https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=30/09/2024&aggregation_code=Class%20A 
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            [date] => 30/09/2024
            [table] => 





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





High Conviction Property Securities Fund
6.3%
43.7%
28.9%
7.6%
12.1%




S&P/ASX 300 A-REIT (AUD) TR Index
6.5%
45.9%
27.8%
8.8%
7.8%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.083588384],["Diversified REITs", 0.336253853],["Specialized REITs", 0.083370825],["Industrial REITs", 0.35070159],["Real Estate Management & Development", 0.023166578],["IT Services", 0.020238694],["Residential REITs", 0.048380498],["Capital Markets", 0.036249099],["Cash", 0.018050479],
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            [topholdings] => CHC/Charter Hall Group/Australia/Real Estate,GMG/Goodman Group/Australia/Real Estate,MGR/Mirvac Group Property Trust/Australia/Real Estate,SCG/Scentre Group/Australia/Real Estate,SGP/Stockland/Australia/Real Estate,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/Stock-Icons/Charter-Hall-e1607388939986.jpg,https://data.pengana.com/wp-content/uploads/Stock-Icons/GMG_original.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/download-9-e1607387779196.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] => Charter Hall Group invests in and develops real estate.  The Company manages real estate investment funds and develops commercial, residential, and industrial properties.
                    [1] => 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.
                    [2] => Mirvac Group is an integrated, diversified Australian property group comprising an investment portfolio and a development business. The Company's investment portfolio, Mirvac Property Trust, invests in and manages office, retail and industrial assets and the development business has exposure to both residential and commercial projects.
                    [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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OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

September 2024 - Monthly REPORT

An inflection point for REITs

SUMMARY

A-REITs delivered a 6.45% return for September, substantially outperforming the broader equities market by 3.38%, as the Fed delivered its first rate cut this cycle.  As a comparison, the Fund returned 6.28% for the month, with key contributors including our overweight position in Lifestyle Communities (LIC +7.25%) and underweight to HMC Capital (HMC -7.21%).

Fund Manager Amy Pham and NSW Distribution Manager Chris Boyd recently hosted an interview-style update on the Pengana High Conviction Property Securities Fund. A recording is available below for your review. CPD points are applicable for Australian Financial Planners HERE.

PORTFOLIO

Top Holdings (alphabetically)

Charter Hall Group
Australia
Real Estate
Charter Hall Group invests in and develops real estate. The Company manages real estate investment funds and develops commercial, residential, and industrial properties.
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.
Mirvac Group Property Trust
Australia
Real Estate
Mirvac Group is an integrated, diversified Australian property group comprising an investment portfolio and a development business. The Company's investment portfolio, Mirvac Property Trust, invests in and manages office, retail and industrial assets and the development business has exposure to both residential and commercial projects.
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 30 Sep 2024 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 6.3% 43.7% 28.9% 7.6% 12.1%
S&P/ASX 300 A-REIT (AUD) TR Index 6.5% 45.9% 27.8% 8.8% 7.8%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

As we head into quarterly company updates, we expect the performance of REITs to be largely driven by interest rate expectations. During the month, the larger-than-expected 50 basis point rate cut by the Fed to 4.75 – 5.00% drove AU bond yields to a low of close to 3.81% mid-month. This was tempered by relatively hawkish commentary from the RBA (24 Sep) as it held the cash rate at 4.35% and argued that reining in inflation remained the “highest priority”.

We believe this is an inflection point for REITs in terms of valuation. As rates stabilise, the two sectors to focus on are the beaten up office sector, where property valuations have fallen 21% from the peak 18 months ago, and the industrial sector being the strongest sub-sector delivering a staggering 74% return for the year to September, mainly driven by Goodman Group.

Looking at the office sector, JLL data shows the Sydney CBD office market recorded its strongest quarter of net absorption (space leased minus space vacated) since 2015. The rolling 12-month net absorption in Sydney is now 70,000sqm, in stark contrast to Melbourne (-95,000sqm). The drivers of the strong net absorption in Sydney included withdrawal of sub-lease space, centralisation back to the CBD, large tenants increasing footprints and completion of a small amount of pre-committed developments. We believe it is too early to tell if office fundamentals have turned the corner. As a result, we remain cautious and will monitor fourth quarter data to see if the trend continues.

For the logistics sector, throughout the reporting season we saw signs that conditions on the ground are moderating with reported leasing spreads softening (~34% at June 24) albeit off a high base (>40% at Dec 23). This is consistent with CBRE’s June 2024 logistic data, where average Sydney incentives have lifted to 15% from the recent low of 8%, despite vacancy rates lifting from 0.9% to only 2% over the same period. This data, combined with the anticipated increase in supply in Western Sydney Aerotropolis from CY26 onwards, suggests further softening in leasing spreads in the logistics market.

We are of the view that rental growth in the logistics sector will moderate. However, as vacancy rates remain low at 2% (compared to the equilibrium of 8%) in the near term, we expect sustainable rental growth of 3-4% to be achievable. In addition, we favour landlords who are able to expand into data centre developments at scale, such as Goodman Group, to provide above market earnings growth.

Our preference remains in the alternative sectors such as investments in data centres, childcare, senior living, and real estate private credit. This provides the Fund with diversification away from the core real estate sectors (such as office, retail, and industrials) and is less cyclical as earnings are driven by secular trends. Currently, the Fund has over 21% exposure to the alternative sector compared to the benchmark of 7%.

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
12
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.38
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 21.83m
  • 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.