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Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

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June 2020 - Monthly REPORT

Putting the future into context

SUMMARY

The Australian stock market continued to rally in June, albeit at a slower rate of 2.3%. In comparison, the Fund generated a small positive return. The last three months have seen a dramatic rally from the even-more-dramatic sell-off experienced during February and March. For the quarter to 30-Jun-20 the Fund has returned 15.2 %1, compared to the broader market’s return of 17.8%. For the financial year ended 30 June the Fund recorded its first negative year since inception 13 years ago, returning -3.9% against a market that was down -7.2% over the 12 month period. For comparison purposes the RBA cash rate was 0.7% for the year.

PORTFOLIO

Top Holdings (alphabetically)

Ampol Limited Australia Energy Aristocrat Leisure Australia Consumer Discretionary Credit Corp Australia Financials CSL Australia Health Care Evolution Mining Australia Materials Medibank Private Australia Financials NAB Australia Financials ResMed Australia Health Care Telstra Australia Communication Services Waypoint Reit Ltd Australia Real Estate

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Jun 20201
1 Month1 Year3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund 0.1%-3.9%2.5%5.0%8.9%
RBA Cash Rate 0.0%0.7%1.2%1.4%2.7%
ASX Accumulation All Ordinaries Index 2.3%-7.2%5.4%6.2%5.4%
1 Month1 Year3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund
0.1%
-3.9%
2.5%
5.0%
8.9%
RBA Cash Rate
0.0%
0.7%
1.2%
1.4%
2.7%
ASX Accumulation All Ordinaries Index
2.3%
-7.2%
5.4%
6.2%
5.4%

Performance Chart

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

The Australian stock market continued to rally in June, albeit at a slower rate of 2.3%. In comparison, the Fund generated a small positive return. The last three months have seen a dramatic rally from the even-more-dramatic sell-off experienced during February and March. For the quarter to 30-Jun-20 the Fund has returned 15.2 %1, compared to the broader market’s return of 17.8%. For the financial year ended 30 June the Fund recorded its first negative year since inception 13 years ago, returning -3.9% against a market that was down -7.2% over the 12 month period. For comparison purposes the RBA cash rate was 0.7% for the year.

The Australian economy experienced unprecedented times during the year, starting with the worst drought and bushfires in living memory and finally, the global coronavirus pandemic that created havoc in human lives, economies and financial markets globally. In addition, volatile oil markets and trade tensions between the USA and China resulted in severe volatility during the period.

The Fund negotiated these obstacles with its 3 pillared approach.

  • Conservative positioning with significant exposure to defensive companies
  • Relatively high levels of cash at about 18% as we entered the correction, and
  • Downside protection through holding put options.

    • These measures have stood us in good stead during this period, however, we were not immune to the indiscriminate sell down across the spectrum of value, small and large cap stocks. Importantly, the Fund used the sell-down period to deploy a substantial amount of capital to acquire and increase our holdings in quality companies at attractive levels.

    As we enter the next financial year, the question now is ‘how much of the recovery has been discounted by the share market’.

    The upcoming reporting season in August will provide important details, not so much to analyse the FY20 results that would be hugely distorted by COVID lockdowns, but more the outlook for FY21 and FY22. These trading updates and outlook statements would determine if the market has over or under discounted future cash flows.

    We also consider the following issues within the broader context of the future outlook:

    • The slowdown in economic activity has been self-induced and is not a result of the usual economic drivers. Indeed, it was generally thought the economy was on an upward trajectory before the intervention of the virus. This is particularly relevant to the banking sector, which entered the market correction in a much stronger position than during the GFC.
    • A surge in new COVID infection cases, especially in Melbourne and across large tracts of the US, has raised concerns of a second wave of COVID-19 infections. This, coupled with an equity market, in particular in the US that had largely shrugged off the epidemic, we think might weigh on markets until a clearer trend is observable.
    • The looming end of Jobkeeper/ Jobseeker at the end of September, and how much might be extended if needed (to certain impacted sectors i.e. travel, airlines, services) is also an uncertainty that will only, over time, give more clarity on short-term prospects.
    • The economic and company-specific performance data so far has been much better than many had feared, with record retail sales and lower unemployment being two prominent examples. The question is how much of the surge in retail sales was pent-up demand and, as mentioned before, how sustainable that would be post-September with less or no Job Keeper support.

    Our investable universe is listed companies, which tend to be the larger companies in their sectors, have access to capital (equity and debt), and in many cases will emerge from this episode in a stronger competitive position than before, taking market share from their unlisted competitors. This is particularly relevant in fragmented industries like travel and retail, as recent well supported capital raisings have demonstrated.

    During the month of June, the fund exited its Viva Energy and Auckland Airport holdings and the put options expired. The only notable addition during the month was EBOS Holdings. EBOS’s main business is the distribution of pharmacy products (PBS) to community and institutional pharmacies, which is a highly defensive and cash generative business. The remainder of the business is in animal care, contract logistics and consumer products. The after-tax cash earnings yield (ATCEY) for FY21 is 6.4% and the dividend yield 3.5% which in our view is an attractive investment given the defensive nature of the business model.

    It is clear that the short-term outlook is highly uncertain, but the medium to longer-term appears structurally positive. A non-trivial challenge all investors currently face is the question of what a dollar in any currency is worth, given that most governments have fired up the monetary printing presses and seem to be running them at full tilt for the foreseeable future. In this environment, “hard” assets (defined by ourselves as entities which have resilient surplus cash flows that can be distributed to owners) remain our focus. We would include Waypoint REIT, Evolution Mining, RIO and Telstra as examples of these.

    In our view the fund is well placed with a balanced, defensive stock selection to weather short-term volatility and growth components to capitalize on longer-term growth.

    PERFORMANCE TABLE

    FUND PERFORMANCE (A$, NET OF FEES)
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    [139] => stdClass Object
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    [140] => stdClass Object
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    [142] => stdClass Object
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    [143] => stdClass Object
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            [as_at_date] => 30/04/2012
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    [144] => stdClass Object
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            [as_at_date] => 30/03/2012
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    [145] => stdClass Object
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            [as_at_date] => 29/02/2012
            [value] => 0.036458333
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    [146] => stdClass Object
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            [as_at_date] => 31/01/2012
            [value] => 0.028514917
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    [147] => stdClass Object
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            [as_at_date] => 30/12/2011
            [value] => 0.009737098
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    [148] => stdClass Object
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    [149] => 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
    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%

    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%

    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 30.2%

    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
    • MLC Wrap
    • Mason Stevens
    • Navigator
    • Netwealth
    • OneVue
    • Omniport(lifespan)
    • Powerwrap
    • Praemium
    • uXchange

    STATISTICAL DATA

    PORTFOLIO SUMMARY
    VOLATILITY3
    11.4%
    NUMBER OF STOCKS
    36
    BETA4
    0.62
    MAXIMUM DRAW DOWN
    -23.1%

    FEATURES

    • APIR CODE PCL0005AU
    • REDEMPTION PRICEA$ 1.7325
    • FEES * Management Fee: 1.025%
      Performance Fee: 10.25%
    • Minimum initial investment A$10,000
    • FUM AT MONTH END A$ 877.99m
    • 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

    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
    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)
    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 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.