https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=30/05/2025&aggregation_code=Class%20A 
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            [date] => 30/05/2025
            [table] => 





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





High Conviction Property Securities Fund
6.2%
13.1%
19.7%
12.1%
10.5%




S&P/ASX 300 A-REIT (AUD) TR Index
4.9%
12.1%
17.6%
10.1%
6.3%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Office REITs", 0.020333655],["Retail REITs", 0.134920578],["Diversified REITs", 0.239452993],["Specialized REITs", 0.034892552],["Industrial REITs", 0.433204872],["Real Estate Management & Development", 0.041538752],["Capital Markets", 0.059473237],["Cash", 0.036183362],
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            [topholdings] => GMG/Goodman Group/Australia/Real Estate,MGR/Mirvac Group/Australia/Real Estate,QAL/Qualitas Limited/Australia/Financials,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/Stock-Icons/download-9-e1607387779196.png,https://data.pengana.com/wp-content/uploads/download-3.jpg,https://data.pengana.com/wp-content/uploads/scentre-group-logo-vector-e1688597638619.png,https://data.pengana.com/wp-content/uploads/SGP_original.png,
            [topholdingsintro] => Array
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                    [0] => Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.
                    [1] => 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.
                    [2] => Qualitas Limited operates as a real estate investment management firm. The Company specializes in real estate investment, private equity, investment management, superannuation, risk management, and refinance solutions. Qualitas serves customers worldwide.
                    [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

May 2025 - Monthly REPORT

What we’re backing in FY26

SUMMARY

The Fund delivered another strong month, returning 6.2%, outperforming the benchmark return of 4.9%.

Key contributors to performance included our high-conviction non-index holdings, such as Cedar Woods Properties Limited (CWP, 16.07%) and Qualitas Limited (QAL, 14.52%).

Over the 12 months to May 2025, the Fund delivered a return of 13.1%, exceeding the benchmark by 0.97%.

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.
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.
Qualitas Limited
Australia
Financials
Qualitas Limited operates as a real estate investment management firm. The Company specializes in real estate investment, private equity, investment management, superannuation, risk management, and refinance solutions. Qualitas serves customers worldwide.
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 May 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 6.2% 13.1% 19.7% 12.1% 10.5%
S&P/ASX 300 A-REIT (AUD) TR Index 4.9% 12.1% 17.6% 10.1% 6.3%

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Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

The sector appears well-positioned heading into FY26. We anticipate a positive tone from REITs during the upcoming reporting season in August, supported by a macro environment that is increasingly favourable for NTA and earnings growth. We expect two additional RBA rate cuts this year. Although the yield curve has recently steepened, we see 10-year bond yields trending lower, creating further opportunities for inorganic growth, particularly for REITs with a strong balance sheet and competitive cost of capital. Overall, we expect this to drive more activity in terms of acquisitions, asset recycling, buybacks, consolidation and for REITs with the right cost of capital, new equity issues. We are already seeing early signs of a recovery in transaction activity and expect earnings momentum to build gradually.

We maintain a positive outlook on the residential sector, underpinned by several factors. These include falling interest rates, strong government initiatives at both the Federal and State levels, robust employment, and a structural undersupply of housing. Together, these dynamics are expected to drive improved sentiment and renewed momentum across the broader residential market. Within this context, we particularly favour the more affordable housing products offered by Cedar Woods Properties (CWP) and Aspen Group (APZ). Both companies offer high earnings visibility, supported by solid presales, and a diversified mix of products that are well located in markets with strong underlying growth fundamentals.

Goodman Group (GMG)’s year-to-date underperformance enhances its appeal in terms of valuation, with strong upside driven by a growing data centre pipeline that should support development profits, AUM growth, and co-investment opportunities.

The Fund continues to favour REITs that have exposure to sectors with long-term structural drivers such as data centres, manufactured home estates, self-storage and real estate private credit. The Fund currently maintains a 21% allocation to the alternative real estate sector, well above the benchmark’s 7%. This overweight position offers enhanced diversification and contributes to greater earnings stability. The Fund’s current portfolio holdings have an aggregate distribution yield of 6% and forecast earnings growth of 7%, supporting a strong total return for the Fund in FY26.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20.8%
NUMBER OF STOCKS
12
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.347
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 25.76m
  • 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.