Investment manager Pengana has bought the Saltbush Absolute Return Fund adding the business to its suite of nine funds.
Under the deal, the fund's portfolio managers John Parker and Stephen Goldberg will join the firm. The fund will be rebranded under the Pengana banner.
The fund invests in mid-cap Australian equities, using long/short strategies and has delivered a 17.6 per cent return over the last four years.
"The past months have been some of the worst for equity markets in 20 years and it's impressive that the fund has been able to outperform in both up and down markets," Pengana chief executive Russell Pilemer said.
Pengana's other businesses include funds investing in real estate, European property, emerging companies, global resources and global small company stocks.
In September 2007, Pengana launched the Global Volatility Fund through a partnership with former Chicago Board Options Exchange director Alvin Wilkinson.
Pengana manages over $2 billion in funds under management.
