Array ( [0] => Array ( [date] => 30/09/2024 [table] =>

	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	0.5%	15.9%	2.6%	5.3%	6.9%	8.8%
Fund Objective: RBA Cash Rate plus 6%	0.8%	10.3%	8.8%	7.8%	7.7%	8.5%
ASX Accumulation All Ordinaries Index	3.4%	22.2%	8.1%	8.7%	9.2%	7.3%

Solid September quarter for the Fund, China awakens to drive a resource led market rally – but is it sustainable?

SUMMARY

The Fund generated a +0.5% return in September, continuing to build on a solid start to the year. By way of comparison, the Australian stock market rose +3.5%, whilst the return of the RBA cash rate plus 6% equated to approximately +0.8% for the month. For the September quarter, the fund achieved a return of +5.5%, comfortably ahead of the cash plus 6% benchmark of +2.5% over the same period, whilst the broader market returned +7.9%.

Initial market momentum in September arose from a much anticipated but nonetheless outsized easing by the US Federal Reserve, reducing the targeted Federal Funds rate by 50bps. Equity market focus has been on central bank policy for some time, to some extent diverting attention from mounting macro economic pressures in China. Domestically, these pressures have manifested themselves in softer commodity markets and a steady rotation away from the miners (towards the banks). The perceived policy inertia in China was countered in the second half of September, with policy makers “unleashing” a series of monetary stimulus measures to resuscitate the struggling economy. As a result, commodities once again rallied and domestic mining stocks gained 12%, with the Materials sector alone delivering over 80% of the market’s return during the month. Notwithstanding the September rally, we continue to hold concerns about what appear to be more structural challenges to the Chinese economy, and question the sustainability of the more immediate and possibly shorter term stimulatory activity.

The rotation to the miners was funded mainly by the banks, who in aggregate fell by 1.5% in September. With aggregate consensus earnings forecasts continuing to modestly decline across the month, the market multiple has once again lifted, to 18.3x forward earnings (vs 17.7x in August).

We are pleased with the solid start to the financial year for the Fund, and to be tracking comfortably ahead of our cash plus 6% benchmark. In particular given the defensive positioning of the Fund (cash levels around 14%), and the relatively lower reliance on the resource sector (BHP for example was outside of the top 5 contributors), which as highlighted was the primary driver of broader market strength over the same period.

CIO and Senior Fund Manager Rhett Kessler recently provided a portfolio update and insights from the reporting season, which is available below for your review. CPD points are applicable for Australian Financial Planners HERE.

PORTFOLIO

Top Holdings (alphabetically)

Aristocrat Leisure Ltd

Australia

Consumer Discretionary

Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally. The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.

BHP Group Ltd

Australia

Materials

BHP Group Limited operates as a mining company. The Company engages in the exploration, development, production, and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

CSL Ltd

Australia

Health Care

CSL Limited develops, manufactures and markets human pharmaceutical and diagnostic products derived from human plasma. The Company's products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

Evolution Mining Ltd

Australia

Materials

Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.

Metcash Ltd

Australia

Consumer Staples

Metcash Ltd. engages in wholesaling, distributing, supplying, and supporting independent retailers and several other businesses networks. It operates through the following segments: Food, Liquor, and Hardware. The Food segment includes the distribution of a range of products and services to independent supermarket and convenience retail outlets. The Liquor segment offers liquor products to independent retail outlets and hotels. The Hardware segment consists of hardware products distributed to independent retail outlets and the operation of company owned retail stores. The company was founded by Joe David in 1927 and is headquartered in Sydney, Australia.

National Australia Bank Ltd

Australia

Financials

National Australia Bank Limited (NAB) provides banking financial solutions. The Company offers internet banking, accounts, insurance, credit cards, home loans, and personal loans. NAB serves customers in Australia.

nib holdings Ltd/Australia

Australia

Financials

NIB Holdings Ltd. offers health insurance products. Depending on the specific product, the Company covers ambulance costs; and reimburses for costs not covered by Medicare including dental, optical, physiotherapy and natural therapies; and some hospitalization costs.

ResMed Inc

Australia

Health Care

ResMed Inc. develops, manufactures, and markets medical equipment for the treatment of sleep disordered breathing. The Company sells diagnostic and treatment devices in various countries through its subsidiaries and independent distributors.

SG Fleet Group Ltd

Australia

Industrials

SG Fleet Group Ltd provides vehicle leasing and fleet management services. The Company offers its services to corporate and government customers and individual employees of those customers.

Telstra Group Ltd

Australia

Communication Services

Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia. The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Sep 2024¹

	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	0.5%	15.9%	2.6%	5.3%	6.9%	8.8%
Fund Objective: RBA Cash Rate plus 6%	0.8%	10.3%	8.8%	7.8%	7.7%	8.5%
ASX Accumulation All Ordinaries Index	3.4%	22.2%	8.1%	8.7%	9.2%	7.3%

Performance Chart

NET PERFORMANCE SINCE INCEPTION²

COMMENTARY

Resmed was the largest positive contributor to the Fund across the September quarter, with strong results in August followed by news flow out of an industry conference highlighting the positive impact GLP1 drugs could have on demand for its products. The discretionary retail holdings continued their run of positive contributions, with ongoing resilient operating results and cash flows, in particular from Super Retail Group and Accent Group. Both businesses continue to benefit from strong balance sheets with Super Retail announcing further cash returns to investors via special dividends in the period. Other strong contributors included Evolution Mining (ongoing strength in Gold prices), Stockland Group (strong fundamentals supported by a rotation to REITs following a more dovish rate outlook globally), and Telstra whose solid underlying cash flow profile continues to steadily assert itself on the share price.

