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Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

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November 2024 - Monthly REPORT

Healthy returns with a conservative setting

SUMMARY

The Fund generated a healthy return of 2.1% in November.  By way of comparison, the Australian stock market increased by 3.7% in the month, whilst the return of the RBA cash rate plus 6% equated to approximately +0.8% for the month.

Financial year to date, the Fund has achieved a return of +7.6%, ahead of the cash plus 6% benchmark of +4.2% over the same period, whilst the broader market has returned +10.3%.   We remain pleased with the continued momentum of the Fund, particularly given its conservative settings and our discipline in avoiding the large component of elevated valuations in a bifurcated market. We are tracking comfortably ahead of our cash plus 6% benchmark.

PORTFOLIO

Top Holdings (alphabetically)

Aristocrat Leisure Limited
Australia
Consumer Discretionary
Aristocrat Leisure Limited manufactures and sells gaming machines in Australia and internationally. The Company also supplies gaming systems, software, table gaming equipment and other gaming related products and services to casinos, clubs and hotels.
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.
CSL Limited
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.
Evolution Mining Limited
Australia
Materials
Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.
National Australia Bank Limited
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
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.
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.
Telstra Group Limited
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.

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Nov 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 2.1% 17.7% 3.8% 5.1% 6.8% 8.8%
Fund Objective: RBA Cash Rate plus 6% 0.8% 10.3% 9.0% 7.9% 7.8% 8.5%
ASX Accumulation All Ordinaries Index 3.7% 23.5% 9.0% 8.6% 9.3% 7.4%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Investors cheered the US election with positive expectations for the Trump/Republican impact on US/global economic policies. “Animal spirits” have been rekindled driving strong retail and institutional demand for risk assets. In our view, this has further decoupled equity valuations from underlying fundamentals as earnings have yet to follow the exuberant expectations embedded in large segments of the market.

Within the Fund, several significant events occurred during November. Firstly, SG Fleet announced that Private Equity Partners (PEP) had made a takeover proposal for the company. This proposal was accepted by the SG Fleet board at $3.50 representing a 30% premium to the pre-announcement share price and a healthy profit for the Fund.

Secondly, the Fund sold out of its remaining holdings in CBA and reduced its holdings in NAB. We are cognisant that both banks represent strong institutions with robust business models and excellent management, however, valuations are extremely stretched. We note that both holdings were originally established at reasonable price to book ratio’s with the NAB’s being at 75% of book value. This contrasts with the current environment of mediocre earnings growth expectations versus record Price to Book ratios for NAB at 1.9x and CBA at 3.6x.

Thirdly, due to a growing bifurcation in domestic valuation multiples and the reduction in several holdings in the portfolio, cash levels are elevated at 16% of the Fund. In our view this is a reflection of the paucity in appropriately priced opportunities in an exuberant market, potentially a function of the weight of money from a combination of superannuation, passive fund flows as well as momentum buying. Having said this we are currently building two significant new holdings in companies that meet our requirements that should absorb a significant portion of our cash on hand.

While we are cognisant of the notional cost of not being fully invested, our focus remains on capital preservation while generating reasonable returns. We remained disciplined in not using our investors’ money to manage our business risk.

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
2024/2025 5.1%-0.1%0.5%-0.1%2.1%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
11.3%
NUMBER OF STOCKS
26
BETA 4
0.7
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.8443
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 529.28m
  • 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.