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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	-0.3%	11.3%	11.0%	8.9%	7.0%	8.9%
Fund Objective: RBA Cash Rate plus 6%	0.8%	10.0%	10.0%	8.6%	7.9%	8.6%
ASX Accumulation All Ordinaries Index	0.5%	12.5%	13.2%	12.5%	9.8%	7.5%

Managing carefully to avoid excessive valuations

SUMMARY

The Fund fell slightly, returning -0.3%, during another volatile month. By way of comparison, the RBA cash rate plus 6% returned approximately 0.8%, while the All Ordinaries Accumulation Index returned 0.5%.

The Fund continues to outperform its benchmark since inception, just over 17 years ago, with a return of 8.9% per annum versus its RBA equity risk premium adjusted benchmark of 8.6% and the market return of 7.5% over the same period.

We remain focused on our objective of capital preservation while generating a fair return for equity risk. Given the extended exuberance of market valuations, tight discipline is required. Cash levels in the Fund remain at 12% with selective new holdings replacing more fully valued holdings.

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.

Ampol Limited

Australia

Energy

Ampol Ltd. engages in the supply of transport fuels. It offers business services, fuel cards, lubricants and oil finder. The firm operates through the following segments: Fuels and Infrastructure, Convenience Retail, Z Energy, and Corporate. The Fuel and Infrastructure segment includes Lytton refining, bulk fuels sales, trading and shipping, infrastructure, future energy, and seaoil business. The Convenience Retail segment covers fuels and shop offerings at the company's Australian network of stores. The Z Energy deals with fuel offerings in New Zealand market. The Corporate segment represents the head office and transactions related to finance, taxation, treasury, HR, IT, legal. and secretarial functions. The company was founded in 1918 and is headquartered in Sydney, Australia.

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.

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 Oct 2025¹

	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	-0.3%	11.3%	11.0%	8.9%	7.0%	8.9%
Fund Objective: RBA Cash Rate plus 6%	0.8%	10.0%	10.0%	8.6%	7.9%	8.6%
ASX Accumulation All Ordinaries Index	0.5%	12.5%	13.2%	12.5%	9.8%	7.5%

Performance Chart

NET PERFORMANCE SINCE INCEPTION²

COMMENTARY

Volatility continued to build in October as investors grew increasingly jittery about the circular nature of revenues propping up valuations in the AI market. Oversized reactions to the probability of interest rate cuts were also a feature of both domestic and global markets.

Ironically, confidence levels amongst Australian consumers continue to improve retail sales and other economic activity, just as investors realise that the gap between stretched valuations generally and reasonable fundamental valuations could be problematic. Passive investing (See CBA share price movements) and momentum investing (See DroneShield as a classic example) remains largely responsible for this environment.

The Fund’s purchases included selectively increasing our existing holdings in Amcor and IAG, while new holdings were established in ANZ Group and L1 Group. Material sales were made to the Fund’s property exposures – Stockland and Mirvac. Furthermore, Evolution Mining, Telstra and NAB were also trimmed into an exuberant market.

In terms of attribution, domestic construction holdings in Stockland, Mirvac, MAAS Group and the broader-based James Hardies were positive contributors. Other positive contributors were BHP, Ampol, NIB and Telstra. CSL, Aristocrat and Resmed were our detractors for the month.

Retaining our discipline in an environment where most research commentary revolves around index weightings and short-term earnings movements has been challenging but manageable. We remain focused on predictable medium-term underlying cash earnings as the basis for deploying our capital.

Importantly, we have calibrated our holdings for our expectation of volatile markets, preferring, as always, to focus on our absolute return benchmark with a healthy cash balance when the outlook is unclear.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)

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    [167] => stdClass Object
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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%	-1.1%	-0.3%									3%	0.3%	2.6%
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

11.1%

NUMBER OF STOCKS

BETA⁴

0.7

MAXIMUM DRAW DOWN

-23.1%

FEATURES

APIR CODE PCL0005AU
REDEMPTION PRICEA$ 1.7812
FEES * Management Fee: 1.025%
Performance Fee: 10.25%
Minimum initial investment A$10,000
FUM AT MONTH END A$ 457.93m
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

October 2025 - Monthly REPORT

Managing carefully to avoid excessive valuations

SUMMARY

PORTFOLIO

Top Holdings (alphabetically)

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Oct 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 Oct 2025¹

NET PERFORMANCE SINCE INCEPTION²