https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=30/08/2024&aggregation_code=Class%20A 
Array
(
    [0] => Array
        (
            [date] => 30/08/2024
            [table] => 





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





High Conviction Property Securities Fund
0.2%
25.8%
16.3%
4.5%
10.8%




S&P/ASX 300 A-REIT (AUD) TR Index
0.6%
25.2%
15.2%
5.9%
6.4%






Swipe horizontally to see all columns

            [piechart] => Array
                (
                    [0] => Array
                        (
                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.204356574],["Diversified REITs", 0.204211334],["Specialized REITs", 0.082101639],["Industrial REITs", 0.32853897],["Real Estate Management & Development", 0.018534761],["IT Services", 0.034668328],["Residential REITs", 0.051641604],["Capital Markets", 0.036949738],["Cash", 0.038997052],
                        )

                )

            [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
                (
                    [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] => 
                )

            [pdfchart] => <?xml version="1.0" encoding="UTF-8" standalone="no"?><svg xmlns="http://www.w3.org/2000/svg" border="0" data-ac-wrapper-id="779" width="330" height="165" class="anychart-ui-support" ac-id="ac_stage_ly" role="presentation" style="display: block;"><defs><clipPath clip-rule="nonzero" id="ac_clip_md"><path data-ac-wrapper-id="798" id="ac_rect_me" fill="none" stroke="black" d="M 0 0 L 144.9833984375 0 144.9833984375 16 0 16 0 0 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_mm"><path data-ac-wrapper-id="805" id="ac_rect_mn" fill="none" stroke="black" d="M 48 26 L 326 26 326 138 48 138 48 26 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_np"><path data-ac-wrapper-id="842" id="ac_rect_nq" fill="none" stroke="black" d="M 49 26 L 326 26 326 137 49 137 49 26 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_nw"><path data-ac-wrapper-id="847" id="ac_rect_nx" fill="none" stroke="black" d="M 49 26 L 326 26 326 137 49 137 49 26 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_o4"><path data-ac-wrapper-id="853" id="ac_rect_o5" fill="none" stroke="black" d="M 48 26 L 325 26 325 137 48 137 48 26 Z"/></clipPath></defs><g data-ac-wrapper-id="780" id="ac_layer_lz"><g data-ac-wrapper-id="785" role="article" aria-label="line chart , with 2 line series, . Y-scale minimum value is 50000 , maximum value is 175000. X-scale with 55 categories: 28/02/2020, 31/03/2020, 30/04/2020, 29/05/2020, 30/06/2020, 31/07/2020, 31/08/2020, 30/09/2020, 30/10/2020, 30/11/2020, 31/12/2020, 29/01/2021, 26/02/2021, 31/03/2021, 30/04/2021, 31/05/2021, 30/06/2021, 30/07/2021, 31/08/2021, 30/09/2021, 29/10/2021, 30/11/2021, 31/12/2021, 31/01/2022, 28/02/2022, 31/03/2022, 29/04/2022, 31/05/2022, 30/06/2022, 29/07/2022, 31/08/2022, 30/09/2022, 31/10/2022, 30/11/2022, 30/12/2022, 31/01/2023, 28/02/2023, 31/03/2023, 28/04/2023, 31/05/2023, 30/06/2023, 31/07/2023, 31/08/2023, 29/09/2023, 31/10/2023, 30/11/2023, 29/12/2023, 31/01/2024, 29/02/2024, 28/03/2024, 30/04/2024, 31/05/2024, 28/06/2024, 31/07/2024, 30/08/2024, . " id="ac_chart_m0"><g data-ac-wrapper-id="786" id="ac_layer_m2"><path data-ac-wrapper-id="787" id="ac_path_m1" fill="#EAEAEA" stroke="none" d="M 0 0 L 330 0 330 0 330 165 330 165 0 165 0 165 0 0 0 0 Z"/></g><path data-ac-wrapper-id="852" clip-path="url(&quot;#ac_clip_o4&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_o6" fill="none" stroke="none" d="M 0,0"/><path data-ac-wrapper-id="799" id="ac_path_mg" fill="none" stroke="none" d="M 48 137.5 L 325 137.5 325 114.5 48 114.5 Z"/><path data-ac-wrapper-id="800" id="ac_path_mh" fill="none" stroke="none" d="M 48 114.5 L 325 114.5 325 92.5 48 92.5 Z"/><path