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Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

VIEW Fund

April 2020 - Monthly REPORT

Broader market observations

SUMMARY

PORTFOLIO

Top Holdings (alphabetically)

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 Viva Energy REIT Australia Real Estate Westpac Australia Financials

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Apr 20201
1 Month1 Year3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund 8.5%-4.1%-0.4%3.2%8.4%
RBA Cash Rate 0.0%0.9%1.3%1.5%2.7%
ASX Accumulation All Ordinaries Index 9.5%-9.2%2.1%3.7%4.8%
1 Month1 Year3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund
8.5%
-4.1%
-0.4%
3.2%
8.4%
RBA Cash Rate
0.0%
0.9%
1.3%
1.5%
2.7%
ASX Accumulation All Ordinaries Index
9.5%
-9.2%
2.1%
3.7%
4.8%

Performance Chart

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

There are years when very little happens, and there are days when ‘years’ happen. Then there is the last few months: enormous changes and activity almost on an hourly basis. In the period of just over 4 months, market sentiment has shifted from exuberant and optimistic, to fearful and panicky.

The most poignant learning has been our exposure to the sheer range of reactions from market participants, including some enormous institutions. Some hedge funds, industry super funds, ETFs (who are key players in this), as well as sovereign funds. Aggressive reactions by these participants have seen some fall over as a result.

We saw margin calls, sovereign funds liquidating  (for example, in the Middle East as they sold down enormous amounts of equities during March to fund what was essentially an oil price war), hedge funds falling over, ETFs liquidating their positions… that’s what created the panic.

We were fortunate in that we had a lot of protection in the form of cash and puts, so we were able to keep our heads up and act from a position of strength.

After the panic, the market saw a real bounce across the board as fear was replaced by FOMO (fear of missing out) which generated enormous amounts of activity as people tried to take advantage of the market movement.

Meanwhile, governments across the globe are attempting to reduce economic hibernation. They’re essentially attempting to build a bridge across a very deep valley that has been caused by the lockdowns. They’re building that bridge using the banks, stimulus, low interest rates etc.

This is very different to a normal recession. Namely because governments, in a normal recession, are typically in denial. Admitting recession is symbolic of policy failure, and so the reaction of governments is often delayed.  But in this scenario, the stimulus (much of which is without parallel) has been provided before the recession even hit. That concerted firepower makes forecasting almost futile. Trying to forecast the unforecastable is a waste of effort, to some extent. Most companies have walked away from their FY20, and even FY21, targets.

We’re relying on our core thesis that the underlying power and business models, balance sheets and forecast risk are reliable indicators. As we emerge on the other side of the lockdown, the real question on everyone’s mind is: what has been the impact here?

One area that has been seriously impacted has been industry super funds. They’re the big gorillas in the Australian market with hundreds of billions of dollars under management typically invested substantially in unlisted assets that haven’t been revalued for some time. A real implication in the market at the moment is a trifecta of influences driving some abnormal behaviour in the industry super fund sector.

Those unlisted asset valuations have been rebased even lower in this market. Simultaneously, the government is allowing early withdrawals of $10,000 this financial year. So for the first time, industry superfund actuaries have to predict what kind of outflow size they’re going to be experiencing. If their unlisted investments are mispriced, and they have big outflows, that has serious implications for the superfund members who leave, and the superfund members who stay behind, in terms of the valuations. And that’s the third part of the trifecta, potential criminal implications for industry super funds trustees who don’t get this right.

As a result, enormous rebalancing of these portfolios is occurring. There isn’t a day that goes by where we don’t get offered big lines of stock from these funds, and that’s creating a bit of a distortion. Nonetheless, we’re taking advantage of these opportunities in, hopefully, the best possible way.

Don’t waste the crisis

We’ve deployed over $100m – both in cash and by liquidating our insurance (PUTS) – into opportunities in the market. Our view was that due to the weight of money, and ever-lower interest rates, in the search for yield and returns, there was a disconnect between the All Ords and fundamental value. When Covid-19 hit, not only was there a move back to the fundamental value line, but because the fundamentals had been based lower due to a less buoyant outlook, the market had to actually fall further to hit those targets, and in fact, it fell even further than that.

Our approach to the portfolio

Pillar 1: Our cash holdings increased to 18pc in the lead up to this market correction, and we took profits in holdings such as Credit Corp, JB HiFi, CSL and ResMed.

Pillar 2: We bought insurance by increasing our put option position.

Pillar 3: We carefully selected defensive stocks such as Telstra, Evolution Mining, Woolworths and Viva Energy.

We were able to withstand the downward pressure through the first two pillars. As volatility went through the roof, and the index fell, our Puts morphed into Futures which we then sold very well. We held onto about 25% of the Puts.

We then selectively deployed cash across a wide range of existing holdings: Credit Corp, NIB Insurance, Telstra, Viva REIT, Aristocrat, established new holdings that include Rio Tinto, James Hardie, Ramsay Healthcare, Meridian and Bapcor, and participated in attractive capital raising including Auckland Airport, Flight Centre, Ramsay Healthcare and NAB.

Looking forward, our near term forecast risk remains exceptionally high. We have quickly adapted to refined criteria for evaluating new investments:

Liquidity: ability to change our minds with forecast risk so high

Survivability: business models and balance sheets that can survive next 12-18 months

Emerge stronger: as weaker competitors drop off

Value: investing at bargain prices

Management: leadership that is resilient and competent

Our macro framework for decision making in this market includes weighing the duration of lockdowns, impact to the economy, and any lasting changes to consumer and corporate behaviour, such as work culture, employment rates, etc.

We’re excited about the assets we’ve been able to accumulate in the last month at such low prices.

 

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)
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    [148] => 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%-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
38
BETA4
0.61
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.6285
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 835.79m
  • 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.