https://pengana.com/wp-json/pen/performance?fund_code=PENAEC&date=30/04/2024&aggregation_code=Class%20A
CLOSE
BACK

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

CLOSE

Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

VIEW Fund

April 2024 - Monthly REPORT

A resetting of inflation and rate expectations weighs on markets in April, presents buying opportunities for the Fund

SUMMARY

The Fund generated a -2.0% return in April.  By way of comparison, the Australian stock market fell by -2.7%, whilst the return of the RBA cash rate plus 6% equated to approximately +0.9% for the month.  Calendar year to date, the Fund has achieved a return of +2.8%, ahead of the market growth rate of 2.6%, and, following a softer month, is now tracking moderately below the cash plus 6% benchmark of +3.4% over the same period.

The year’s strong run in equity markets came to a halt in April as the inflation rate and policy paths were re-priced.  The momentum behind expectations for near term rate cuts was challenged by higher inflation prints and stronger global growth, with the resulting shift in consensus on central bank policy towards a higher for longer narrative weighing heavily on equity markets during the month.  The Fed is now priced to only cut once in 2024 (not so long ago it was as many as 7 cuts), and RBA pricing is even showing the prospect of a hike.  The market weakness provided an opportunity for the Fund to deploy cash during the month, with purchases outweighing disposals by 2 to 1.

PORTFOLIO

Top Holdings (alphabetically)

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.
Contact Energy Ltd
New Zealand
Utilities
Contact Energy Ltd. engages in electricity generation business. It operates through the following segments: Wholesale, Customer, and Unallocated. The Wholesale segment includes revenue from the sale of electricity to the wholesale electricity market, to Commercial & Industrial (C&I) customers and to the customer segment. The Customer segment refers to the revenue from delivering energy to customers less the cost of purchasing energy; and costs to service and distribute energy to customers. The Unallocated segment includes corporate functions not directly allocated to the operating segments, and contacts share of earnings from associates and joint ventures. The company was founded on November 8, 1995 and is headquartered in Wellington, New Zealand.
CSL Ltd
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.
Medibank Pvt Ltd
Australia
Financials
Medibank Private Limited offers private health care coverage for hospital and ancillary services. The Company offers a range of health insurance products such as health, travel, pet, and life coverage to overseas students and visitors. Medibank serves customers throughout Australia.
National Australia Bank Ltd
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
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.
SG Fleet Group Ltd
Australia
Industrials
SG Fleet Group Ltd provides vehicle leasing and fleet management services. The Company offers its services to corporate and government customers and individual employees of those customers.
Telstra Group Ltd
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.
Woolworths Group Ltd
Australia
Consumer Staples
Woolworths Group Limited offers retail operations. The Company operates general merchandise consumer stores and supermarkets, as well as engages in procurement of food, liquor, and products. Woolworths Group also provides hotels which includes pubs, food, accommodation, and gaming operations. Woolworths Group serves customers in Australia and New Zealand.

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Apr 2024 1
1 MTH 1 YEAR 3 YEARS P.A. 5 YEARS P.A. 10 YEARS P.A. SINCE INCEPTION P.A.
Australian Equities Fund -2.0% 6.1% 2.5% 6.2% 6.4% 8.6%
Fund Objective: RBA Cash Rate plus 6% 0.9% 10.2% 8.2% 7.5% 7.7% 8.5%
ASX Accumulation All Ordinaries Index -2.7% 9.9% 7.1% 8.4% 8.1% 6.9%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

Commodities surged in April (Iron Ore +19%, Copper +14%), which together with the more upbeat global growth indicators resulted in a rotation towards resources and materials, partially unwinding investors underweight positions in those sectors of late.  REITS underperformed given the higher rate outlook.

The Fund was again rewarded during April for its conviction in Resmed shares.  3Q results revealed strong fundamentals, which are regaining their grip on the share price momentum following the GLP-1 narrative over the past 9 months.  After a weaker start calendar year to date, Evolution mining was a strong contributor in April following ongoing strength in Gold and Copper prices.  Positive contributions also came from what we consider to be quality value positions in the Fund, with SG Fleet continuing its strong recent performance and Metcash also proving resilient in a weaker month.  Detractors during April included Telstra, whose fundamentals we believe remain intact, however from a trading perspective suffered from the higher rate outlook, as well as funding some of the sector rotation we witnessed during the month.  CSL was weaker during April, albeit has recovered well in the first half of May, whilst other detractors included Credit Corp and Super Retail Group.

