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	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	0.9%	12.7%	10.4%	8.6%	6.8%	8.8%
Fund Objective: RBA Cash Rate plus 6%	0.8%	10.3%	9.8%	8.3%	7.9%	8.6%
ASX Accumulation All Ordinaries Index	1.4%	13.2%	13.5%	12.0%	9.1%	7.3%

Another successful year of double digit returns comfortably exceeding our RBA cash rate + 6% benchmark

SUMMARY

The Fund generated a +0.9% return in June, +5.8% for the June half year and a very healthy +12.7% for the financial year. By way of comparison, the return of the RBA cash rate plus 6% equated to approximately +0.8% in June, +5.0% for the half and 10.3% for the financial year.

The Fund continues to outperform its benchmark since inception 17 years ago with a return of 8.8% per annum, compounded versus its RBA equity risk premium adjusted benchmark of 8.6% and the market return of 7.3% for the same periods.

PORTFOLIO

Top Holdings (alphabetically)

Amcor PLC Shs Chess Depository Interests

Australia

Materials

Amcor PLC operates as a packaging company. The Company offers wide range of flexible and rigid packaging, specialty cartons, closures, and services for food, beverage, pharmaceutical, and medical sectors. Amcor serves customers worldwide.

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 Limited

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 Limited

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 Limited

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 Limited

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

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.

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.

Telstra Group Limited

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 Jun 2025¹

	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	0.9%	12.7%	10.4%	8.6%	6.8%	8.8%
Fund Objective: RBA Cash Rate plus 6%	0.8%	10.3%	9.8%	8.3%	7.9%	8.6%
ASX Accumulation All Ordinaries Index	1.4%	13.2%	13.5%	12.0%	9.1%	7.3%

Performance Chart

NET PERFORMANCE SINCE INCEPTION²

COMMENTARY

Our analysis suggested that excess liquidity was driving share prices in a counter-intuitive fashion, particularly in the context of tougher trading conditions, a muted earnings outlook, and a materially higher cost of capital compared to the near-zero rates implemented by central banks in response to the COVID pandemic. In response, the Fund demonstrated its disciplined approach over the financial year by consistently building cash, choosing caution over momentum as equity markets rallied.

We were handsomely rewarded by the market’s reaction to the Trump Tariff plans, which created the opportunity to deploy our cash holdings (then exceeding 20%) into suddenly very attractive valuations. Importantly, we were able to acquire a range of new holdings that met our return requirements. These included Ramsay Healthcare, Ampol, Amcor, Bluescope Steel, Mirvac, Westpac, IAG and James Hardie.

We were able to significantly enhance the portfolio’s average after-tax cash earnings yield (ATCEY) through a series of disciplined decisions. This included the sale of our remaining CBA shares – an extremely high-quality company, but the valuation had reached a level we could no longer justify holding. We also acknowledged flaws in our investment theses on Kelsian and Ryman Healthcare and exited both positions. At the same time, we continue to build positions in existing holdings, such as Metcash and Stockland, alongside the addition of other high-quality, attractively priced companies noted above.

Commentary on significant contributors for the financial year

The largest individual contributor to the Fund was our holding in Evolution Mining. In prior updates, we have written extensively about both the challenges faced by this gold and copper mining company and the potential rewards of holding a low cost gold miner with unhedged gold production exposure. The management team rose to the challenge, turned around its underperforming Canadian mine – Red Lake, minimising weather related disruptions (including both water scarcity at Cowal, followed by floods, also at Cowal and additionally Ernest Henry), efficiently allocating capital expenditure across the portfolio and dealing with tight labour markets in certain regions.

We maintain the large position for several reasons, including the prudent balance sheet, the low cost nature of its gold production (admittedly assisted by its treatment of copper revenues), and its strategic decision to run an unhedged gold and copper exposure (which provides significant protection against very loose global monetary policies). In addition, we have been encouraged by improved operational outcomes and greater management bandwidth. However, we should not overlook the fact that a rampant US$ gold price created enormous value for shareholders. We are cognisant of the fact that it may reverse if the underlying pressures on gold’s desirability evaporate.

Our ongoing faith in Telstra was rewarded for a second consecutive year. Management continues to allocate capital wisely, particularly to the infrastructure assets. We remain optimistic around annuity streams generated by the existing NBN assets, the Mobile Phone Tower network, as well as the more recent capital city fibre optic capacity expansions.

As discussed in prior year commentary, Telstra’s ability to monetise its superior mobile phone network through core distribution competency and its enviable position as the lowest cost producer of mobile data at scale underpins our desired sustainable cash flows. At an industry level, stakeholders, including governments, large businesses, and consumers, are being educated on the increasing importance of resilient, robust, and protected data networks. We remain optimistic that the telco industry will be encouraged to invest in this infrastructure by being allowed to generate reasonable (read better) returns on capital. Note that both Telstra’s competitors currently earn sub-economic returns on their invested capital.

With respect to valuations, we note the following two important countervailing factors:

Substantial value exists due to the fact that maintenance capex is significantly lower than the accounting depreciation, even after allowing for future spectrum payments. This implies higher cashflows for shareholders.
We are acutely aware that although other parts of the business make relatively small profit contributions, these profits are after absorbing material infrastructure overheads. We are constantly assessing their ability to do this on an ongoing basis. In other words, we require these revenues to carry costs that would otherwise be allocated to the core mobile phone business.