Detractors in the September quarter were primarily focused on SG Fleet and NIB Insurance. NIB surprised the market in August with what appears to be conservative provisioning for future claims, limiting more immediate realisation of earnings upside from the structural step down in claims over the COVID period. SG Fleet reported solid operational results, including substantial cash returns via a special dividend, however a conservative outlook impacted by higher finance costs saw the stock weaken post results. We continue to see value in both names, in particular after their recent share price weakness.

From a trading perspective, we took the opportunity to add to positions across a number of names over the quarter, in particular Light n Wonder, Metcash, and Kelsian Group. A rebasing of its share price year to date provided an attractive opportunity for us to re-establish a position in Ampol in September. Whilst we continue to see strong operating momentum for JB Hi Fi, the August rally drove valuation to its limit for our process resulting in the sell down of our entire stake during that month. Our holding in CSR was sold to St Gobain as part of their takeover early in the quarter, other profit taking took place in NAB, Woolworths, and CSL.

As highlighted above, much of the share market’s performance this Financial Year has been driven by a multiple re-rating, as opposed to an improved earnings outlook. That is to say, stocks have simply become more expensive in the period. We have previously expressed our view that the negative impacts from central bank experiments with quantitative easing, deeply negative real interest rates and ever-expanding fiscal deficits are still to play out, and the reaction to data points continues to swing from fear to excitement in a matter of weeks. Amidst this period of increasing volatility, we believe that a focus on strong business models, backed by healthy cash generation and stewarded by competent management comes to the fore.

We continue to believe that the Fund is well positioned to navigate the existing volatility and deliver on our objectives of cash plus 6% in the medium term, given its defensive positioning, with solid balance sheets, and focus on businesses generating cash now. At month end the portfolio was generating an after tax cash earnings yield of ~6% for FY25 – underpinning our focus on fundamental value. Our expectation of these earnings, combined with further earnings growth, capital returns, and potential for valuation multiple uplifts provide comfort in achieving our return objectives.

We remain as focused as ever on our primary objectives of capital preservation and generating a reasonable real return for our investors. We continue to believe this is best served by a disciplined approach and consistent investment methodology. A variety of good businesses run by honest and competent management teams at the right price will create a well-diversified portfolio of ever-growing cash earnings streams.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)

Array
(
    [0] => stdClass Object
        (
            [as_at_date] => 28/11/2025
            [value] => -0.0020
        )

    [1] => stdClass Object
        (
            [as_at_date] => 31/10/2025
            [value] => -0.0030
        )

    [2] => stdClass Object
        (
            [as_at_date] => 30/09/2025
            [value] => -0.0110
        )

    [3] => stdClass Object
        (
            [as_at_date] => 29/08/2025
            [value] => 0.0260
        )

    [4] => stdClass Object
        (
            [as_at_date] => 31/07/2025
            [value] => 0.0300
        )

    [5] => stdClass Object
        (
            [as_at_date] => 30/06/2025
            [value] => 0.0090
        )

    [6] => stdClass Object
        (
            [as_at_date] => 30/05/2025
            [value] => 0.0290
        )

    [7] => stdClass Object
        (
            [as_at_date] => 30/04/2025
            [value] => 0.0270
        )

    [8] => stdClass Object
        (
            [as_at_date] => 31/03/2025
            [value] => -0.0210
        )

    [9] => stdClass Object
        (
            [as_at_date] => 28/02/2025
            [value] => -0.0140
        )

    [10] => stdClass Object
        (
            [as_at_date] => 31/01/2025
            [value] => 0.0270
        )

    [11] => stdClass Object
        (
            [as_at_date] => 31/12/2024
            [value] => -0.0090
        )

    [12] => stdClass Object
        (
            [as_at_date] => 29/11/2024
            [value] => 0.021
        )

    [13] => stdClass Object
        (
            [as_at_date] => 31/10/2024
            [value] => -0.001
        )

    [14] => stdClass Object
        (
            [as_at_date] => 30/09/2024
            [value] => 0.005
        )

    [15] => stdClass Object
        (
            [as_at_date] => 30/08/2024
            [value] => -0.001
        )

    [16] => stdClass Object
        (
            [as_at_date] => 31/07/2024
            [value] => 0.051
        )

    [17] => stdClass Object
        (
            [as_at_date] => 28/06/2024
            [value] => 0.019
        )

    [18] => stdClass Object
        (
            [as_at_date] => 31/05/2024
            [value] => -0.006
        )

    [19] => stdClass Object
        (
            [as_at_date] => 30/04/2024
            [value] => -0.02
        )

    [20] => stdClass Object
        (
            [as_at_date] => 28/03/2024
            [value] => 0.0320
        )

    [21] => stdClass Object
        (
            [as_at_date] => 29/02/2024
            [value] => -0.007
        )

    [22] => stdClass Object
        (
            [as_at_date] => 31/01/2024
            [value] => 0.024
        )

    [23] => stdClass Object
        (
            [as_at_date] => 29/12/2023
            [value] => 0.051
        )

    [24] => stdClass Object
        (
            [as_at_date] => 30/11/2023
            [value] => 0.039
        )

    [25] => stdClass Object
        (
            [as_at_date] => 31/10/2023
            [value] => -0.033
        )

    [26] => stdClass Object
        (
            [as_at_date] => 29/09/2023
            [value] => -0.037
        )

    [27] => stdClass Object
        (
            [as_at_date] => 31/08/2023
            [value] => -0.007
        )

    [28] => stdClass Object
        (
            [as_at_date] => 31/07/2023
            [value] => 0.033
        )

    [29] => stdClass Object
        (
            [as_at_date] => 30/06/2023
            [value] => 0.012
        )

    [30] => stdClass Object
        (
            [as_at_date] => 31/05/2023
            [value] => -0.023
        )

    [31] => stdClass Object
        (
            [as_at_date] => 28/04/2023
            [value] => 0.027
        )

    [32] => stdClass Object
        (
            [as_at_date] => 31/03/2023
            [value] => 0
        )

