, global investment management business focused on delivering superior investment returns for our clients through active management. Pendal Group includes Pendal Australia, J O Hambro Capital Management, Regnan and Thompson, Siegel and Walmsley (TSW).

Contact a Pendal key account manager here