The Fund was an active purchaser during the April weakness, with a new position established in Endeavour Group, and opportunistic additions to holdings in Maas Group and Woolworths amongst others.  The Fund took some profits in Evolution shares into the April strength, whilst also reducing positions in NAB and Ryman Healthcare.  Overall the Fund’s purchase to sale ratio in the month was nearly 2x.

We continue to believe that the Fund is well positioned to navigate the existing volatility and deliver on our objectives of cash plus 6% in the medium term, given its defensive positioning, with solid balance sheets and focus on businesses generating cash now.  At month end the portfolio was generating an after tax cash earnings yield of 6.6% for FY25 – underpinning our focus on fundamental value.  Our expectation of these earnings, combined with further earnings growth, capital returns, and potential for valuation multiple uplifts provide comfort in achieving our return objectives.

Our longer held view that inflation will continue to percolate through the global economy has now been adopted by consensus, following more dovish expectations year to date.  From a valuation perspective, this environment typically favours portfolios whose valuation is predominately focused on current earnings and cash flows (such as this Fund), as opposed to those whose valuations are more dependent on future earnings and cash flows.  Our cash balance remains healthy and ready to deploy should future opportunities present.

We remain as focused as ever on our primary objectives of capital preservation and generating a reasonable real return for our investors.  We continue to believe this is best served by a disciplined approach and consistent investment methodology. A variety of good businesses run by honest and competent management teams at the right price will create a well-diversified portfolio of ever-growing cash earnings streams.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)
Array
(
    [0] => stdClass Object
        (
            [as_at_date] => 31/05/2024
            [value] => -0.006
        )

    [1] => stdClass Object
        (
            [as_at_date] => 30/04/2024
            [value] => -0.02
        )

    [2] => stdClass Object
        (
            [as_at_date] => 28/03/2024
            [value] => 0.0320
        )

    [3] => stdClass Object
        (
            [as_at_date] => 29/02/2024
            [value] => -0.007
        )

    [4] => stdClass Object
        (
            [as_at_date] => 31/01/2024
            [value] => 0.024
        )

    [5] => stdClass Object
        (
            [as_at_date] => 29/12/2023
            [value] => 0.051
        )

    [6] => stdClass Object
        (
            [as_at_date] => 30/11/2023
            [value] => 0.039
        )

    [7] => stdClass Object
        (
            [as_at_date] => 31/10/2023
            [value] => -0.033
        )

    [8] => stdClass Object
        (
            [as_at_date] => 29/09/2023
            [value] => -0.037
        )

    [9] => stdClass Object
        (
            [as_at_date] => 31/08/2023
            [value] => -0.007
        )

    [10] => stdClass Object
        (
            [as_at_date] => 31/07/2023
            [value] => 0.033
        )

    [11] => stdClass Object
        (
            [as_at_date] => 30/06/2023
            [value] => 0.012
        )

    [12] => stdClass Object
        (
            [as_at_date] => 31/05/2023
            [value] => -0.023
        )

    [13] => stdClass Object
        (
            [as_at_date] => 28/04/2023
            [value] => 0.027
        )

    [14] => stdClass Object
        (
            [as_at_date] => 31/03/2023
            [value] => 0
        )

    [15] => stdClass Object
        (
            [as_at_date] => 28/02/2023
            [value] => -0.012
        )

    [16] => stdClass Object
        (
            [as_at_date] => 31/01/2023
            [value] => 0.061
        )

    [17] => stdClass Object
        (
            [as_at_date] => 30/12/2022
            [value] => -0.023
        )

    [18] => stdClass Object
        (
            [as_at_date] => 30/11/2022
            [value] => 0.03
        )

    [19] => stdClass Object
        (
            [as_at_date] => 31/10/2022
            [value] => 0.027
        )