    [33] => stdClass Object
        (
            [as_at_date] => 28/02/2023
            [value] => -0.012
        )

    [34] => stdClass Object
        (
            [as_at_date] => 31/01/2023
            [value] => 0.061
        )

    [35] => stdClass Object
        (
            [as_at_date] => 30/12/2022
            [value] => -0.023
        )

    [36] => stdClass Object
        (
            [as_at_date] => 30/11/2022
            [value] => 0.03
        )

    [37] => stdClass Object
        (
            [as_at_date] => 31/10/2022
            [value] => 0.027
        )

    [38] => stdClass Object
        (
            [as_at_date] => 30/09/2022
            [value] => -0.061
        )

    [39] => stdClass Object
        (
            [as_at_date] => 31/08/2022
            [value] => -0.001
        )

    [40] => stdClass Object
        (
            [as_at_date] => 29/07/2022
            [value] => 0.064
        )

    [41] => stdClass Object
        (
            [as_at_date] => 30/06/2022
            [value] => -0.07
        )

    [42] => stdClass Object
        (
            [as_at_date] => 31/05/2022
            [value] => -0.03
        )

    [43] => stdClass Object
        (
            [as_at_date] => 29/04/2022
            [value] => -0.0060
        )

    [44] => stdClass Object
        (
            [as_at_date] => 31/03/2022
            [value] => 0.0190
        )

    [45] => stdClass Object
        (
            [as_at_date] => 28/02/2022
            [value] => 0.0130
        )

    [46] => stdClass Object
        (
            [as_at_date] => 31/01/2022
            [value] => -0.0670
        )

    [47] => stdClass Object
        (
            [as_at_date] => 31/12/2021
            [value] => 0.0100
        )

    [48] => stdClass Object
        (
            [as_at_date] => 30/11/2021
            [value] => -0.0060
        )

    [49] => stdClass Object
        (
            [as_at_date] => 29/10/2021
            [value] => -0.0110
        )

    [50] => stdClass Object
        (
            [as_at_date] => 30/09/2021
            [value] => -0.0040
        )

    [51] => stdClass Object
        (
            [as_at_date] => 31/08/2021
            [value] => 0.0300
        )

    [52] => stdClass Object
        (
            [as_at_date] => 30/07/2021
            [value] => 0.0030
        )

    [53] => stdClass Object
        (
            [as_at_date] => 30/06/2021
            [value] => 0.0110
        )

    [54] => stdClass Object
        (
            [as_at_date] => 31/05/2021
            [value] => 0.0260
        )

    [55] => stdClass Object
        (
            [as_at_date] => 30/04/2021
            [value] => 0.0360
        )

    [56] => stdClass Object
        (
            [as_at_date] => 31/03/2021
            [value] => 0.0310
        )

    [57] => stdClass Object
        (
            [as_at_date] => 26/02/2021
            [value] => 0.0030
        )

    [58] => stdClass Object
        (
            [as_at_date] => 29/01/2021
            [value] => -0.0090
        )

    [59] => stdClass Object
        (
            [as_at_date] => 31/12/2020
            [value] => 0.0230
        )

    [60] => stdClass Object
        (
            [as_at_date] => 30/11/2020
            [value] => 0.1020
        )

    [61] => stdClass Object
        (
            [as_at_date] => 30/10/2020
            [value] => 0.015
        )

    [62] => stdClass Object
        (
            [as_at_date] => 30/09/2020
            [value] => -0.02
        )

    [63] => stdClass Object
        (
            [as_at_date] => 31/08/2020
            [value] => 0.02
        )

    [64] => stdClass Object
        (
            [as_at_date] => 31/07/2020
            [value] => 0.015
        )

    [65] => stdClass Object
        (
            [as_at_date] => 30/06/2020
            [value] => 0.001
        )

    [66] => stdClass Object
        (
            [as_at_date] => 29/05/2020
            [value] => 0.062
        )

    [67] => stdClass Object
        (
            [as_at_date] => 30/04/2020
            [value] => 0.085
        )

    [68] => stdClass Object
        (
            [as_at_date] => 31/03/2020
            [value] => -0.195
        )

    [69] => stdClass Object
        (
            [as_at_date] => 28/02/2020
            [value] => -0.035
        )

    [70] => stdClass Object
        (
            [as_at_date] => 31/01/2020
            [value] => 0.023
        )

    [71] => stdClass Object
        (
            [as_at_date] => 31/12/2019
            [value] => -0.033
        )

    [72] => stdClass Object
        (
            [as_at_date] => 29/11/2019
            [value] => 0.035
        )

    [73] => stdClass Object
        (
            [as_at_date] => 31/10/2019
            [value] => -0.005296992
        )

    [74] => stdClass Object
        (
            [as_at_date] => 30/09/2019
            [value] => 0.013710771
        )

    [75] => stdClass Object
        (
            [as_at_date] => 30/08/2019
            [value] => 0.00550401
        )

    [76] => stdClass Object
        (
            [as_at_date] => 31/07/2019
            [value] => 0.03197014
        )

    [77] => stdClass Object
        (
            [as_at_date] => 28/06/2019
            [value] => 0.011725207
        )

    [78] => stdClass Object
        (
            [as_at_date] => 31/05/2019
            [value] => 0.048981361
        )

    [79] => stdClass Object
        (
            [as_at_date] => 30/04/2019
            [value] => 0.029049345
        )

    [80] => stdClass Object
        (
            [as_at_date] => 29/03/2019
            [value] => -0.011355493
        )

    [81] => stdClass Object
        (
            [as_at_date] => 28/02/2019
            [value] => 0.034441467
        )

    [82] => stdClass Object
        (
            [as_at_date] => 31/01/2019
            [value] => 0.023639972
        )

    [83] => stdClass Object
        (
            [as_at_date] => 31/12/2018
            [value] => -0.020012333
        )

