https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=31/05/2023&aggregation_code=Class%20A 
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            [date] => 31/05/2023
            [table] => 





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





High Conviction Property Securities Fund
0.1%
-1.6%
-2.0%
6.3%
5.1%




S&P/ASX 300 A-REIT (AUD) TR Index
-1.8%
-3.6%
0.4%
8.1%
-0.1%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Office REITs", 0.025389003],["Retail REITs", 0.088768737],["Diversified REITs", 0.33234065],["Specialized REITs", 0.043714854],["Industrial REITs", 0.26549967],["Real Estate Management & Development", 0.12173179],["IT Services", 0.04421815],["Health Care REITs", 0.045059172],["Cash", 0.033277975],
                        )

                )

            [topholdings] => GMG/Goodman Group/Australia/Real Estate,GPT/GPT Group/Australia/Real Estate,HCW/HealthCo REIT/Australia/Real Estate,LIC/Lifestyle Communities/Australia/Real Estate,SGP/Stockland/Australia/Real Estate,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/Stock-Icons/GMG_original.png,https://data.pengana.com/wp-content/uploads/download-14.png,https://data.pengana.com/wp-content/uploads/download-30.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/lifestyle-communities-e1607921469344.jpg,https://data.pengana.com/wp-content/uploads/SGP_original.png,
            [topholdingsintro] => Array
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                    [0] => 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.
                    [1] => GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.
                    [2] => HealthCo REIT, doing business as HealthCo Healthcare and Wellness REIT, operates as a real estate investment trust. The Company invests in hospitals, aged, child, government, life sciences, research, primary care, and wellness property assets. HealthCo Healthcare and Wellness REIT serves clients in Australia.
                    [3] => Lifestyle Communities Ltd Limited provides resort style housing for individuals in their fifties and older.
                    [4] => 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.
                    [5] => 
                )

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BACK

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

May 2023 - Monthly REPORT

A new playing field

SUMMARY

The Fund returned +0.1%, delivering a strong outperformance of +1.9% relative to the S&P/ASX 300 A-REIT Index. A-REITs fell -1.8% in May but outperformed the broader equities market, despite a rise in both cash rates and bond yields during the month.

The Fund’s outperformance was driven by holdings in NextDC (NXT +11.8%), Qualitas Ltd (QAL +9.8%), and HealthCo Healthcare and Wellness REIT (HCW +4.4%).  We highlight that the majority of the Fund’s outperformance was attributed to exposures to the alternative real estate sector, which is supported by secular trends and has seen less impact from rising interest rates and inflation.

PORTFOLIO

Top Holdings (alphabetically)

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.
GPT Group
Australia
Real Estate
GPT Group is an active owner and manager of a diversified portfolio of Australian retail, office and industrial property assets. The Group's property portfolio include the MLC Centre, Australia Square, Rouse Hill Town Centre and Melbourne Central.
HealthCo REIT
Australia
Real Estate
HealthCo REIT, doing business as HealthCo Healthcare and Wellness REIT, operates as a real estate investment trust. The Company invests in hospitals, aged, child, government, life sciences, research, primary care, and wellness property assets. HealthCo Healthcare and Wellness REIT serves clients in Australia.
Lifestyle Communities
Australia
Real Estate
Lifestyle Communities Ltd Limited provides resort style housing for individuals in their fifties and older.
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.

Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 May 2023 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 0.1% -1.6% -2.0% 6.3% 5.1%
S&P/ASX 300 A-REIT (AUD) TR Index -1.8% -3.6% 0.4% 8.1% -0.1%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

We believe the market is entering a new playing field with higher inflation, higher interest rates, and lower growth.  The recent CPI data showed a 6.8% y-o-y, stubbornly higher than the market anticipated.  This combined with the 5.75% increase in award wages, at a time when productivity growth is low, has led many market participants to now expect cash rates to remain higher for longer.

So how have REITs performed in this environment? 

Quarterly company updates have underscored the operational resilience of the sector, with the following being reported:

  • The majority of A-REITs maintained their earnings guidance. Goodman Group (GMG) upgraded earnings and Vicinity Group (VCX) lifted its earnings guidance to the top end of the range, whilst Mirvac Group (MGR) lowered guidance by 5%.
  • Retail sales growth remained healthy at 15% above 2019 despite rising cost of living pressures.
  • Office occupancy is holding up better than expected with average occupancy at 93%, whilst REITs with higher quality assets reported a modest decline in incentives. This further reinforces the flight to quality as tenants reassess their office requirements post COVID.
  • Industrial markets continue to benefit from low vacancies (<1%) resulting in rental growth of +22%.
  • Residential REITs reported a slowdown in settlements from the peaks of 2022, but prices are holding up with medium and long term demand supported by strong population growth and a lack of supply.

The Fund is well positioned to benefit from the upside in industrial and residential markets with a combined exposure to these two sub-sectors of 38%. Whilst our exposure to alternative real estate assets (23%) such as data centres, childcare, healthcare, and retirement living helps protect the portfolio from rising interest rates and inflation.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
NUMBER OF STOCKS
18
BETA 4
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.0167
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 16.16m
  • 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.