Pengana Private Equity Trust (ASX:PE1) reported a daily on-market buyback of its ordinary fully paid securities, with 31,579 shares repurchased Monday for AU$42,426, according to a Tuesday filing with the Australian bourse.

The proposed maximum number of securities to be reacquired is 27.7 million shares, the filing said.

Shares of the company fell nearly 3% in recent Tuesday trade.