    [84] => stdClass Object
        (
            [as_at_date] => 30/11/2018
            [value] => -0.01599647
        )

    [85] => stdClass Object
        (
            [as_at_date] => 31/10/2018
            [value] => -0.079933009
        )

    [86] => stdClass Object
        (
            [as_at_date] => 28/09/2018
            [value] => -0.024699302
        )

    [87] => stdClass Object
        (
            [as_at_date] => 31/08/2018
            [value] => 0.033507264
        )

    [88] => stdClass Object
        (
            [as_at_date] => 31/07/2018
            [value] => 0.012797264
        )

    [89] => stdClass Object
        (
            [as_at_date] => 29/06/2018
            [value] => 0.014582908
        )

    [90] => stdClass Object
        (
            [as_at_date] => 31/05/2018
            [value] => 0.025196027
        )

    [91] => stdClass Object
        (
            [as_at_date] => 30/04/2018
            [value] => -0.000470244
        )

    [92] => stdClass Object
        (
            [as_at_date] => 29/03/2018
            [value] => -0.030200152
        )

    [93] => stdClass Object
        (
            [as_at_date] => 28/02/2018
            [value] => -0.013052611
        )

    [94] => stdClass Object
        (
            [as_at_date] => 31/01/2018
            [value] => 0.014561875
        )

    [95] => stdClass Object
        (
            [as_at_date] => 29/12/2017
            [value] => 0.001458753
        )

    [96] => stdClass Object
        (
            [as_at_date] => 30/11/2017
            [value] => 0.031923177
        )

    [97] => stdClass Object
        (
            [as_at_date] => 31/10/2017
            [value] => 0.018827014
        )

    [98] => stdClass Object
        (
            [as_at_date] => 29/09/2017
            [value] => 0.001217833
        )

    [99] => stdClass Object
        (
            [as_at_date] => 31/08/2017
            [value] => 0.00983852
        )

    [100] => stdClass Object
        (
            [as_at_date] => 31/07/2017
            [value] => 0.005537932
        )

    [101] => stdClass Object
        (
            [as_at_date] => 30/06/2017
            [value] => 0.027002508
        )

    [102] => stdClass Object
        (
            [as_at_date] => 31/05/2017
            [value] => -0.047379391
        )

    [103] => stdClass Object
        (
            [as_at_date] => 28/04/2017
            [value] => 0.016589147
        )

    [104] => stdClass Object
        (
            [as_at_date] => 31/03/2017
            [value] => 0.018367454
        )

    [105] => stdClass Object
        (
            [as_at_date] => 28/02/2017
            [value] => 0.007102348
        )

    [106] => stdClass Object
        (
            [as_at_date] => 31/01/2017
            [value] => -0.007783329
        )

    [107] => stdClass Object
        (
            [as_at_date] => 30/12/2016
            [value] => 0.033620226
        )

    [108] => stdClass Object
        (
            [as_at_date] => 30/11/2016
            [value] => -0.002682403
        )

    [109] => stdClass Object
        (
            [as_at_date] => 31/10/2016
            [value] => -0.029722555
        )

    [110] => stdClass Object
        (
            [as_at_date] => 30/09/2016
            [value] => 0.002504827
        )

    [111] => stdClass Object
        (
            [as_at_date] => 31/08/2016
            [value] => 0.022954145
        )

    [112] => stdClass Object
        (
            [as_at_date] => 29/07/2016
            [value] => 0.06141991
        )

    [113] => stdClass Object
        (
            [as_at_date] => 30/06/2016
            [value] => -0.015761049
        )

    [114] => stdClass Object
        (
            [as_at_date] => 31/05/2016
            [value] => 0.045939247
        )

    [115] => stdClass Object
        (
            [as_at_date] => 29/04/2016
            [value] => 0.006614447
        )

    [116] => stdClass Object
        (
            [as_at_date] => 31/03/2016
            [value] => 0.031418312
        )

    [117] => stdClass Object
        (
            [as_at_date] => 29/02/2016
            [value] => -0.031528921
        )

    [118] => stdClass Object
        (
            [as_at_date] => 29/01/2016
            [value] => -0.018432131
        )

    [119] => stdClass Object
        (
            [as_at_date] => 31/12/2015
            [value] => 0.002017711
        )

    [120] => stdClass Object
        (
            [as_at_date] => 30/11/2015
            [value] => 0.033719583
        )

    [121] => stdClass Object
        (
            [as_at_date] => 30/10/2015
            [value] => 0.040636682
        )

    [122] => stdClass Object
        (
            [as_at_date] => 30/09/2015
            [value] => -0.006112176
        )

    [123] => stdClass Object
        (
            [as_at_date] => 31/08/2015
            [value] => -0.04163556
        )

    [124] => stdClass Object
        (
            [as_at_date] => 31/07/2015
            [value] => 0.032554554
        )

    [125] => stdClass Object
        (
            [as_at_date] => 30/06/2015
            [value] => -0.034569167
        )

    [126] => stdClass Object
        (
            [as_at_date] => 29/05/2015
            [value] => 0.011230131
        )

    [127] => stdClass Object
        (
            [as_at_date] => 30/04/2015
            [value] => -0.016538287
        )

    [128] => stdClass Object
        (
            [as_at_date] => 31/03/2015
            [value] => 0.013431294
        )

    [129] => stdClass Object
        (
            [as_at_date] => 27/02/2015
            [value] => 0.039622867
        )

    [130] => stdClass Object
        (
            [as_at_date] => 30/01/2015
            [value] => 0.026146592
        )

    [131] => stdClass Object
        (
            [as_at_date] => 31/12/2014
            [value] => 0.0135908
        )

    [132] => stdClass Object
        (
            [as_at_date] => 28/11/2014
            [value] => 0.000184525
        )

    [133] => stdClass Object
        (
            [as_at_date] => 31/10/2014
            [value] => 0.024965326
        )