ResMed remains an extremely valuable position for the Fund. We have written at length about the factors driving the large trading range in its share price, which has ultimately added substantial value to our Fund. To summarise briefly:

ResMed has emerged as the dominant global market leader in medical devices for sleep apnoea, following the mismanagement of a product defect by a key competitor, which resulted in FDA action and a loss of market share for that competitor. (RMD share price UP).
These gains were initially offset by covid induced supply chain issues, creating margin and manufacturing capacity constraints. (RMD share price DOWN).
As supply chain issues eased, ResMed successfully scaled up production, driving profitability and volumes higher. (RMD share price UP)
The rise of GLP1 weight loss drugs and their potential to replace sleep apnoea devices by curing obesity created uncertainty around the RMD business model (RMD share price DOWN).
Increased awareness generated by large scale marketing by global pharmaceutical companies raised the profile of the potential remedies for sleep apnoea, driving patients in volume to GPs and sleep clinics, increasing customer flow for RMD (RMD share price UP).

The fundamental valuation for this strong and defensive cash producing business remains attractive – note customers buy flow generators and masks, with the latter being a recurring purchase 2-3 times a year. Flow generators are also replaced every 5 years. In addition, the business is globally diversified and participates in a non economically sensitive industry.

Outlook

Our view is that the Australian consumer has adjusted to a higher level of interest rates, due to a combination of: Cutting their expenses, benefitting from wage inflation and greater employment participation. While we are cautious around the issue of lacklustre productivity improvements at a macro level and its impact on GDP growth, we believe strong population growth will go some way to assisting overall growth. Furthermore, we anticipate at least another two interest rate cuts in the near term.

Importantly, the shift in the market environment in recent periods, from one driven by virtually free money and near zero discount rates, to a more normal level of interest rates, has, in our view, resulted in more rational valuations over the past 18 months. We believe the relative valuation appeal has shifted from business models that generate a significant portion of their profits/cash flows in the future back towards those that are generating profits/cash flows today. Such a dynamic is better aligned with our strategy and positioning, and we look forward to the underlying cash flows of our investments asserting themselves on valuations in the near term.

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)

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            [value] => -0.031528921
        )

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

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

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

    [120] => stdClass Object
        (
            [as_at_date] => 30/10/2015
            [value] => 0.040636682
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    [121] => stdClass Object
        (
            [as_at_date] => 30/09/2015
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    [122] => stdClass Object
        (
            [as_at_date] => 31/08/2015
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    [123] => stdClass Object
        (
            [as_at_date] => 31/07/2015
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    [124] => stdClass Object
        (
            [as_at_date] => 30/06/2015
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    [125] => stdClass Object
        (
            [as_at_date] => 29/05/2015
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    [126] => stdClass Object
        (
            [as_at_date] => 30/04/2015
            [value] => -0.016538287
        )

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

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

    [129] => stdClass Object
        (
            [as_at_date] => 30/01/2015
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        )

    [130] => stdClass Object
        (
            [as_at_date] => 31/12/2014
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    [131] => stdClass Object
        (
            [as_at_date] => 28/11/2014
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    [132] => stdClass Object
        (
            [as_at_date] => 31/10/2014
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    [133] => stdClass Object
        (
            [as_at_date] => 30/09/2014
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        )

    [134] => stdClass Object
        (
            [as_at_date] => 29/08/2014
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        )

    [135] => stdClass Object
        (
            [as_at_date] => 31/07/2014
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    [136] => stdClass Object
        (
            [as_at_date] => 30/06/2014
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    [137] => stdClass Object
        (
            [as_at_date] => 30/05/2014
            [value] => 0.015061148
        )

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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%	-0.1%	2.1%	-0.9%	2.7%	-1.4%	-2.1%	2.7%	2.9%	0.9%	5.1%	0.4%	3.8%
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%	3.3%	0.3%	3%
2022/2023	6.4%	-0.1%	-6.1%	2.7%	3%	-2.3%	6.1%	-1.2%	0%	2.7%	-2.3%	1.2%	6.4%	0.1%	6.3%
2021/2022	0.3%	3%	-0.4%	-1.1%	-0.6%	1%	-6.7%	1.3%	1.9%	-0.6%	-3%	-7%	0.3%	0%	1.1%
2020/2021	1.5%	2%	-2%	1.5%	10.2%	2.3%	-0.9%	0.3%	3.1%	3.6%	2.6%	1.1%	1.5%	0%	0.9%
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%	4.6%	0.3%	2.4%
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

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 5.1%

RBA CASH RATE FYTD 0.4%

ASX ALL ORDS FYTD 3.8%

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 3.3%

RBA CASH RATE FYTD 0.3%

ASX ALL ORDS FYTD 3%

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 6.4%

RBA CASH RATE FYTD 0.1%

ASX ALL ORDS FYTD 6.3%

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 0.3%

RBA CASH RATE FYTD 0%

ASX ALL ORDS FYTD 1.1%

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 1.5%

RBA CASH RATE FYTD 0%

ASX ALL ORDS FYTD 0.9%

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 4.6%

RBA CASH RATE FYTD 0.3%

ASX ALL ORDS FYTD 2.4%

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

11.2%

NUMBER OF STOCKS

BETA⁴

0.7

MAXIMUM DRAW DOWN

-23.1%

FEATURES

APIR CODE PCL0005AU
REDEMPTION PRICEA$ 1.8999
FEES * Management Fee: 1.025%
Performance Fee: 10.25%
Minimum initial investment A$10,000
FUM AT MONTH END A$ 493.67m
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

Deputy CIO and 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

June 2025 - Monthly REPORT

Another successful year of double digit returns comfortably exceeding our RBA cash rate + 6% benchmark

SUMMARY

PORTFOLIO

Top Holdings (alphabetically)

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Jun 2025 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 Jun 2025¹

NET PERFORMANCE SINCE INCEPTION²