    [20] => stdClass Object
        (
            [as_at_date] => 30/09/2022
            [value] => -0.061
        )

    [21] => stdClass Object
        (
            [as_at_date] => 31/08/2022
            [value] => -0.001
        )

    [22] => stdClass Object
        (
            [as_at_date] => 29/07/2022
            [value] => 0.064
        )

    [23] => stdClass Object
        (
            [as_at_date] => 30/06/2022
            [value] => -0.07
        )

    [24] => stdClass Object
        (
            [as_at_date] => 31/05/2022
            [value] => -0.03
        )

    [25] => stdClass Object
        (
            [as_at_date] => 29/04/2022
            [value] => -0.0060
        )

    [26] => stdClass Object
        (
            [as_at_date] => 31/03/2022
            [value] => 0.0190
        )

    [27] => stdClass Object
        (
            [as_at_date] => 28/02/2022
            [value] => 0.0130
        )

    [28] => stdClass Object
        (
            [as_at_date] => 31/01/2022
            [value] => -0.0670
        )

    [29] => stdClass Object
        (
            [as_at_date] => 31/12/2021
            [value] => 0.0100
        )

    [30] => stdClass Object
        (
            [as_at_date] => 30/11/2021
            [value] => -0.0060
        )

    [31] => stdClass Object
        (
            [as_at_date] => 29/10/2021
            [value] => -0.0110
        )

    [32] => stdClass Object
        (
            [as_at_date] => 30/09/2021
            [value] => -0.0040
        )

    [33] => stdClass Object
        (
            [as_at_date] => 31/08/2021
            [value] => 0.0300
        )

    [34] => stdClass Object
        (
            [as_at_date] => 30/07/2021
            [value] => 0.0030
        )

    [35] => stdClass Object
        (
            [as_at_date] => 30/06/2021
            [value] => 0.0110
        )

    [36] => stdClass Object
        (
            [as_at_date] => 31/05/2021
            [value] => 0.0260
        )

    [37] => stdClass Object
        (
            [as_at_date] => 30/04/2021
            [value] => 0.0360
        )

    [38] => stdClass Object
        (
            [as_at_date] => 31/03/2021
            [value] => 0.0310
        )

    [39] => stdClass Object
        (
            [as_at_date] => 26/02/2021
            [value] => 0.0030
        )

    [40] => stdClass Object
        (
            [as_at_date] => 29/01/2021
            [value] => -0.0090
        )

    [41] => stdClass Object
        (
            [as_at_date] => 31/12/2020
            [value] => 0.0230
        )

    [42] => stdClass Object
        (
            [as_at_date] => 30/11/2020
            [value] => 0.1020
        )

    [43] => stdClass Object
        (
            [as_at_date] => 30/10/2020
            [value] => 0.015
        )

    [44] => stdClass Object
        (
            [as_at_date] => 30/09/2020
            [value] => -0.02
        )

    [45] => stdClass Object
        (
            [as_at_date] => 31/08/2020
            [value] => 0.02
        )

    [46] => stdClass Object
        (
            [as_at_date] => 31/07/2020
            [value] => 0.015
        )

    [47] => stdClass Object
        (
            [as_at_date] => 30/06/2020
            [value] => 0.001
        )

    [48] => stdClass Object
        (
            [as_at_date] => 29/05/2020
            [value] => 0.062
        )

    [49] => stdClass Object
        (
            [as_at_date] => 30/04/2020
            [value] => 0.085
        )

    [50] => stdClass Object
        (
            [as_at_date] => 31/03/2020
            [value] => -0.195
        )

    [51] => stdClass Object
        (
            [as_at_date] => 28/02/2020
            [value] => -0.035
        )

    [52] => stdClass Object
        (
            [as_at_date] => 31/01/2020
            [value] => 0.023
        )

    [53] => stdClass Object
        (
            [as_at_date] => 31/12/2019
            [value] => -0.033
        )

    [54] => stdClass Object
        (
            [as_at_date] => 29/11/2019
            [value] => 0.035
        )

    [55] => stdClass Object
        (
            [as_at_date] => 31/10/2019
            [value] => -0.005296992
        )

