https://data.pengana.com/wp-json/pen/performance?fund_code=PENAEC&date=27/02/2026&aggregation_code=Class%20A

Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

VIEW Fund

February 2026 - Monthly REPORT

Maintaining positive returns while calibrating for risks

SUMMARY

In a month dominated by reporting season and extreme price reactions, the Fund delivered a 1.2% return. By way of comparison, the RBA cash rate plus 6% returned approximately 0.7%, while the All Ordinaries Accumulation Index rose 3.3%. Key positives contributors were BHP, Evolution Mining, NAB and Ramsay Healthcare, which were all up more than 10% in the month.

PORTFOLIO

Top Holdings (alphabetically)

Amcor PLC Shs Chess Depository Interests Australia Materials Ampol Limited Australia Energy BHP Group Ltd Australia Materials Evolution Mining Limited Australia Materials Metcash Limited Australia Consumer Staples National Australia Bank Limited Australia Financials ResMed Inc Australia Health Care Stockland Australia Real Estate Telstra Group Limited Australia Communication Services Westpac Banking Corporation Australia Financials

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 28 Feb 2026 1
1 Month1 Year3 Years P.A.5 Years P.A.10 Years P.A.SINCE INCEPTION
Fund 1.2%11.6%10.0%7.0%7.4%8.9%
RBA Cash Rate 0.3%3.8%4.1%2.8%2.0%2.6%
ASX Accumulation All Ordinaries Index 3.3%15.8%12.1%10.4%10.8%7.6%
1 Month1 Year3 Years P.A.5 Years P.A.10 Years P.A.SINCE INCEPTION
Fund
1.2%
11.6%
10.0%
7.0%
7.4%
8.9%
RBA Cash Rate
0.3%
3.8%
4.1%
2.8%
2.0%
2.6%
ASX Accumulation All Ordinaries Index
3.3%
15.8%
12.1%
10.4%
10.8%
7.6%

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

The market was led up by resources and banks. The top 20 stocks on the ASX rose almost 8%. The portfolio benefited from our holdings in Evolution Mining and BHP where the copper earnings now surpass the contribution from iron ore. Our NAB and Westpac positions also performed well with bank net interest margins holding up much better than expected. Credit growth has been good and competitive intensity has dropped again meaning bank earnings remain very dependable albeit not growing particularly fast.

There were some incredible intra-day moves on results days. At Pengana we are looking for evidence of improving returns through higher margins or better capital efficiency. We saw this in Telstra with the ultimate proof point delivered in the form of higher dividends and buybacks. Ramsay Healthcare was also rewarded as it reached an inflection point achieving margin expansion in the core Australian business and announcing the plan to demerge the French assets. On the negative side CSL, Credit Corp and Maas Group were all results that were not well received and detracted from performance.

The market volatility provided more opportunities to recycle capital from strong performers to higher upside opportunities. Aristocrat and AUB Group are two stocks that have been caught up in the AI fear trade. They are very stable businesses with excellent market positions and we have been able to add to our holdings at free cash flow yields of 7% and 10% respectively. We also added industrial exposure by starting to build a position in Orica, which is the epitome of a picks and shovels play on global resources demand. Orica is a company transitioning from a cyclical mining explosives business to a high margin mining technology company with durable returns on invested capital and strong free cash flow generation. We continue to take profits in Evolution Mining and Telstra where strong operating performances were rewarded by the market. The banks are becoming expensive again and we trimmed our holding in NAB. We also reduced Maas Group where the sale of the construction materials business has left us with exposure to a business with more opaque future cash flows.

Our commitment to high-quality businesses led by proven management teams and supported by resilient cash flows has yielded a productive start to the year. In an environment clouded by short-term “noise” and index-driven volatility, we remain tethered to our absolute-return philosophy, deploying capital only where the risk-adjusted returns are truly compelling.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)
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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%-0.2%-0.3%2%1.2%3.9%1.5%3.1%
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%12.7%4.3%13.2%
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%8.6%4.3%12.5%
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%32%
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%

2025/2026

Jul 3%
Aug 2.6%
Sep -1.1%
Oct -0.3%
Nov -0.2%
Dec -0.3%
Jan 2%
Feb 1.2%
Mar -8.2%

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 12.7%
RBA CASH RATE FYTD 4.3%
ASX ALL ORDS FYTD 13.2%

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 8.6%
RBA CASH RATE FYTD 4.3%
ASX ALL ORDS FYTD 12.5%

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 32%

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 North, APEX NZ, BT Asgard, BT Panorama, CFS Edge, Dash, Hub24, IOOF Expand, Centric, Hub24, Macquarie Wrap - IDPS & Super, Mason Stevens - IDPS & Super, Netwealth - IDPS & Super, Praemium - IDPS, Super, SMA & Powerwrap

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
11%
NUMBER OF STOCKS
27
BETA 4
0.7
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.8078
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 453.86m
  • 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

Senior 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
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 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.