data-ac-wrapper-id="801" id="ac_path_mi" fill="none" stroke="none" d="M 48 92.5 L 325 92.5 325 70.5 48 70.5 Z"/><path data-ac-wrapper-id="802" id="ac_path_mj" fill="none" stroke="none" d="M 48 70.5 L 325 70.5 325 48.5 48 48.5 Z"/><path data-ac-wrapper-id="803" id="ac_path_mk" fill="none" stroke="none" d="M 48 48.5 L 325 48.5 325 26.5 48 26.5 Z"/><path data-ac-wrapper-id="804" clip-path="url(&quot;#ac_clip_mm&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_mo" fill="none" stroke="#CECECE" d="M 48 137.5 L 325 137.5 M 48 114.5 L 325 114.5 M 48 92.5 L 325 92.5 M 48 70.5 L 325 70.5 M 48 48.5 L 325 48.5 M 48 26.5 L 325 26.5"/><g data-ac-wrapper-id="845" clip-path="url(&quot;#ac_clip_nw&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_ny"><path data-ac-wrapper-id="846" id="ac_path_nu" fill="none" stroke="#b1804a" stroke-width="1" d="M 48 92.6 L 53.12962962962963 106.6304 58.25925925925926 100.07696 63.388888888888886 94.43816 68.51851851851852 94.25168 73.64814814814815 92.525408 78.77777777777777 86.985176 83.9074074074074 86.05899199999999 89.03703703703704 85.78016 94.16666666666666 81.266456 99.29629629629629 78.68503999999999 104.42592592592592 83.164112 109.55555555555554 87.06687199999999 114.68518518518518 81.43695199999999 119.81481481481481 76.068104 124.94444444444443 72.678608 130.07407407407408 66.499904 135.2037037037037 65.190104 140.33333333333331 57.880088 145.46296296296296 61.123064 150.59259259259258 60.994304 155.72222222222223 57.18389599999999 160.85185185185185 49.892528 165.98148148148147 62.52699200000001 171.1111111111111 64.875752 176.24074074074073 62.15580800000001 181.37037037037035 63.02072000000001 186.5 75.18543199999999 191.6296296296296 85.543064 196.7592592592592 73.466264 201.88888888888886 77.04223999999999 207.01851851851848 91.15700000000001 212.1481481481481 82.38356 217.27777777777774 76.57781599999998 222.4074074074074 80.334056 227.53703703703704 72.98052799999999 232.66666666666666 73.735328 237.7962962962963 81.190976 242.92592592592592 77.039576 248.05555555555554 76.937456 253.18518518518516 76.394 258.31481481481484 72.84111200000001 263.44444444444446 69.26780000000001 268.5740740740741 77.040464 273.7037037037037 81.93068 278.83333333333337 73.650968 283.96296296296293 62.044808 289.09259259259255 61.13372 294.2222222222222 53.07956 299.35185185185185 42.72636800000001 304.48148148148147 51.926936 309.6111111111111 49.01962400000001 314.7407407407407 47.901632000000006 319.8703703703704 40.574743999999995 325 40.31456"/></g><g data-ac-wrapper-id="840" clip-path="url(&quot;#ac_clip_np&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_nr"><path data-ac-wrapper-id="841" id="ac_path_nn" fill="none" stroke="#5f5f5f" stroke-width="1" d="M 48 92.6 L 53.12962962962963 123.820304 58.25925925925926 115.938416 63.388888888888886 111.32348 68.51851851851852 112.17596 73.64814814814815 111.741728 78.77777777777777 106.20593600000001 83.9074074074074 107.067296 89.03703703703704 107.273312 94.16666666666666 97.72908799999999 99.29629629629629 97.225592 104.42592592592592 100.65149600000001 109.55555555555554 102.65482399999999 114.68518518518518 97.695344 119.81481481481481 95.11392799999999 124.94444444444443 93.58124000000001 130.07407407407408 88.70168 135.2037037037037 88.267448 140.33333333333331 82.33028 145.46296296296296 84.254576 150.59259259259258 83.667608 155.72222222222223 79.802144 160.85185185185185 74.475032 165.98148148148147 84.57692 171.1111111111111 83.08063999999999 176.24074074074073 81.660728 181.37037037037035 80.975192 186.5 89.562152 191.6296296296296 99.10548800000001 196.7592592592592 89.409416 201.88888888888886 92.752736 207.01851851851848 104.77714399999999 212.1481481481481 97.21138400000001 217.27777777777774 92.322944 222.4074074074074 95.919344 