    [56] => stdClass Object
        (
            [as_at_date] => 30/09/2019
            [value] => 0.013710771
        )

    [57] => stdClass Object
        (
            [as_at_date] => 30/08/2019
            [value] => 0.00550401
        )

    [58] => stdClass Object
        (
            [as_at_date] => 31/07/2019
            [value] => 0.03197014
        )

    [59] => stdClass Object
        (
            [as_at_date] => 28/06/2019
            [value] => 0.011725207
        )

    [60] => stdClass Object
        (
            [as_at_date] => 31/05/2019
            [value] => 0.048981361
        )

    [61] => stdClass Object
        (
            [as_at_date] => 30/04/2019
            [value] => 0.029049345
        )

    [62] => stdClass Object
        (
            [as_at_date] => 29/03/2019
            [value] => -0.011355493
        )

    [63] => stdClass Object
        (
            [as_at_date] => 28/02/2019
            [value] => 0.034441467
        )

    [64] => stdClass Object
        (
            [as_at_date] => 31/01/2019
            [value] => 0.023639972
        )

    [65] => stdClass Object
        (
            [as_at_date] => 31/12/2018
            [value] => -0.020012333
        )

    [66] => stdClass Object
        (
            [as_at_date] => 30/11/2018
            [value] => -0.01599647
        )

    [67] => stdClass Object
        (
            [as_at_date] => 31/10/2018
            [value] => -0.079933009
        )

    [68] => stdClass Object
        (
            [as_at_date] => 28/09/2018
            [value] => -0.024699302
        )

    [69] => stdClass Object
        (
            [as_at_date] => 31/08/2018
            [value] => 0.033507264
        )

    [70] => stdClass Object
        (
            [as_at_date] => 31/07/2018
            [value] => 0.012797264
        )

    [71] => stdClass Object
        (
            [as_at_date] => 29/06/2018
            [value] => 0.014582908
        )

    [72] => stdClass Object
        (
            [as_at_date] => 31/05/2018
            [value] => 0.025196027
        )

    [73] => stdClass Object
        (
            [as_at_date] => 30/04/2018
            [value] => -0.000470244
        )

    [74] => stdClass Object
        (
            [as_at_date] => 29/03/2018
            [value] => -0.030200152
        )

    [75] => stdClass Object
        (
            [as_at_date] => 28/02/2018
            [value] => -0.013052611
        )

    [76] => stdClass Object
        (
            [as_at_date] => 31/01/2018
            [value] => 0.014561875
        )

    [77] => stdClass Object
        (
            [as_at_date] => 29/12/2017
            [value] => 0.001458753
        )

    [78] => stdClass Object
        (
            [as_at_date] => 30/11/2017
            [value] => 0.031923177
        )

    [79] => stdClass Object
        (
            [as_at_date] => 31/10/2017
            [value] => 0.018827014
        )

    [80] => stdClass Object
        (
            [as_at_date] => 29/09/2017
            [value] => 0.001217833
        )

    [81] => stdClass Object
        (
            [as_at_date] => 31/08/2017
            [value] => 0.00983852
        )

    [82] => stdClass Object
        (
            [as_at_date] => 31/07/2017
            [value] => 0.005537932
        )

    [83] => stdClass Object
        (
            [as_at_date] => 30/06/2017
            [value] => 0.027002508
        )

    [84] => stdClass Object
        (
            [as_at_date] => 31/05/2017
            [value] => -0.047379391
        )

    [85] => stdClass Object
        (
            [as_at_date] => 28/04/2017
            [value] => 0.016589147
        )

    [86] => stdClass Object
        (
            [as_at_date] => 31/03/2017
            [value] => 0.018367454
        )

    [87] => stdClass Object
        (
            [as_at_date] => 28/02/2017
            [value] => 0.007102348
        )

    [88] => stdClass Object
        (
            [as_at_date] => 31/01/2017
            [value] => -0.007783329
        )

    [89] => stdClass Object
        (
            [as_at_date] => 30/12/2016
            [value] => 0.033620226
        )

    [90] => stdClass Object
        (
            [as_at_date] => 30/11/2016
            [value] => -0.002682403
        )