    [134] => stdClass Object
        (
            [as_at_date] => 30/09/2014
            [value] => -0.023997047
        )

    [135] => stdClass Object
        (
            [as_at_date] => 29/08/2014
            [value] => 0.015432677
        )

    [136] => stdClass Object
        (
            [as_at_date] => 31/07/2014
            [value] => 0.018583339
        )

    [137] => stdClass Object
        (
            [as_at_date] => 30/06/2014
            [value] => -0.009674165
        )

    [138] => stdClass Object
        (
            [as_at_date] => 30/05/2014
            [value] => 0.015061148
        )

    [139] => stdClass Object
        (
            [as_at_date] => 30/04/2014
            [value] => 0.012381069
        )

    [140] => stdClass Object
        (
            [as_at_date] => 31/03/2014
            [value] => -0.004190708
        )

    [141] => stdClass Object
        (
            [as_at_date] => 28/02/2014
            [value] => 0.014479359
        )

    [142] => stdClass Object
        (
            [as_at_date] => 31/01/2014
            [value] => -0.019572309
        )

    [143] => stdClass Object
        (
            [as_at_date] => 31/12/2013
            [value] => 0.012738854
        )

    [144] => stdClass Object
        (
            [as_at_date] => 29/11/2013
            [value] => -0.011581636
        )

    [145] => stdClass Object
        (
            [as_at_date] => 31/10/2013
            [value] => 0.02290401
        )

    [146] => stdClass Object
        (
            [as_at_date] => 30/09/2013
            [value] => 0.013796502
        )

    [147] => stdClass Object
        (
            [as_at_date] => 30/08/2013
            [value] => 0.022740157
        )

    [148] => stdClass Object
        (
            [as_at_date] => 31/07/2013
            [value] => 0.019850957
        )

    [149] => stdClass Object
        (
            [as_at_date] => 28/06/2013
            [value] => -0.024961092
        )

    [150] => stdClass Object
        (
            [as_at_date] => 31/05/2013
            [value] => -0.013056064
        )

    [151] => stdClass Object
        (
            [as_at_date] => 30/04/2013
            [value] => 0.035100593
        )

    [152] => stdClass Object
        (
            [as_at_date] => 28/03/2013
            [value] => 0.00036704
        )

    [153] => stdClass Object
        (
            [as_at_date] => 28/02/2013
            [value] => 0.044470002
        )

    [154] => stdClass Object
        (
            [as_at_date] => 31/01/2013
            [value] => 0.052309554
        )

    [155] => stdClass Object
        (
            [as_at_date] => 31/12/2012
            [value] => 0.017731706
        )

    [156] => stdClass Object
        (
            [as_at_date] => 30/11/2012
            [value] => 0.027756361
        )

    [157] => stdClass Object
        (
            [as_at_date] => 31/10/2012
            [value] => 0.024192391
        )

    [158] => stdClass Object
        (
            [as_at_date] => 28/09/2012
            [value] => 0.002158273
        )

    [159] => stdClass Object
        (
            [as_at_date] => 31/08/2012
            [value] => 0.024695909
        )

    [160] => stdClass Object
        (
            [as_at_date] => 31/07/2012
            [value] => 0.02882063
        )

    [161] => stdClass Object
        (
            [as_at_date] => 29/06/2012
            [value] => -0.011460039
        )

    [162] => stdClass Object
        (
            [as_at_date] => 31/05/2012
            [value] => -0.010602268
        )

    [163] => stdClass Object
        (
            [as_at_date] => 30/04/2012
            [value] => 0.00734258
        )

    [164] => stdClass Object
        (
            [as_at_date] => 30/03/2012
            [value] => 0.042365675
        )

    [165] => stdClass Object
        (
            [as_at_date] => 29/02/2012
            [value] => 0.036458333
        )

    [166] => stdClass Object
        (
            [as_at_date] => 31/01/2012
            [value] => 0.028514917
        )

    [167] => stdClass Object
        (
            [as_at_date] => 30/12/2011
            [value] => 0.009737098
        )

    [168] => stdClass Object
        (
            [as_at_date] => 30/11/2011
            [value] => -0.024459748
        )

    [169] => stdClass Object
        (
            [as_at_date] => 31/10/2011
            [value] => 0.046904782
        )

    [170] => stdClass Object
        (
            [as_at_date] => 30/09/2011
            [value] => -0.023942409
        )

    [171] => stdClass Object
        (
            [as_at_date] => 31/08/2011
            [value] => 0.014108769
        )

    [172] => stdClass Object
        (
            [as_at_date] => 29/07/2011
            [value] => -0.031076141
        )

    [173] => stdClass Object
        (
            [as_at_date] => 30/06/2011
            [value] => -0.00532079
        )

    [174] => stdClass Object
        (
            [as_at_date] => 31/05/2011
            [value] => -0.007576337
        )

    [175] => stdClass Object
        (
            [as_at_date] => 29/04/2011
            [value] => 0.000153081
        )

    [176] => stdClass Object
        (
            [as_at_date] => 31/03/2011
            [value] => 0.009503941
        )

    [177] => stdClass Object
        (
            [as_at_date] => 28/02/2011
            [value] => 0.014820042
        )

    [178] => stdClass Object
        (
            [as_at_date] => 31/01/2011
            [value] => 0.007266409
        )

    [179] => stdClass Object
        (
            [as_at_date] => 31/12/2010
            [value] => 0.03041087
        )

    [180] => stdClass Object
        (
            [as_at_date] => 30/11/2010
            [value] => -0.001373072
        )

    [181] => stdClass Object
        (
            [as_at_date] => 29/10/2010
            [value] => 0.018174342
        )

    [182] => stdClass Object
        (
            [as_at_date] => 30/09/2010
            [value] => 0.035598706
        )