227.53703703703704 89.017808 232.66666666666666 89.350808 237.7962962962963 95.644064 242.92592592592592 91.222712 248.05555555555554 92.856632 253.18518518518516 92.94010399999999 258.31481481481484 89.49732800000001 263.44444444444446 87.49666400000001 268.5740740740741 95.63074399999999 273.7037037037037 100.536056 278.83333333333337 91.699568 283.96296296296293 81.47424799999999 289.09259259259255 80.26124000000002 294.2222222222222 75.45272 299.35185185185185 65.322416 304.48148148148147 74.189984 309.6111111111111 72.147584 314.7407407407407 71.89184 319.8703703703704 64.48680800000001 325 63.820808"/></g><g data-ac-wrapper-id="848" clip-path="url(&quot;#ac_clip_nw&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_nz"/><g data-ac-wrapper-id="849" clip-path="url(&quot;#ac_clip_nw&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_o0"/><g data-ac-wrapper-id="843" clip-path="url(&quot;#ac_clip_np&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_ns"/><g data-ac-wrapper-id="844" clip-path="url(&quot;#ac_clip_np&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_nt"/><path data-ac-wrapper-id="806" id="ac_path_mp" fill="none" stroke="#CECECE" d="M 48 137.5 L 326 137.5"/><path data-ac-wrapper-id="807" id="ac_path_mq" fill="none" stroke="#CECECE" d="M 48.5 138 L 48.5 144 M 53.5 138 L 53.5 144 M 58.5 138 L 58.5 144 M 63.5 138 L 63.5 144 M 68.5 138 L 68.5 144 M 73.5 138 L 73.5 144 M 78.5 138 L 78.5 144 M 83.5 138 L 83.5 144 M 89.5 138 L 89.5 144 M 94.5 138 L 94.5 144 M 99.5 138 L 99.5 144 M 104.5 138 L 104.5 144 M 109.5 138 L 109.5 144 M 114.5 138 L 114.5 144 M 119.5 138 L 119.5 144 M 124.5 138 L 124.5 144 M 130.5 138 L 130.5 144 M 135.5 138 L 135.5 144 M 140.5 138 L 140.5 144 M 145.5 138 L 145.5 144 M 150.5 138 L 150.5 144 M 155.5 138 L 155.5 144 M 160.5 138 L 160.5 144 M 165.5 138 L 165.5 144 M 171.5 138 L 171.5 144 M 176.5 138 L 176.5 144 M 181.5 138 L 181.5 144 M 186.5 138 L 186.5 144 M 191.5 138 L 191.5 144 M 196.5 138 L 196.5 144 M 201.5 138 L 201.5 144 M 207.5 138 L 207.5 144 M 212.5 138 L 212.5 144 M 217.5 138 L 217.5 144 M 222.5 138 L 222.5 144 M 227.5 138 L 227.5 144 M 232.5 138 L 232.5 144 M 237.5 138 L 237.5 144 M 242.5 138 L 242.5 144 M 248.5 138 L 248.5 144 M 253.5 138 L 253.5 144 M 258.5 138 L 258.5 144 M 263.5 138 L 263.5 144 M 268.5 138 L 268.5 144 M 273.5 138 L 273.5 144 M 278.5 138 L 278.5 144 M 283.5 138 L 283.5 144 M 289.5 138 L 289.5 144 M 294.5 138 L 294.5 144 M 299.5 138 L 299.5 144 M 304.5 138 L 304.5 144 M 309.5 138 L 309.5 144 M 314.5 138 L 314.5 144 M 319.5 138 L 319.5 144 M 325.5 138 L 325.5 144 M 325.5 138 L 325.5 144"/><g data-ac-wrapper-id="808" id="ac_layer_n7"><g data-ac-wrapper-id="809" id="ac_layer_ms"><g data-ac-wrapper-id="810" id="ac_unmanageable-layer_mr"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="34.6015625" y="155">02/2020</text></g></g><g data-ac-wrapper-id="811" id="ac_layer_mu"><g data-ac-wrapper-id="812" id="ac_unmanageable-layer_mt"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="70.6015625" y="155">09/2020</text></g></g><g data-ac-wrapper-id="813" id="ac_layer_mw"><g data-ac-wrapper-id="814" id="ac_unmanageable-layer_mv"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="106.6015625" y="155">04/2021</text></g></g><g data-ac-wrapper-id="815" id="ac_layer_my"><g data-ac-wrapper-id="816" id="ac_unmanageable-layer_mx"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="142.6015625" y="155">11/2021</text></g></g><g data-ac-wrapper-id="817" id="ac_layer_n0"><g data-ac-wrapper-id="818" id="ac_unmanageable-layer_mz"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="178.6015625" y="155">06/2022</text></g></g><g data-ac-wrapper-id="819" id="ac_layer_n2"><g data-ac-wrapper-id="820" id="ac_unmanageable-layer_n1"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="214.6015625" y="155">01/2023</text></g></g><g