https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=31/10/2025&aggregation_code=Class%20A 
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            [date] => 31/10/2025
            [table] => 





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





High Conviction Property Securities Fund
2.0%
10.2%
28.1%
18.1%
11.3%




S&P/ASX 300 A-REIT (AUD) TR Index
0.6%
7.6%
27.4%
15.9%
7.1%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.222311377],["Diversified REITs", 0.106430199],["Specialized REITs", 0.011397336],["Industrial REITs", 0.446923142],["Real Estate Management & Development", 0.104813705],["IT Services", 0.03384183],["Capital Markets", 0.046055502],["Cash", 0.028226909],
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            [topholdings] => CNI/Centuria Capital Group/Australia/Real Estate,CIP1/Centuria Industrial REIT/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/Stock-Icons/Centuria-Capital-Group-ASX-CNI-share-price-e1607917665992.png,https://data.pengana.com/wp-content/uploads/Centuria-Industrial-REIT_logo.avif,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] => Centuria Capital Group is an Australasian funds manager of real estate and investment bonds. The Company's assets span across commercial office, industrial, and healthcare sectors throughout Australia and New Zealand. Centuria manages real estate fund types such as listed, unlisted fixed-term, and open-ended funds sourcing capital from listed, wholesale, and retail equity.
                    [1] => Centuria Industrial REIT operates as a property investment and fund management, which engages in acquiring and managing industrial properties within Australia. The company was founded in March 2002 and is headquartered in Sydney, 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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font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="254.69140625" y="155">08/2024</text></g></g><g data-ac-wrapper-id="768" id="ac_layer_lm"><g data-ac-wrapper-id="769" id="ac_unmanageable-layer_ll"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="291.69140625" y="155">05/2025</text></g></g></g><path data-ac-wrapper-id="770" id="ac_path_lo" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 137"/><path data-ac-wrapper-id="771" id="ac_path_lp" fill="none" stroke="#CECECE" d="M 48 136.5 L 42 136.5 M 48 99.5 L 42 99.5 M 48 62.5 L 42 62.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="772" id="ac_layer_ly"><g data-ac-wrapper-id="773" id="ac_layer_lr"><g data-ac-wrapper-id="774" id="ac_unmanageable-layer_lq"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="12.9296875" y="137.75">$50,000</text></g></g><g data-ac-wrapper-id="775" id="ac_layer_lt"><g data-ac-wrapper-id="776" id="ac_unmanageable-layer_ls"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="9.109375" y="100.75">$100,000</text></g></g><g data-ac-wrapper-id="777" id="ac_layer_lv"><g data-ac-wrapper-id="778" id="ac_unmanageable-layer_lu"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="9.109375" y="64.75">$150,000</text></g></g><g 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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

October 2025 - Monthly REPORT

Strong fundamentals to drive earnings growth

SUMMARY

The Fund delivered one of its strongest monthly performances in October, returning 2.0% versus the benchmark’s 0.6%. This outperformance was largely driven by our non-index holdings in Gemlife Communities (GLF +10.7%), Qualitas Limited (QAL +8.58%) and Cedar Woods Properties (CWP +18.64%).

PORTFOLIO

Top Holdings (alphabetically)

Centuria Capital Group
Australia
Real Estate
Centuria Capital Group is an Australasian funds manager of real estate and investment bonds. The Company's assets span across commercial office, industrial, and healthcare sectors throughout Australia and New Zealand. Centuria manages real estate fund types such as listed, unlisted fixed-term, and open-ended funds sourcing capital from listed, wholesale, and retail equity.
Centuria Industrial REIT
Australia
Real Estate
Centuria Industrial REIT operates as a property investment and fund management, which engages in acquiring and managing industrial properties within Australia. The company was founded in March 2002 and is headquartered in Sydney, 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 31 Oct 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 2.0% 10.2% 28.1% 18.1% 11.3%
S&P/ASX 300 A-REIT (AUD) TR Index 0.6% 7.6% 27.4% 15.9% 7.1%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

It was a volatile month, with the sector giving back much of its earlier gains following higher-than-expected inflation data, which dampened market expectations for further rate cuts this year. The market now expects just one additional cut, likely early next year.

Regardless of the timing of the next move by the RBA, the macro backdrop remains supportive for REITs. Population growth continues to strengthen, capital values appear to have bottomed, transaction activity is rising, and development costs are easing, which is reflected in improving profitability for construction companies and stronger earnings growth across the sector.

Sector Highlights

  • Sector fundamentals remain robust: This is supported by strong population growth and favourable policy settings. The Australian Government’s commitment to deliver 1.25 million new homes over the next four years, along with the Home Guarantee Scheme (HGS) and an ongoing monetary easing cycle, creates a powerful combination of demand drivers and policy tailwinds for the sector.
  • A-REIT balance sheets are healthy: Most of the debt cost headwinds are now behind us, cap rate expansion has largely peaked across sub-sectors, and both valuations and earnings appear to have bottomed.  The sector is expected to deliver an average EPS growth of 7%, delivering total returns (yield + EPS growth) of 10%-15% for FY26.
  • Costs are easing: We expect the Australian bond yield curve to flatten, helping to lower funding costs. Material prices are softening, and the labour market is cooling, bringing moderation in wage growth.
  • Global monetary policy is turning supportive: Bond markets are shifting as policymakers prioritise growth over inflation concerns. The FOMC cut rates in October and signalled an end to quantitative tightening early next year – moves that should help lower borrowing costs across the yield curve.

We continue to believe the sector’s fundamentals are the strongest they’ve been in five years — with debt costs shifting from a headwind to a tailwind, capital values having bottomed, and demand for real assets underpinned by robust population growth. In line with this outlook, we have positioned the portfolio to favour the residential, retail, and data centre segments.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20.1%
NUMBER OF STOCKS
13
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.2943
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 36.24m
  • 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.