    [183] => stdClass Object
        (
            [as_at_date] => 31/08/2010
            [value] => 0.010847107
        )

    [184] => stdClass Object
        (
            [as_at_date] => 30/07/2010
            [value] => 0.050556209
        )

    [185] => stdClass Object
        (
            [as_at_date] => 30/06/2010
            [value] => -0.024807008
        )

    [186] => stdClass Object
        (
            [as_at_date] => 31/05/2010
            [value] => -0.040369569
        )

    [187] => stdClass Object
        (
            [as_at_date] => 30/04/2010
            [value] => -0.002408038
        )

    [188] => stdClass Object
        (
            [as_at_date] => 31/03/2010
            [value] => 0.035600654
        )

    [189] => stdClass Object
        (
            [as_at_date] => 26/02/2010
            [value] => 0.011305331
        )

    [190] => stdClass Object
        (
            [as_at_date] => 29/01/2010
            [value] => -0.036046609
        )

    [191] => stdClass Object
        (
            [as_at_date] => 31/12/2009
            [value] => 0.02491623
        )

    [192] => stdClass Object
        (
            [as_at_date] => 30/11/2009
            [value] => 0.010329861
        )

    [193] => stdClass Object
        (
            [as_at_date] => 30/10/2009
            [value] => 0.012035492
        )

    [194] => stdClass Object
        (
            [as_at_date] => 30/09/2009
            [value] => 0.038310681
        )

    [195] => stdClass Object
        (
            [as_at_date] => 31/08/2009
            [value] => 0.060559156
        )

    [196] => stdClass Object
        (
            [as_at_date] => 31/07/2009
            [value] => 0.034631168
        )

    [197] => stdClass Object
        (
            [as_at_date] => 30/06/2009
            [value] => 0.037686417
        )

    [198] => stdClass Object
        (
            [as_at_date] => 29/05/2009
            [value] => 0.020567668
        )

    [199] => stdClass Object
        (
            [as_at_date] => 30/04/2009
            [value] => 0.044019755
        )

    [200] => stdClass Object
        (
            [as_at_date] => 31/03/2009
            [value] => 0.078758397
        )

    [201] => stdClass Object
        (
            [as_at_date] => 27/02/2009
            [value] => -0.013708019
        )

    [202] => stdClass Object
        (
            [as_at_date] => 30/01/2009
            [value] => 0.001601831
        )

    [203] => stdClass Object
        (
            [as_at_date] => 31/12/2008
            [value] => 0.039362588
        )

    [204] => stdClass Object
        (
            [as_at_date] => 28/11/2008
            [value] => -0.052507042
        )

    [205] => stdClass Object
        (
            [as_at_date] => 31/10/2008
            [value] => -0.090489854
        )

    [206] => stdClass Object
        (
            [as_at_date] => 30/09/2008
            [value] => -0.047070313
        )

    [207] => stdClass Object
        (
            [as_at_date] => 29/08/2008
            [value] => 0.034656967
        )

    [208] => stdClass Object
        (
            [as_at_date] => 31/07/2008
            [value] => -0.0103
        )

)

Year	Jul	Aug	Sep	Oct	Nov	Dec	Jan	Feb	Mar	Apr	May	Jun	FUND FYTD	RBA CASH RATE FYTD	ASX ALL ORDS FYTD
2024/2025	5.1%	-0.1%	0.5%										12.7%	4.3%	13.2%
2023/2024	3.3%	-0.7%	-3.7%	-3.3%	3.9%	5.1%	2.4%	-0.7%	3.2%	-2%	-0.6%	1.9%	8.6%	4.3%	12.5%
2022/2023	6.4%	-0.1%	-6.1%	2.7%	3%	-2.3%	6.1%	-1.2%	0%	2.7%	-2.3%	1.2%	10%	2.9%	14.8%
2021/2022	0.3%	3%	-0.4%	-1.1%	-0.6%	1%	-6.7%	1.3%	1.9%	-0.6%	-3%	-7%	-12%	0.2%	-7.4%
2020/2021	1.5%	2%	-2%	1.5%	10.2%	2.3%	-0.9%	0.3%	3.1%	3.6%	2.6%	1.1%	27.7%	0.2%	32%
2019/2020	3.2%	0.6%	1.4%	-0.5%	3.5%	-3.3%	2.3%	-3.5%	-19.5%	8.5%	6.2%	0.1%	-3.9%	0.7%	-7.2%
2018/2019	1.3%	3.4%	-2.5%	-8%	-1.6%	-2%	2.4%	3.4%	-1.1%	2.9%	4.9%	1.2%	3.6%	1.5%	11%
2017/2018	0.6%	1%	0.1%	1.9%	3.2%	0.1%	1.5%	-1.3%	-3%	-0%	2.5%	1.5%	8.1%	1.5%	13.7%
2016/2017	6.1%	2.3%	0.3%	-3%	-0.3%	3.4%	-0.8%	0.7%	1.8%	1.7%	-4.7%	2.7%	10.2%	1.5%	13.1%
2015/2016	3.3%	-4.2%	-0.6%	4.1%	3.4%	0.2%	-1.8%	-3.2%	3.1%	0.7%	4.6%	-1.6%	7.7%	2%	2%
2014/2015	1.9%	1.5%	-2.4%	2.5%	0%	1.4%	2.6%	4%	1.3%	-1.7%	1.1%	-3.5%	8.9%	2.4%	5.7%
2013/2014	2%	2.3%	1.4%	2.3%	-1.2%	1.3%	-2%	1.4%	-0.4%	1.2%	1.5%	-1%	9.1%	2.5%	17.6%
2012/2013	2.9%	2.5%	0.2%	2.4%	2.8%	1.8%	5.2%	4.4%	0%	3.5%	-1.3%	-2.5%	24%	3.1%	20.7%
2011/2012	-3.1%	1.4%	-2.4%	4.7%	-2.4%	1%	2.9%	3.6%	4.2%	0.7%	-1.1%	-1.1%	8.3%	4.4%	-7%
2010/2011	5.1%	1.1%	3.6%	1.8%	-0.1%	3%	0.7%	1.5%	1%	0%	-0.8%	-0.5%	17.4%	4.7%	12.2%
2009/2010	3.5%	6.1%	3.8%	1.2%	1%	2.5%	-3.6%	1.1%	3.6%	-0.2%	-4%	-2.5%	12.5%	3.7%	13.8%
2008/2009	-1%	3.5%	-4.7%	-9%	-5.3%	3.9%	0.2%	-1.4%	7.9%	4.4%	2.1%	3.8%	3%	4.8%	-22.1%