data-ac-wrapper-id="821" id="ac_layer_n4"><g data-ac-wrapper-id="822" id="ac_unmanageable-layer_n3"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="255.6015625" y="155">09/2023</text></g></g><g data-ac-wrapper-id="823" id="ac_layer_n6"><g data-ac-wrapper-id="824" id="ac_unmanageable-layer_n5"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="296.6015625" y="155">05/2024</text></g></g></g><path data-ac-wrapper-id="825" id="ac_path_n8" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 138"/><path data-ac-wrapper-id="826" id="ac_path_n9" fill="none" stroke="#CECECE" d="M 48 137.5 L 42 137.5 M 48 114.5 L 42 114.5 M 48 92.5 L 42 92.5 M 48 70.5 L 42 70.5 M 48 48.5 L 42 48.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="827" id="ac_layer_nm"><g data-ac-wrapper-id="828" id="ac_layer_nb"><g data-ac-wrapper-id="829" id="ac_unmanageable-layer_na"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="12.7451171875" y="139">$50,000</text></g></g><g data-ac-wrapper-id="830" id="ac_layer_nd"><g data-ac-wrapper-id="831" id="ac_unmanageable-layer_nc"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="12.7451171875" y="117">$75,000</text></g></g><g data-ac-wrapper-id="832" id="ac_layer_nf"><g data-ac-wrapper-id="833" id="ac_unmanageable-layer_ne"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="95">$100,000</text></g></g><g data-ac-wrapper-id="834" id="ac_layer_nh"><g data-ac-wrapper-id="835" id="ac_unmanageable-layer_ng"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="72">$125,000</text></g></g><g data-ac-wrapper-id="836" id="ac_layer_nj"><g data-ac-wrapper-id="837" id="ac_unmanageable-layer_ni"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="50">$150,000</text></g></g><g data-ac-wrapper-id="838" id="ac_layer_nl"><g data-ac-wrapper-id="839" id="ac_unmanageable-layer_nk"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.9306640625" y="28">$175,000</text></g></g></g><path data-ac-wrapper-id="850" pointer-events="none" id="ac_path_o1" fill="none" stroke="#969EA5" d="M 0,0"/><path data-ac-wrapper-id="851" pointer-events="none" id="ac_path_o2" fill="none" stroke="none" d="M 0,0"/><g data-ac-wrapper-id="788" transform="matrix(1,0,0,1,92.50830078125,10)" clip-path="url(&quot;#ac_clip_md&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_mf"><g data-ac-wrapper-id="789" id="ac_layer_mb"><g data-ac-wrapper-id="790" id="ac_layer_m6"><text data-ac-wrapper-id="791" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="5" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="10" y="5" aria-hidden="true" id="ac_text_m3" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">Fund</tspan></text><path data-ac-wrapper-id="792" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_m4" fill="#b1804a" stroke="#b1804a" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="793" id="ac_rect_m5" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 23.328125 0 23.328125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="794" transform="matrix(1,0,0,1,38.328125,0)" id="ac_layer_ma"><text data-ac-wrapper-id="795" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="5" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="10" y="5" aria-hidden="true" id="ac_text_m7" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">S&amp;P/ASX 300 A-REIT (AUD) TR Index</tspan></text><path data-ac-wrapper-id="796" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_m8" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="797" id="ac_rect_m9" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 106.6552734375 0 106.6552734375 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg>
            [pdfchart2] => 
            [jsonhpid] => 25601
            [jsonhpid2] => 
        )