    [91] => stdClass Object
        (
            [as_at_date] => 31/10/2016
            [value] => -0.029722555
        )

    [92] => stdClass Object
        (
            [as_at_date] => 30/09/2016
            [value] => 0.002504827
        )

    [93] => stdClass Object
        (
            [as_at_date] => 31/08/2016
            [value] => 0.022954145
        )

    [94] => stdClass Object
        (
            [as_at_date] => 29/07/2016
            [value] => 0.06141991
        )

    [95] => stdClass Object
        (
            [as_at_date] => 30/06/2016
            [value] => -0.015761049
        )

    [96] => stdClass Object
        (
            [as_at_date] => 31/05/2016
            [value] => 0.045939247
        )

    [97] => stdClass Object
        (
            [as_at_date] => 29/04/2016
            [value] => 0.006614447
        )

    [98] => stdClass Object
        (
            [as_at_date] => 31/03/2016
            [value] => 0.031418312
        )

    [99] => stdClass Object
        (
            [as_at_date] => 29/02/2016
            [value] => -0.031528921
        )

    [100] => stdClass Object
        (
            [as_at_date] => 29/01/2016
            [value] => -0.018432131
        )

    [101] => stdClass Object
        (
            [as_at_date] => 31/12/2015
            [value] => 0.002017711
        )

    [102] => stdClass Object
        (
            [as_at_date] => 30/11/2015
            [value] => 0.033719583
        )

    [103] => stdClass Object
        (
            [as_at_date] => 30/10/2015
            [value] => 0.040636682
        )

    [104] => stdClass Object
        (
            [as_at_date] => 30/09/2015
            [value] => -0.006112176
        )

    [105] => stdClass Object
        (
            [as_at_date] => 31/08/2015
            [value] => -0.04163556
        )

    [106] => stdClass Object
        (
            [as_at_date] => 31/07/2015
            [value] => 0.032554554
        )

    [107] => stdClass Object
        (
            [as_at_date] => 30/06/2015
            [value] => -0.034569167
        )

    [108] => stdClass Object
        (
            [as_at_date] => 29/05/2015
            [value] => 0.011230131
        )

    [109] => stdClass Object
        (
            [as_at_date] => 30/04/2015
            [value] => -0.016538287
        )

    [110] => stdClass Object
        (
            [as_at_date] => 31/03/2015
            [value] => 0.013431294
        )

    [111] => stdClass Object
        (
            [as_at_date] => 27/02/2015
            [value] => 0.039622867
        )

    [112] => stdClass Object
        (
            [as_at_date] => 30/01/2015
            [value] => 0.026146592
        )

    [113] => stdClass Object
        (
            [as_at_date] => 31/12/2014
            [value] => 0.0135908
        )

    [114] => stdClass Object
        (
            [as_at_date] => 28/11/2014
            [value] => 0.000184525
        )

    [115] => stdClass Object
        (
            [as_at_date] => 31/10/2014
            [value] => 0.024965326
        )

    [116] => stdClass Object
        (
            [as_at_date] => 30/09/2014
            [value] => -0.023997047
        )

    [117] => stdClass Object
        (
            [as_at_date] => 29/08/2014
            [value] => 0.015432677
        )

    [118] => stdClass Object
        (
            [as_at_date] => 31/07/2014
            [value] => 0.018583339
        )

    [119] => stdClass Object
        (
            [as_at_date] => 30/06/2014
            [value] => -0.009674165
        )

    [120] => stdClass Object
        (
            [as_at_date] => 30/05/2014
            [value] => 0.015061148
        )

    [121] => stdClass Object
        (
            [as_at_date] => 30/04/2014
            [value] => 0.012381069
        )

    [122] => stdClass Object
        (
            [as_at_date] => 31/03/2014
            [value] => -0.004190708
        )

    [123] => stdClass Object
        (
            [as_at_date] => 28/02/2014
            [value] => 0.014479359
        )

    [124] => stdClass Object
        (
            [as_at_date] => 31/01/2014
            [value] => -0.019572309
        )

