https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=31/03/2025&aggregation_code=Class%20A 
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1 MTH
1 YEAR
2 YEARS P.A.
3 YEARS P.A.
SINCE INCEPTION P.A.





High Conviction Property Securities Fund
-5.2%
-4.8%
14.8%
3.5%
8.1%




S&P/ASX 300 A-REIT (AUD) TR Index
-4.8%
-5.4%
13.2%
3.3%
4.3%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Office REITs", 0.025537784],["Retail REITs", 0.153255562],["Diversified REITs", 0.292042119],["Specialized REITs", 0.041639574],["Industrial REITs", 0.368849796],["Real Estate Management & Development", 0.04617722],["Capital Markets", 0.042946214],["Cash", 0.029551732],
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            [topholdings] => CWP/Cedar Woods Properties Limited/Australia/Real Estate,GMG/Goodman Group/Australia/Real Estate,MGR/Mirvac 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/ASX_CWP-300x122-1.png,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] => Cedar Woods Properties Ltd. engages in property investment and development. The firm's principal interests are in urban land and built form development for residential, industrial and commercial purposes. Its projects include St. A in St Albans, Jackson Green in Clayton South, Williams Landing, Bushmead, Harrisdale Green, Ellendale, and Glenside. The company was founded by William George Hames and Ross James Neumann in 1987 and is headquartered in West Perth, Australia.
                    [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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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

March 2025 - Monthly REPORT

How the real estate sector is faring through turbulent times

SUMMARY

The A-REIT sector sold off -4.8% in March, underperforming the broader market by 1.5%.  Growth and data centre exposed REITs were under pressure during the month (DGT -28.9%; GMG -9.2%; CHC -5.5%) as short term sentiment towards AI demand weakened globally.

In comparison, the Fund returned -5.2% and slightly underperformed the benchmark by -0.4%. The main detractors from performance were our overweight positions in Qualitas Limited (QAL -17.5%) and Ingenia Group (INA -5.8%).  Both QAL and INA were the top performers the previous month, up +10.6% and +19.4%, respectively.

PORTFOLIO

Top Holdings (alphabetically)

Cedar Woods Properties Limited
Australia
Real Estate
Cedar Woods Properties Ltd. engages in property investment and development. The firm's principal interests are in urban land and built form development for residential, industrial and commercial purposes. Its projects include St. A in St Albans, Jackson Green in Clayton South, Williams Landing, Bushmead, Harrisdale Green, Ellendale, and Glenside. The company was founded by William George Hames and Ross James Neumann in 1987 and is headquartered in West Perth, Australia.
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
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 31 Mar 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund -5.2% -4.8% 14.8% 3.5% 8.1%
S&P/ASX 300 A-REIT (AUD) TR Index -4.8% -5.4% 13.2% 3.3% 4.3%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Uncertainty around US tariffs and their flow-on impacts for growth were an overhang for global markets this month. With continued volatility, we expect the REIT sector to hold up relatively well compared to the broader market with its defensive income streams and attractive valuations during the US tariff announcements.

We believe the direct effect of higher tariffs on REIT’s earnings is minimal, with limited to no exposure to global trade.  Even for logistics assets, earnings are protected by long term leases (average of 4+ years) to multi-national corporations with strong lease covenants. We believe it’s the indirect effect from lower GDP growth and higher inflation that could be more material over the medium term.

Expectations for growth have been pared back materially, with market commentators now forecasting a recession in the US as their base case for 2025.  In the event of heightened recession risk, REITs, with their contracted rent escalation mechanisms and lower operating leverage, are less impacted by global growth than their peers. We, therefore, expect the sector’s earnings and stock performance to hold up relatively well as a result.

With this in mind, we expect more dispersion of returns to occur between stocks within the sector, likely in favour of defensive quality companies with strong balance sheets and a proven track record to navigate a more challenging economic outlook.

Our focus on cash flow and balance sheet strength have resulted in the Fund being overweight to the residential sector with investments in Stockland (SGP), Mirvac (MGR), Cedar Woods (CWP) and Aspen (APZ), all of which will benefit from additional rate cuts forecast over the short-term along with structural undersupply and growing demand over the long-term.

We also invest outside the index, particularly in sectors driven by secular trends such as self-storage, data centres, real estate private credit and manufactured home estates (MHE) to provide further diversification and more sustainable earnings.

The Fund now has a strong long term track record, generating a 12.1% p.a. return for the past 5 years and +8.1% p.a. since inception, outperforming the benchmark by 3.8% p.a. over this period.

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
11
BETA 4
0.73
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.1971
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 20.76m
  • 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.