https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=31/07/2024&aggregation_code=Class%20A 
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            [date] => 31/07/2024
            [table] => 





1 MTH
1 YEAR
2 YEARS P.A.
3 YEARS P.A.
SINCE INCEPTION P.A.





High Conviction Property Securities Fund
5.5%
29.7%
14.2%
6.6%
11.0%




S&P/ASX 300 A-REIT (AUD) TR Index
6.8%
27.2%
12.7%
7.9%
6.4%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.206857022],["Diversified REITs", 0.194883109],["Specialized REITs", 0.076330013],["Industrial REITs", 0.356934],["Real Estate Management & Development", 0.019534918],["IT Services", 0.034586142],["Residential REITs", 0.052635627],["Capital Markets", 0.030567907],["Cash", 0.027671262],
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            [topholdings] => GMG/Goodman Group/Australia/Real Estate,HDN/HomeCo Daily Needs REIT/Australia/Real Estate,INA/Ingenia Communities Group/Australia/Real Estate,SCG/Scentre Group/Australia/Real Estate,SGP/Stockland/Australia/Real Estate,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/Stock-Icons/GMG_original.png,https://data.pengana.com/wp-content/uploads/download-26.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/download-8-e1607917641572.png,https://data.pengana.com/wp-content/uploads/scentre-group-logo-vector-e1688597638619.png,https://data.pengana.com/wp-content/uploads/SGP_original.png,
            [topholdingsintro] => Array
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                    [0] => Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.
                    [1] => HomeCo Daily Needs REIT operates as a real estate investment trust. The Company invests in and manages portfolio of retail assets.
                    [2] => Ingenia Communities Group engages in managing and developing a portfolio of retirement and lifestyle communities. It operates through the following segments: Lifestyle Development, Lifestyle Rental, Ingenia Gardens, Ingenia Holidays; Fuel, Food & Beverage Services, and Corporate and Other. The Lifestyle Development segment comprises development and sale of lifestyle homes. The Lifestyle Development segment refers to long-term accommodation within lifestyle and rental communities. The Ingenia Gardens is involved in rental villages. The Ingenia Holidays segment is composed of tourism and rental accommodation within holiday parks. The Fuel, Food & Beverage Services segment is associated with the Group's investment in service station and food & beverage operations adjoined to Ingenia Holiday communities. The Corporate and Other segment relates to the Group's remaining assets and operating activities. The company was founded on November 22, 2003, and is headquartered in Sydney, Australia.
                    [3] => Scentre Group Limited owns and operates pre-eminent living centre. The Company specializes in the management, development, construction, leasing, and retail solutions. Scentre Group serves customers in Australia.
                    [4] => Stockland is a diversified Australian property group. The Group develops and manages Retail centers, Residential Communities and Retirement Living assets with a focus on regional centers and outer metropolitan. Stockland also owns a portfolio of Office and Industrial assets.
                    [5] => 
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)
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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

July 2024 - Monthly REPORT

Thinking of allocating to AREITs? Now is the time

SUMMARY

  • A-REITs delivered a +6.76% return for July, outperforming the broader equities market by +2.63% following a subdued June core CPI print which pared back interest rate expectations and bond yields.
  • In comparison, the Fund returned +5.49% underperforming the benchmark by 1.27%.
  • Key contributors to performance include our overweight positions to Stockland Group (SGP +10.31%) and Ingenia Communities Group (INA +9.83%) whilst detractors include our investments in NextDC Limited (NXT -4.99%) and Qualitas Limited (QAL +1.69%).

PORTFOLIO

Top Holdings (alphabetically)