2025/2026

Jul 3%

Aug 2.6%

Sep -1.1%

Oct -0.3%

Nov -0.2%

Dec

Jan

Feb

Mar

Apr

May

Jun

2024/2025

Jul 5.1%

Aug -0.1%

Sep 0.5%

Oct -0.1%

Nov 2.1%

Dec -0.9%

Jan 2.7%

Feb -1.4%

Mar -2.1%

Apr 2.7%

May 2.9%

Jun 0.9%

FUND FYTD 12.7%

RBA CASH RATE FYTD 4.3%

ASX ALL ORDS FYTD 13.2%

2023/2024

Jul 3.3%

Aug -0.7%

Sep -3.7%

Oct -3.3%

Nov 3.9%

Dec 5.1%

Jan 2.4%

Feb -0.7%

Mar 3.2%

Apr -2%

May -0.6%

Jun 1.9%

FUND FYTD 8.6%

RBA CASH RATE FYTD 4.3%

ASX ALL ORDS FYTD 12.5%

2022/2023

Jul 6.4%

Aug -0.1%

Sep -6.1%

Oct 2.7%

Nov 3%

Dec -2.3%

Jan 6.1%

Feb -1.2%

Mar 0%

Apr 2.7%

May -2.3%

Jun 1.2%

FUND FYTD 10%

RBA CASH RATE FYTD 2.9%

ASX ALL ORDS FYTD 14.8%

2021/2022

Jul 0.3%

Aug 3%

Sep -0.4%

Oct -1.1%

Nov -0.6%

Dec 1%

Jan -6.7%

Feb 1.3%

Mar 1.9%

Apr -0.6%

May -3%

Jun -7%

FUND FYTD -12%

RBA CASH RATE FYTD 0.2%

ASX ALL ORDS FYTD -7.4%

2020/2021

Jul 1.5%

Sep -2%

Oct 1.5%

Nov 10.2%

Dec 2.3%

Jan -0.9%

Feb 0.3%

Mar 3.1%

Apr 3.6%

May 2.6%

Aug 2%

Jun 1.1%

FUND FYTD 27.7%

RBA CASH RATE FYTD 0.2%

ASX ALL ORDS FYTD 32%

2019/2020

Jul 3.2%

Aug 0.6%

Sep 1.4%

Oct -0.5%

Nov 3.5%

Dec -3.3%

Jan 2.3%

Feb -3.5%

Apr 8.5%

Mar -19.5%

May 6.2%

Jun 0.1%

FUND FYTD -3.9%

RBA CASH RATE FYTD 0.7%

ASX ALL ORDS FYTD -7.2%

2018/2019

Jul 1.3%

Aug 3.4%

Sep -2.5%

Oct -8%

Nov -1.6%

Dec -2%

Jan 2.4%

Feb 3.4%

Mar -1.1%

Apr 2.9%

May 4.9%

Jun 1.2%

FUND FYTD 3.6%

RBA CASH RATE FYTD 1.5%

ASX ALL ORDS FYTD 11%

2017/2018

Jul 0.6%

Aug 1%

Sep 0.1%

Oct 1.9%

Nov 3.2%

Dec 0.1%

Jan 1.5%

Feb -1.3%

Mar -3%

Apr -0%

May 2.5%

Jun 1.5%

FUND FYTD 8.1%

RBA CASH RATE FYTD 1.5%

ASX ALL ORDS FYTD 13.7%

2016/2017

Jul 6.1%

Aug 2.3%

Sep 0.3%

Oct -3%

Nov -0.3%

Dec 3.4%

Jan -0.8%

Feb 0.7%

Mar 1.8%

Apr 1.7%

May -4.7%

Jun 2.7%

FUND FYTD 10.2%

RBA CASH RATE FYTD 1.5%

ASX ALL ORDS FYTD 13.1%

2015/2016

Jul 3.3%

Aug -4.2%

Sep -0.6%

Oct 4.1%

Nov 3.4%

Dec 0.2%

Jan -1.8%

Feb -3.2%

Mar 3.1%

Apr 0.7%

May 4.6%

Jun -1.6%

FUND FYTD 7.7%

RBA CASH RATE FYTD 2%

ASX ALL ORDS FYTD 2%

2014/2015

Jul 1.9%

Aug 1.5%

Sep -2.4%

Oct 2.5%

Nov 0%

Dec 1.4%

Jan 2.6%

Feb 4%

Mar 1.3%

Apr -1.7%

May 1.1%

Jun -3.5%

FUND FYTD 8.9%

RBA CASH RATE FYTD 2.4%

ASX ALL ORDS FYTD 5.7%

2013/2014

Jul 2%

Aug 2.3%

Sep 1.4%

Oct 2.3%

Nov -1.2%

Dec 1.3%

Jan -2%

Feb 1.4%

Mar -0.4%

Apr 1.2%

May 1.5%

Jun -1%

FUND FYTD 9.1%

RBA CASH RATE FYTD 2.5%

ASX ALL ORDS FYTD 17.6%

2012/2013

Jul 2.9%

Aug 2.5%

Sep 0.2%

Oct 2.4%

Nov 2.8%

Dec 1.8%

Jan 5.2%

Feb 4.4%

Mar 0%

Apr 3.5%

May -1.3%

Jun -2.5%

FUND FYTD 24%

RBA CASH RATE FYTD 3.1%

ASX ALL ORDS FYTD 20.7%

2011/2012

Jul -3.1%

Aug 1.4%

Sep -2.4%

Oct 4.7%

Nov -2.4%

Dec 1%

Jan 2.9%

Feb 3.6%

Mar 4.2%

Apr 0.7%

May -1.1%

Jun -1.1%

FUND FYTD 8.3%

RBA CASH RATE FYTD 4.4%

ASX ALL ORDS FYTD -7%

2010/2011

Jul 5.1%

Aug 1.1%

Sep 3.6%

Oct 1.8%

Nov -0.1%

Dec 3%

Jan 0.7%

Feb 1.5%

Mar 1%

Apr 0%

May -0.8%

Jun -0.5%

FUND FYTD 17.4%

RBA CASH RATE FYTD 4.7%

ASX ALL ORDS FYTD 12.2%

2009/2010

Jul 3.5%

Aug 6.1%

Sep 3.8%

Oct 1.2%

Nov 1%

Dec 2.5%

Jan -3.6%

Feb 1.1%

Mar 3.6%

Apr -0.2%

May -4%

Jun -2.5%

FUND FYTD 12.5%

RBA CASH RATE FYTD 3.7%

ASX ALL ORDS FYTD 13.8%

2008/2009

Jul -1%

Aug 3.5%

Sep -4.7%

Oct -9%

Nov -5.3%

Dec 3.9%

Jan 0.2%

Feb -1.4%

Mar 7.9%

Apr 4.4%

May 2.1%

Jun 3.8%

FUND FYTD 3%

RBA CASH RATE FYTD 4.8%

ASX ALL ORDS FYTD -22.1%

PROFILE

Platform Availability

AMP MyNorth
Asgard Element (Masterfund)
Asgard – E Wrap, Master Trust, Infinity
AET Wholesale Access Fund
BT Panorama
BT Wrap
Colonial First Choice
Centric IDPS
First Wrap
FNZ