    [125] => stdClass Object
        (
            [as_at_date] => 31/12/2013
            [value] => 0.012738854
        )

    [126] => stdClass Object
        (
            [as_at_date] => 29/11/2013
            [value] => -0.011581636
        )

    [127] => stdClass Object
        (
            [as_at_date] => 31/10/2013
            [value] => 0.02290401
        )

    [128] => stdClass Object
        (
            [as_at_date] => 30/09/2013
            [value] => 0.013796502
        )

    [129] => stdClass Object
        (
            [as_at_date] => 30/08/2013
            [value] => 0.022740157
        )

    [130] => stdClass Object
        (
            [as_at_date] => 31/07/2013
            [value] => 0.019850957
        )

    [131] => stdClass Object
        (
            [as_at_date] => 28/06/2013
            [value] => -0.024961092
        )

    [132] => stdClass Object
        (
            [as_at_date] => 31/05/2013
            [value] => -0.013056064
        )

    [133] => stdClass Object
        (
            [as_at_date] => 30/04/2013
            [value] => 0.035100593
        )

    [134] => stdClass Object
        (
            [as_at_date] => 28/03/2013
            [value] => 0.00036704
        )

    [135] => stdClass Object
        (
            [as_at_date] => 28/02/2013
            [value] => 0.044470002
        )

    [136] => stdClass Object
        (
            [as_at_date] => 31/01/2013
            [value] => 0.052309554
        )

    [137] => stdClass Object
        (
            [as_at_date] => 31/12/2012
            [value] => 0.017731706
        )

    [138] => stdClass Object
        (
            [as_at_date] => 30/11/2012
            [value] => 0.027756361
        )

    [139] => stdClass Object
        (
            [as_at_date] => 31/10/2012
            [value] => 0.024192391
        )

    [140] => stdClass Object
        (
            [as_at_date] => 28/09/2012
            [value] => 0.002158273
        )

    [141] => stdClass Object
        (
            [as_at_date] => 31/08/2012
            [value] => 0.024695909
        )

    [142] => stdClass Object
        (
            [as_at_date] => 31/07/2012
            [value] => 0.02882063
        )

    [143] => stdClass Object
        (
            [as_at_date] => 29/06/2012
            [value] => -0.011460039
        )

    [144] => stdClass Object
        (
            [as_at_date] => 31/05/2012
            [value] => -0.010602268
        )

    [145] => stdClass Object
        (
            [as_at_date] => 30/04/2012
            [value] => 0.00734258
        )

    [146] => stdClass Object
        (
            [as_at_date] => 30/03/2012
            [value] => 0.042365675
        )

    [147] => stdClass Object
        (
            [as_at_date] => 29/02/2012
            [value] => 0.036458333
        )

    [148] => stdClass Object
        (
            [as_at_date] => 31/01/2012
            [value] => 0.028514917
        )

    [149] => stdClass Object
        (
            [as_at_date] => 30/12/2011
            [value] => 0.009737098
        )

    [150] => stdClass Object
        (
            [as_at_date] => 30/11/2011
            [value] => -0.024459748
        )

    [151] => stdClass Object
        (
            [as_at_date] => 31/10/2011
            [value] => 0.046904782
        )

    [152] => stdClass Object
        (
            [as_at_date] => 30/09/2011
            [value] => -0.023942409
        )

    [153] => stdClass Object
        (
            [as_at_date] => 31/08/2011
            [value] => 0.014108769
        )

    [154] => stdClass Object
        (
            [as_at_date] => 29/07/2011
            [value] => -0.031076141
        )

    [155] => stdClass Object
        (
            [as_at_date] => 30/06/2011
            [value] => -0.00532079
        )

    [156] => stdClass Object
        (
            [as_at_date] => 31/05/2011
            [value] => -0.007576337
        )

    [157] => stdClass Object
        (
            [as_at_date] => 29/04/2011
            [value] => 0.000153081
        )

    [158] => stdClass Object
        (
            [as_at_date] => 31/03/2011
            [value] => 0.009503941
        )

    [159] => stdClass Object
        (
            [as_at_date] => 28/02/2011
            [value] => 0.014820042
        )