Goodman Group
Australia
Real Estate
Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.
HomeCo Daily Needs REIT
Australia
Real Estate
HomeCo Daily Needs REIT operates as a real estate investment trust. The Company invests in and manages portfolio of retail assets.
Ingenia Communities Group
Australia
Real Estate
Ingenia Communities Group engages in managing and developing a portfolio of retirement and lifestyle communities. It operates through the following segments: Lifestyle Development, Lifestyle Rental, Ingenia Gardens, Ingenia Holidays; Fuel, Food & Beverage Services, and Corporate and Other. The Lifestyle Development segment comprises development and sale of lifestyle homes. The Lifestyle Development segment refers to long-term accommodation within lifestyle and rental communities. The Ingenia Gardens is involved in rental villages. The Ingenia Holidays segment is composed of tourism and rental accommodation within holiday parks. The Fuel, Food & Beverage Services segment is associated with the Group's investment in service station and food & beverage operations adjoined to Ingenia Holiday communities. The Corporate and Other segment relates to the Group's remaining assets and operating activities. The company was founded on November 22, 2003, and is headquartered in Sydney, Australia.
Scentre Group
Australia
Real Estate
Scentre Group Limited owns and operates pre-eminent living centre. The Company specializes in the management, development, construction, leasing, and retail solutions. Scentre Group serves customers in Australia.
Stockland
Australia
Real Estate
Stockland is a diversified Australian property group. The Group develops and manages Retail centers, Residential Communities and Retirement Living assets with a focus on regional centers and outer metropolitan. Stockland also owns a portfolio of Office and Industrial assets.

Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Jul 2024 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 5.5% 29.7% 14.2% 6.6% 11.0%
S&P/ASX 300 A-REIT (AUD) TR Index 6.8% 27.2% 12.7% 7.9% 6.4%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

After a sustained period of falling cash rates and a low interest rate environment, the rapid rise in inflation and spiking interest rates over 2022 to 2023 had a significant impact on the performance of REITs globally. REITs were hit with a myriad of issues from rising construction costs, exacerbated by supply chain disruptions and labour shortages, to high costs of capital, which eroded earnings and constrained growth.

As the cycle turns and we move into a more stable rate environment with the expectation of cuts later this year and next, sentiment towards the sector should become more positive in terms of earnings and valuations.

Investors looking at the sector may think they have missed the boat, with A-REITs having delivered strong returns of +23.79% in the 2024 financial year and up +6.76% over the past month.  Despite an easing cash rate cycle having already commenced in Canada, New Zealand, and Europe, the US Fed and the RBA have not yet cut rates. This suggests there is some further upside to come.

Looking at the relationship of how REITs perform over the past 20 years, the sector has a history of negative correlation to bond yields and interest rates, benefiting from both the plateau at the top of the interest rate cycle as well as the commencement of interest rate declines. The analysis also suggests REITs’ outperformance starts around 4 months before the first RBA rate cuts.

Transaction market activity and reported asset revaluations are at 20% to 25% discounts from their peak levels. We believe downside risk to valuation is limited from here, particularly for retail and industrial assets. However, as cost of capital remains relatively high, we are selective in our investments and prefer REITs with strong balance sheets and access to third party capital to capture growth opportunities either through acquisitions or developments.

PROFILE

Platform Availability

  • AMP North
  • BT Panorama
  • Centric Wealth
  • Hub24
  • Macquarie Wrap – IDPS
  • Mason Stevens
  • Powerwrap
  • uXchange

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
21.1%
NUMBER OF STOCKS
14
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.296
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 20.95m
  • STRATEGY INCEPTION DATE 11 March 2020
  • BenchmarkS&P/ASX 300 A-REIT Total Return Index

Fund Managers

Amy Pham

Portfolio Manager

Jade Ong

Investment Specialist

Description

A Property Fund focussed on capital security, income yield, and sustainable growth.

The Fund believes each security has an underlying or intrinsic value and that securities become mispriced at times relative to their value and each other.

The Fund seeks to exploit such market inefficiencies by employing an active, value based investment style to capture the underlying cashflows generated from real estate assets and/or real estate businesses.

The Fund believes that responsible investing is important to generate long term sustainable returns. Incorporating ESG factors along-side financial measures provides a complete view of the risk/return characteristics of our property investments.

The Fund is benchmark unaware. All positions are high conviction and assessed on a risk-reward basis, resulting in a concentrated portfolio of 10-20 securities.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund
CONTACT INVESTOR SERVICES
INVEST NOW

1. Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. The Fund incepted on March 11th 2020.  Index performance calculations include a complete month’s performance for March 2020.  No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception 11 March 2020.
3. Annualised standard deviation since inception.
4. Relative to S&P/ASX 300 A-REIT TotalReturn Index.
* For further information regarding fees please see the PDS available on our website.