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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	2.6%	13.5%	10.2%	9.1%	7.5%	9.1%
Fund Objective: RBA Cash Rate plus 6%	0.7%	10.1%	9.9%	8.4%	7.9%	8.6%
ASX Accumulation All Ordinaries Index	3.2%	14.9%	12.8%	12.2%	10.1%	7.6%

Solid returns continue in August

SUMMARY

Continuing its robust start to the new financial year, the Fund generated a 2.6% return during a volatile August. By way of comparison, the RBA cash rate plus 6% returned approximately 0.7%, while the All Ordinaries Accumulation Index returned 3.2%.

The Fund continues to outperform its benchmark since inception just over 17 years ago, with a return of 9.1% per annum versus its RBA equity risk premium adjusted benchmark of 8.6% and the market return of 7.6% for the same period.

We remain focused on our objective of capital preservation while generating a fair return for equity risk. It is worth noting that cash levels in the Fund increased to 12% following material profit taking during a bifurcated earnings reporting season.

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 31 Aug 2025¹

	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	2.6%	13.5%	10.2%	9.1%	7.5%	9.1%
Fund Objective: RBA Cash Rate plus 6%	0.7%	10.1%	9.9%	8.4%	7.9%	8.6%
ASX Accumulation All Ordinaries Index	3.2%	14.9%	12.8%	12.2%	10.1%	7.6%

Performance Chart

NET PERFORMANCE SINCE INCEPTION²

COMMENTARY

The majority of Australian listed companies reported their FY25 results during August. It is an intense period for investors as company management releases their financial statements, followed by fronting up to presentations, group and one on one meetings. It’s a deluge of new information during a concentrated period – often compared to “drinking from a fire hose” – for the investment community as they assess the implications for their portfolios.

Many market participants have adopted a “shoot first, ask questions later” approach, choosing to focus on the all important “Beat/Miss versus Consensus” on both historic earnings and forward looking guidance metrics. The August 2025 earnings season was particularly volatile, with share price reactions of 20% or greater on the release day becoming commonplace.

The Fund was not immune to this activity. However, our long tail of winners outweighed the few losers. On the negative side, we were disappointed by the veracity of CSL and James Hardie management assertions regarding the underlying performance of their core businesses. In particular, CSL’s usually dominant blood fractionalisation business proved remarkably vulnerable to competitive forces. Similarly, the inexplicably sharp drop off in demand by home builders at James Hardie appeared to catch management by surprise and remains difficult to understand. Our holdings in Amcor and Ramsay also underperformed.

Fortunately, our long tail of positive results more than compensated for the above issues. Evolution Mining, Stockland, NAB, Super Group, Westpac, BHP, Metcash, and Ampol were our larger positive contributors. Expectations that lower interest rates will drive credit growth, consumer discretionary spending and residential house prices appear to be impacting the outlook for quality players in these areas.

Another feature of the month was the trimming activity. The Fund used result-day share price bounces to crystallise gains from what we viewed as overly enthusiastic investor reactions. Positions in ResMed, Stockland, NAB, Medibank and Evolution Mining were reduced. These selective sales, together with dividend receipts, lifted cash levels to 12%. This provides us with increased flexibility to deploy capital as new opportunities emerge.

We are particularly cognizant of a heightened level of “twitchiness” amongst market participants. Our view is that market valuations are high with little or no fundamental support when/if company results do not meet expectations. Our focus remains on fundamental valuation rather than momentum based investing.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)

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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
2025/2026	3%	2.6%											3.9%	1.5%	3.1%
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%	12.7%	4.3%	13.2%
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%	8.6%	4.3%	12.5%
2022/2023	6.4%	-0.1%	-6.1%	2.7%	3%	-2.3%	6.1%	-1.2%	0%	2.7%	-2.3%	1.2%	10%	2.9%	14.8%
2021/2022	0.3%	3%	-0.4%	-1.1%	-0.6%	1%	-6.7%	1.3%	1.9%	-0.6%	-3%	-7%	-12%	0.2%	-7.4%
2020/2021	1.5%	2%	-2%	1.5%	10.2%	2.3%	-0.9%	0.3%	3.1%	3.6%	2.6%	1.1%	27.7%	0.2%	32%
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%	-3.9%	0.7%	-7.2%
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 -0.2%

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 12.7%

RBA CASH RATE FYTD 4.3%

ASX ALL ORDS FYTD 13.2%

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 8.6%

RBA CASH RATE FYTD 4.3%

ASX ALL ORDS FYTD 12.5%

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 10%

RBA CASH RATE FYTD 2.9%

ASX ALL ORDS FYTD 14.8%

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 -12%

RBA CASH RATE FYTD 0.2%

ASX ALL ORDS FYTD -7.4%

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 27.7%

RBA CASH RATE FYTD 0.2%

ASX ALL ORDS FYTD 32%

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 -3.9%

RBA CASH RATE FYTD 0.7%

ASX ALL ORDS FYTD -7.2%

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$ 1.8073
FEES * Management Fee: 1.025%
Performance Fee: 10.25%
Minimum initial investment A$10,000
FUM AT MONTH END A$ 480.59m
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

Senior 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

August 2025 - Monthly REPORT

Solid returns continue in August

SUMMARY

PORTFOLIO

Top Holdings (alphabetically)

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Aug 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 31 Aug 2025¹

NET PERFORMANCE SINCE INCEPTION²