HUB24
IOOF Pursuit
IOOF
Macquarie Wrap
Macquarie Wrap – IDPS
MLC Wrap
Mason Stevens
Navigator
Netwealth
OneVue
Omniport(lifespan)
Powerwrap
Praemium
uXchange

STATISTICAL DATA

PORTFOLIO SUMMARY

VOLATILITY³

11.3%

NUMBER OF STOCKS

BETA⁴

0.63

MAXIMUM DRAW DOWN

-23.1%

FEATURES

APIR CODE PCL0005AU
REDEMPTION PRICEA$ 1.8076
FEES * Management Fee: 1.025%
Performance Fee: 10.25%
Minimum initial investment A$10,000
FUM AT MONTH END A$ 529.35m
STRATEGY INCEPTION DATE 1 July 2008
BenchmarkThe RBA Cash Rate Target plus Australian equity risk premium.

Fund Managers

Rhett Kessler

CIO and Senior Fund Manager

Anton du Preez

Senior Fund Manager

Michael Maughan

Senior Fund Manager

Description

The Pengana Australian Equities Fund aims to enhance and preserve investor wealth over a 5- year period via a concentrated core portfolio of principally Australian listed securities. The Fund uses fundamental research to evaluate investments capable of generating the target return over the medium term. Essentially, we are in the business of seeking to preserve capital and make money – we are not in the business of trying to beat the market. We remain focused on acquiring and holding investments that offer predictable, sustainable and well-stewarded after-tax cash earnings yields in excess of 6% that will grow to double digit levels as a percentage of our original entry price in five years. We believe that building a well-diversified portfolio of these “gifts that keep on giving” represents a meaningful way to create and preserve financial independence for our co-investors.

EXPLORE OUR FUNDS

Harding Loevner International Fund

Axiom International Fund

Axiom International Fund (Hedged)

Australian Equities Fund

High Conviction Property Securities Fund

Global Small Companies Fund

WHEB Sustainable Impact Fund

Emerging Companies Fund

High Conviction Equities Fund

Pengana International Equities Limited (ASX: PIA)

Private Equity Trust (ASX: PE1)

Pengana Global Private Credit Trust (ASX:PCX)

Pengana Global Private Income Fund

Alpha Israel 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 benchmark of cash rate plus 6% p.a. is included in the chart as it relates to the Fund’s investment objective and performance fee. The Fund may invest up to 100% of its assets in equity securities. The greater risk of investing in equities is reflected in the addition of a margin above the cash rate. 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 1st July 2008.
3. Annualised standard deviation since inception.
4. Relative to ASX All Ordinaries Index. Using daily returns.
*(including GST, net of RITC) of the increase in net asset value subject to the RBA Cash Rate & High Water Mark. For further information regarding fees please see the PDS available on our website.

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

Australian Equities Fund

September 2024 - Monthly REPORT

Solid September quarter for the Fund, China awakens to drive a resource led market rally – but is it sustainable?

SUMMARY

PORTFOLIO

Top Holdings (alphabetically)

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Sep 2024 1

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)

2025/2026

2024/2025

2023/2024

2022/2023

2021/2022

2020/2021

2019/2020

2018/2019

2017/2018

2016/2017

2015/2016

2014/2015

2013/2014

2012/2013

2011/2012

2010/2011

2009/2010

2008/2009

PROFILE

Platform Availability

STATISTICAL DATA

PORTFOLIO SUMMARY

FEATURES

Fund Managers

Rhett Kessler

Anton du Preez

Michael Maughan

Description

EXPLORE OUR FUNDS

NET PERFORMANCE FOR PERIODS ENDING 30 Sep 2024¹

NET PERFORMANCE SINCE INCEPTION²