The current IPO cycle might be running hot with opportunities but portfolio managers at the Pengana Emerging Companies Fund think only six have been worth buying into.

Pengana portfolio manager Ed Prendergast said his team has analysed more than 50 companies that have listed on the main Australian and New Zealand stock exchanges but have ruled out building positions in all but a handful, including diversified education operator Intueri , media monitoring company iSentia , global billing software player Gentrack and hotel operator Mantra Group .