Pengana Australian Equities Fund has generated a return of 11.2% per annum over the past five years, providing handy outperformance against its benchmark for the fund’s investors.

The fund recently released its June Quarter Update in which the portfolio manager noted that the market volatility caused by the “Brexit Referendum” had created an opportunity to deploy cash and acquire shares for the portfolio.

Five stocks which were highlighted as attracting significant dollars in the aftermath of Brexit were DUET Group (ASX: DUE), Caltex Australia Limited (ASX: CTX), CSL Limited (ASX: CSL), Medibank Private Ltd (ASX: MPL), Commonwealth Bank of Australia (ASX: CBA) and Australia and New Zealand Banking Group (ASX: ANZ).

It’s noteworthy that Duet, Caltex and ANZ Bank are amongst the five largest positions for the fund which suggests the manager was comfortable adding to these already significant stakes.

Using June 24 as the post-Brexit date when markets globally took a tumble and from which global markets have since recovered, let’s take a look at how the share prices of the above six stocks have performed…

  • The best performer over this period has been CSL with a gain of 5%.
  • The next best performer has actually been the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) with a gain of 3.3%.
  • The two banks and Medibank are up by less than 2%.
  • Caltex and DUET are both less than 1% lower.

Opportunities still available

While we don’t know the exact price Pengana acquired shares at in the aftermath of Brexit (intraday volatility did send prices down further), it would be reasonable to assume that the average prices paid weren’t dramatically different to today.

More importantly, for a long term investor, a slight difference in purchase price is unlikely to have a meaningful effect on the long term-investment returns of the above six stocks.

This could suggest that investors seeking potential stock opportunities may still find opportunities amongst the above six shares.

Discover the 'new breed' of blue chips that could take your portfolio higher in 2016

Fund managers are looking past the big names in search of value - ARE YOU? These 3 "new breed" top blue chips for 2016 pay fully franked dividends and offer the very real prospect of significant capital appreciation. Click here to learn more.

The report is free! No credit card required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor Tim McArthur has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.