https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=30/06/2025&aggregation_code=Class%20A 
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            [date] => 30/06/2025
            [table] => 





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





High Conviction Property Securities Fund
3.4%
15.9%
21.4%
17.3%
11.0%




S&P/ASX 300 A-REIT (AUD) TR Index
1.7%
13.8%
18.6%
14.8%
6.5%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Office REITs", 0.018248121],["Retail REITs", 0.142582308],["Diversified REITs", 0.13921258],["Specialized REITs", 0.032819176],["Industrial REITs", 0.400588574],["Real Estate Management & Development", 0.042802133],["IT Services", 0.019098785],["Capital Markets", 0.051758475],["Other", 0.036587769],["Cash", 0.116302079],
                        )

                )

            [topholdings] => APZ/Aspen Group Limited/Australia/Real Estate,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,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/ASPEN-GROUP-LOGO.jpg,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,
            [topholdingsintro] => Array
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                    [0] => Aspen Group Ltd. engages in property investment and development. It operates through the following segments: Residential, Retirement, Tourism and Mixed-Use, Corporate, and Other. The Residential segment consists of two lindfield apartment buildings and the Perth residential portfolio. The Retirement segment consists of three land lease communities, four Lanterns, sweetwater grove, and mandurah gardens. The Tourism and Mixed-Use segment includes parks that cater to a broad range of customers on varying lease terms. The Corporate segment caters to corporate resource clients and contractors. The Other segment includes corporate overheads and income, interest income, and interest expense. The company was founded in 1981 and is headquartered in Sydney, Australia.
                    [1] => 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.
                    [2] => 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.
                    [3] => 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.
                    [4] => 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.
                    [5] => 
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aria-hidden="true" id="ac_text_lz" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">S&amp;P/ASX 300 A-REIT (AUD) TR Index</tspan></text><path data-ac-wrapper-id="788" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_m0" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="789" id="ac_rect_m1" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 106.6552734375 0 106.6552734375 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg>
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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

June 2025 - Monthly REPORT

A strong finish to the financial year amidst market volatility

SUMMARY

  • The Fund posted another strong performance in June, delivering a return of 3.4% and significantly outperforming the benchmark return of 1.7%.
  • Key contributors to performance included our high-conviction non-index holdings in Qualitas Limited (QAL, +21.48%), Aspen Group Limited (APZ, +16.94%), and Cedar Woods Properties Limited (CWP, +9.08%). All of these names are linked to the recovery in the residential sector, which is highly leveraged to the interest rate cycle.
  • For the 2025 financial year, the Fund delivered a return of 15.9%, outperforming the A-REIT benchmark by +2.1% and G-REITs by +2.9%.

PORTFOLIO

Top Holdings (alphabetically)

Aspen Group Limited
Australia
Real Estate
Aspen Group Ltd. engages in property investment and development. It operates through the following segments: Residential, Retirement, Tourism and Mixed-Use, Corporate, and Other. The Residential segment consists of two lindfield apartment buildings and the Perth residential portfolio. The Retirement segment consists of three land lease communities, four Lanterns, sweetwater grove, and mandurah gardens. The Tourism and Mixed-Use segment includes parks that cater to a broad range of customers on varying lease terms. The Corporate segment caters to corporate resource clients and contractors. The Other segment includes corporate overheads and income, interest income, and interest expense. The company was founded in 1981 and is headquartered in Sydney, Australia.
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.

Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Jun 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 3.4% 15.9% 21.4% 17.3% 11.0%
S&P/ASX 300 A-REIT (AUD) TR Index 1.7% 13.8% 18.6% 14.8% 6.5%

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Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

FY25 has been marked by heightened volatility, largely driven by policy uncertainty under the Trump administration (post “Liberation Day”) and escalating geopolitical tensions worldwide.

Amid this global uncertainty, Australia’s relative economic and political stability enhances the appeal of A-REITs, particularly as the prospect of further interest rate cuts strengthens their investment appeal.

With rates expected to come down further, we anticipate continued sector-wide benefits from lower debt costs.  In fact, the real estate landscape is more favourable now than at any time since the onset of COVID.  Headwinds are dissipating, with structural tailwinds strengthening. These include declining interest rates, bottoming asset valuations, strong rental growth, driven by population growth and constrained new supply due to high construction costs, slow planning approvals, and low productivity.  Following the reset in asset values, there is now a greater relative value in completed assets and core real estate compared to increasing replacement costs.

We believe REIT earnings for FY25E are largely de-risked, with guidance provided in August 2024 tracking in line with market expectations. As we enter the reporting season, we anticipate a constructive tone from REITs, underpinned by a macroeconomic backdrop that is increasingly supportive of both NTA and earnings growth.

Sub-sector performance and outlook:

Retail continues to be resilient despite cost-of-living pressures: Solid operating metrics of high occupancy (>98%) and a healthy leasing environment with low occupancy costs (14-17%) provide scope to support further rental growth. Going forward, the strong fundamentals coupled with an unprecedentedly low supply (driven by high construction costs) are expected to have a greater positive impact in driving increases in valuations.

Industrial moderating but leasing spreads remain strong: The sector is experiencing a return to normalisation following a sustained period of strong rental growth. Capitalisation rates have stabilised around 5.5%, with leasing spreads averaging approximately 35% (down from c40%-50%). Additionally, portfolios held by REITs remain under-rented by an estimated 15–20%, which continues to support asset valuations and underpins the potential for further earnings growth.

Office cycle turning: Valuations are stabilising, and effective rental growth appears to be turning a corner, with Sydney core markets showing modest gains of around 1%. Capitalisation rates for premium assets are at or near their cyclical peaks, ranging from 6.10% (Mirvac Group) to 6.17% (Dexus Group). The bifurcation in asset quality and location is evident. Incentives have stabilised at approximately 35%, and vacancy rates for premium assets in core locations remain low (Mirvac: <5%), significantly outperforming metro areas (Growth Point Group: ~8%) and the national average of 15%, reflecting the superior quality of assets held by REITs.

Residential outlook positive, rebound in sales volumes: Improving market sentiment has driven record pre-sale volumes for groups like Mirvac and Cedar Woods, alongside solid sales price growth. This has resulted in a strong second-half skew to settlements in FY25 and provides a positive foundation for earnings growth into FY26. There are early signs of cost stabilisation, while labour shortages and subcontractor insolvency risks are being actively managed. Combined with continued price growth and easing cost of capital pressures, FY25 is shaping up to be the cyclical low point, positioning the residential sector for a return toward through-the-cycle margins.

The Fund maintains a positive outlook on the residential and discretionary retail sectors, supported by ongoing supply constraints. It also sees positive tailwinds for the alternative sectors supported by attractive structural thematics such as data centres, land lease communities, self-storage, and real estate private debt. The Fund’s current portfolio offers an aggregate distribution yield of 5% and forecast earnings growth of 7%, underpinning a strong total return outlook for FY26.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20.7%
NUMBER OF STOCKS
14
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.3922
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 27.26m
  • 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.