    [160] => stdClass Object
        (
            [as_at_date] => 31/01/2011
            [value] => 0.007266409
        )

    [161] => stdClass Object
        (
            [as_at_date] => 31/12/2010
            [value] => 0.03041087
        )

    [162] => stdClass Object
        (
            [as_at_date] => 30/11/2010
            [value] => -0.001373072
        )

    [163] => stdClass Object
        (
            [as_at_date] => 29/10/2010
            [value] => 0.018174342
        )

    [164] => stdClass Object
        (
            [as_at_date] => 30/09/2010
            [value] => 0.035598706
        )

    [165] => stdClass Object
        (
            [as_at_date] => 31/08/2010
            [value] => 0.010847107
        )

    [166] => stdClass Object
        (
            [as_at_date] => 30/07/2010
            [value] => 0.050556209
        )

    [167] => stdClass Object
        (
            [as_at_date] => 30/06/2010
            [value] => -0.024807008
        )

    [168] => stdClass Object
        (
            [as_at_date] => 31/05/2010
            [value] => -0.040369569
        )

    [169] => stdClass Object
        (
            [as_at_date] => 30/04/2010
            [value] => -0.002408038
        )

    [170] => stdClass Object
        (
            [as_at_date] => 31/03/2010
            [value] => 0.035600654
        )

    [171] => stdClass Object
        (
            [as_at_date] => 26/02/2010
            [value] => 0.011305331
        )

    [172] => stdClass Object
        (
            [as_at_date] => 29/01/2010
            [value] => -0.036046609
        )

    [173] => stdClass Object
        (
            [as_at_date] => 31/12/2009
            [value] => 0.02491623
        )

    [174] => stdClass Object
        (
            [as_at_date] => 30/11/2009
            [value] => 0.010329861
        )

    [175] => stdClass Object
        (
            [as_at_date] => 30/10/2009
            [value] => 0.012035492
        )

    [176] => stdClass Object
        (
            [as_at_date] => 30/09/2009
            [value] => 0.038310681
        )

    [177] => stdClass Object
        (
            [as_at_date] => 31/08/2009
            [value] => 0.060559156
        )

    [178] => stdClass Object
        (
            [as_at_date] => 31/07/2009
            [value] => 0.034631168
        )

    [179] => stdClass Object
        (
            [as_at_date] => 30/06/2009
            [value] => 0.037686417
        )

    [180] => stdClass Object
        (
            [as_at_date] => 29/05/2009
            [value] => 0.020567668
        )

    [181] => stdClass Object
        (
            [as_at_date] => 30/04/2009
            [value] => 0.044019755
        )

    [182] => stdClass Object
        (
            [as_at_date] => 31/03/2009
            [value] => 0.078758397
        )

    [183] => stdClass Object
        (
            [as_at_date] => 27/02/2009
            [value] => -0.013708019
        )

    [184] => stdClass Object
        (
            [as_at_date] => 30/01/2009
            [value] => 0.001601831
        )

    [185] => stdClass Object
        (
            [as_at_date] => 31/12/2008
            [value] => 0.039362588
        )

    [186] => stdClass Object
        (
            [as_at_date] => 28/11/2008
            [value] => -0.052507042
        )

    [187] => stdClass Object
        (
            [as_at_date] => 31/10/2008
            [value] => -0.090489854
        )

    [188] => stdClass Object
        (
            [as_at_date] => 30/09/2008
            [value] => -0.047070313
        )

    [189] => stdClass Object
        (
            [as_at_date] => 29/08/2008
            [value] => 0.034656967
        )

    [190] => stdClass Object
        (
            [as_at_date] => 31/07/2008
            [value] => -0.0103
        )

)
Year Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun FUND FYTD RBA CASH RATE FYTD ASX ALL ORDS FYTD
2023/2024 3.3%-0.7%-3.7%-3.3%3.9%5.1%2.4%-0.7%3.2%-2%6.6%3.9%11.7%
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%30.2%
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%
Apr -2%
May -0.6%

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
VOLATILITY 3
11.4%
NUMBER OF STOCKS
27
BETA 4
0.63
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.8238
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 582.7m
  • 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.