)
CLOSE
BACK

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

CLOSE

High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

August 2024 - Monthly REPORT

Winners and losers of FY24 Reporting season and our outlook

SUMMARY

A-REITs returned +0.57% for the month of August, ahead of the broader market return of 0.44%.  In comparison the Fund returned +0.18%, slightly underperforming the benchmark.

Join Fund Manager Amy Pham as she discusses the Fund’s current portfolio holdings, the factors influencing recent performance, and some of the market variables the investment team is considering moving forward. Register here.

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 Aug 2024 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 0.2% 25.8% 16.3% 4.5% 10.8%
S&P/ASX 300 A-REIT (AUD) TR Index 0.6% 25.2% 15.2% 5.9% 6.4%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

FY24 reporting season has been unusually volatile for A-REITs, making stock selection even more critical in delivering returns. Charter Hall Group (CHC +14.27%) was the best performer in the month and Goodman Group (GMG -4.84%) the worst. CHC’s share price rallied following the release of its results. Whilst it delivered FY24 earnings in line with market expectations, guidance for FY25 was better than expected even with no performance fees assumed. Management had a bullish tone suggesting that the valuation cycle is at the trough and transactions will pick up again over the next year, which is a key driver for the stock.  GMG on the other hand achieved strong earnings growth of +14% in FY24 ahead of its initial guidance of +9%. However, despite continued progress on its data centre developments (now 40% of work in progress), which will drive higher development returns, delivery timeframes will take longer than for logistics. The market also wanted to see tangible evidence of leases with hyperscalers and new capital partnerships to satisfy the stock’s high PE multiple of >30x. We view the relative weakness in share price performance for GMG in terms of the stock taking a breather, with investors taking profits after returning +44% over the last year.

The office sector, the Fund’s key underweight, has been a notable underperformer within the large cap diversified REIT space, with poor free cashflow due to elevated incentives of 30%-40% leaving lower levels of retained earnings from which to fund committed capital expenditure programs.  As a result, we saw dividend cuts and asset sales being heavily featured for groups such as Dexus Group (DXS), Mirvac Group (MGR), and Charter Hall Long WALE (CLW).

In large cap REITs, we continue to prefer quality asset owners with strong free cash flow generation such as Scentre Group (retail) and Stockland (integrated residential and funds management platform) – these two REITs have significantly outperformed their sector counterparts in Vicinity and Mirvac over the last year. Stockland in particular has been able to successfully manage and grow its master-planned community portfolio despite an aggressive rate hiking cycle, supplementing this with inorganic growth in land lease through Halcyon.  At the same time, it has shifted its growth off balance sheet through the establishment of new masterplanned community and land lease funds, driving less cyclical and higher returning, more annuity-style earnings.

Our exposure to alternative real estate continues to drive performance for the Fund. NextDC, the Fund’s non-index exposure to data centers,  jumped +8.4% on 5 September 2024 after it was announced that it would be entering the FTSE NAREIT Index. It is up +60.4% on our initial position acquired in late 2020. Land lease communities is another sector in which we have long-term high conviction. Our investment in Ingenia Communities Group (INA) has returned +28% since the Fund acquired its position in the stock in late 2023.

Our strategy to invest in high quality REITs with a strong balance sheet means that we are not reliant on future rate cuts in order to deliver performance.  This has been demonstrated by the Fund delivering +16.26% p.a. return over the past two years, outperforming the benchmark return of +15.16% p.a., in an environment of the sharpest interest rate rises in over a decade.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20.9%
NUMBER OF STOCKS
14
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.2984
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 21.15m
  • 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.