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Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

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March 2020 - Monthly REPORT

Our criteria for new investments. Quarterly update & webinar recording

SUMMARY

The March quarter was a tough quarter for global and domestic equities. March itself was particularly brutal resulting in most asset prices falling heavily as the impact of the global pandemic instilled panic selling.

The Pengana Australian Equities Fund entered the quarter with a defensive position on three levels:
– 14% in cash
– significant insurance through Puts, and
– what we felt were resilient equities.

Additionally, our activity during the beginning of the quarter was dominated by the trimming of our exceptional winners including CSL, Cleanaway, Credit Corp and JB Hifi at what, in hindsight, were exceptional prices. We also added significant insurance through Puts and gold company Evolution Mining.

While the Fund outperformed the market (which was down 24% for the quarter), we were not immune to the significant fall in share prices. The fund closed the quarter down 20%, with most of the damage being done during March, which was down 19%. The latter represents our worst month since the start of the Fund.

We have included below a recording of a recent webinar we hosted which provides a look into how we are thinking about the current market conditions, and we have also provided our full quarterly commentary available in this report HERE.

 

 

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 NIB Holdings 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 31 Mar 20201
1 Month1 Year3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund -19.5%-9.1%-2.5%1.2%7.7%
RBA Cash Rate 0.0%1.0%1.3%1.5%2.8%
ASX Accumulation All Ordinaries Index -20.9%-15.0%-0.7%1.5%4.0%
1 Month1 Year3 Years P.A.5 Years P.A.SINCE INCEPTION
Fund
-19.5%
-9.1%
-2.5%
1.2%
7.7%
RBA Cash Rate
0.0%
1.0%
1.3%
1.5%
2.8%
ASX Accumulation All Ordinaries Index
-20.9%
-15.0%
-0.7%
1.5%
4.0%

Performance Chart

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

The March quarter was a tough quarter for global and domestic equities. March itself was particularly brutal resulting in most asset prices falling heavily as the impact of the global pandemic instilled panic selling.

The Pengana Australian Equities Fund entered the quarter with a defensive position on three levels:
– 14% in cash
– significant insurance through Puts, and
– what we felt were resilient equities.

Additionally, our activity during the beginning of the quarter was dominated by the trimming of our exceptional winners including CSL, Cleanaway, Credit Corp and JB Hifi at what, in hindsight, were exceptional prices. We also added significant insurance through Puts and gold company Evolution Mining.

While the Fund outperformed the market (which was down 24% for the quarter), we were not immune to the significant fall in share prices. The fund closed the quarter down 20%, with most of the damage being done during March, which was down 19%. The latter represents our worst month since the start of the Fund.

The selloff was indiscriminate as investors’ fear of missing out turned to just plain fear. What began as a healthy correction to an optimistically priced market, rapidly deteriorated into panic selling as the economic fallout of Covid-19 started impacting. Many market participants panicked as the combination of margin calls, hedge fund blowups, and a stampede out of Exchange Traded Funds saw markets down over 30% during the month.

Most of our equity holdings were caught up in this indiscriminate sell-off. However our cash and Insurance instruments (the Puts on the market) provided valuable protection, AND the liquidity to respond.

We were able to establish several new holdings at very attractive prices. Given the rapidly evolving outlook – near term earnings forecast risk remains exceptionally high – we quickly established our criteria for new investments:

1. The need for liquidity

2. Target companies must be able to survive the next 12-18 months due to their balance sheets and business models

3. They should emerge as a stronger player in their industry, probably due to their competitors not surviving

4. We should be able to buy them at bargain prices (definition of a bargain is important)

5. Management must be resilient as well as competent – this is a time for real leadership

On this basis, we were very happy to establish new holdings that include RIO, NZ Gentailers – Meridian and Contact Energy and Bapcor. We have several others on our target list.

Furthermore, we deployed additional funds into Evolution Mining, Telstra, NAB, Viva REIT, Aristocrat and NIB at attractive prices.

Lastly, we held our nerve on several more illiquid holdings including smaller financials CreditCorp, SGFleet and discretionary retailers Accent 1 and Super Retail to allow them to recover from heavily oversold levels.

In summary, our portfolio has emerged with a strong bounce from a tough quarter. We have made good progress in setting ourselves up for the next 10 years by adding exposure to quality companies at very attractive prices. However we remain cautious balancing our equities with a still healthy level of insurance through Puts, and significant cash reserves to take advantage of further opportunities from the tough economic outlook. This volatility is far from over.

While we have made good progress in recouping our losses we acknowledge there is still much work to be done.

 

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)
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            [value] => 0.042365675
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    [145] => stdClass Object
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            [value] => 0.036458333
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    [146] => stdClass Object
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            [as_at_date] => 31/01/2012
            [value] => 0.028514917
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    [147] => stdClass Object
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            [value] => 0.009737098
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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%-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
11.2%
NUMBER OF STOCKS
34
BETA4
0.61
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.5003
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 769.15m
  • 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.