https://pengana.com/wp-json/pen/performance?fund_code=PENAEC&date=31/03/2025&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

March 2025 - Monthly REPORT

Opportunities for deploying cash beginning to emerge - Time to go sniping

SUMMARY

In summary, our discipline in retaining excess cash during a period of excessive valuations has provided the Fund with ample opportunities to deploy significant dollops of capital into attractively priced, highly cash generative companies over the last month. The Fund closed the month with 6% in cash maintaining a comfortable level of firepower. Note that when combined with a bid for one of our larger holdings, this takes our notional cash reserves into the low-teens.

Since month end and the subsequent Tariff tantrum from “Liberation Day”, the Fund has deployed material amounts of its cash reserves into additional investments.

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.
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.
Metcash Limited
Australia
Consumer Staples
Metcash Ltd. engages in wholesaling, distributing, supplying, and supporting independent retailers and several other businesses networks. It operates through the following segments: Food, Liquor, and Hardware. The Food segment includes the distribution of a range of products and services to independent supermarket and convenience retail outlets. The Liquor segment offers liquor products to independent retail outlets and hotels. The Hardware segment consists of hardware products distributed to independent retail outlets and the operation of company owned retail stores. The company was founded by Joe David in 1927 and is headquartered in Sydney, Australia.
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 31 Mar 2025 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% 4.9% 4.2% 10.4% 5.7% 8.5%
Fund Objective: RBA Cash Rate plus 6% 0.8% 10.4% 9.5% 8.1% 7.8% 8.6%
ASX Accumulation All Ordinaries Index -3.5% 2.2% 5.1% 13.6% 7.4% 6.8%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

The Fund’s focus on cashflow underpinned valuations and provided protection in a falling market, holding losses for both the month and the quarter to -2.1% and -0.9% respectively. By way of comparison, the market fell sharply for a second month, ending the month and quarter down -3.5% and -3.3% respectively. Our benchmark, the RBA Cash rate +6%, equated to +0.8% and 2.5% over the same periods. The Fund remains comfortably in positive territory for the 9 months/ Financial year at 5.7% (market at 3.4% and cash benchmark at 7.6%).

Global markets were sold off heavily in anticipation of Trump’s tariffs and the consequent increased risk of recession. While defensives provided some protection, there were scant hiding places with the S&P500 falling over 5% during March.  The Fund owns several companies which benefitted from solid operational dynamics and their perception as an attractive port in stormy weather to generate positive returns. These included gold miner Evolution Mining, health insurers NIB & Medibank, and our old favourite/largest holding – Telstra. We took some profits in these stocks to maintain our exposure at appropriate levels.

Our worst performers were the two gaming stocks, Aristocrat and Light & Wonder, Resmed and Macquarie Bank. Ironically, all four generate the bulk of their earnings in US$, which should have provided an extra margin of safety as the AUDUSD exchange rate weakened significantly. After selling significant amounts of both Aristocrat and Resmed at significantly higher prices earlier in the year, we subsequently increased our holdings in all of these stocks other than Macquarie Bank. We sold our remaining holding in Kelsian.

The long awaited pull back in valuations created several meaningful opportunities to add both new holdings and increase existing holdings. Our positions in Amcor, IAG, Ramsay Healthcare, and James Hardie were all increased materially. The value destroying transaction by James Hardie management in buying Azek at a more than full price created an opportunity for the Fund to acquire a more diversified business and significanly lower price post the violent sell off (-40%) by disenchanted shareholders. While we recognise that the JHX board and management appear to have squandered their premium rating, we believe our entry price provides a healthy margin of safety for value.

In a similar vein, our acquisition of Ramsay Healthcare represents an opportunity to acquire exposure to Australia’s premium private hospital group at trough earnings. Its largest competitor is severely hamstrung by its “poor” balance sheet, private equity ownership and very unhappy landlords. We expect the industry to be on the cusp of restructuring, with one of the likely outcomes to be reduced operating capacity, benefitting Ramsay (a high fixed cost industry means high operating leverage from increased capacity utilisation).

Readers should please note that we remain focused on the proverbial “toilet paper and toothpaste” type business models where the combination of after tax cash earnings yields resilient business models, robust balance sheets, and competent management underpin valuations.

In summary, our discipline in retaining excess cash during a period of excessive valuations has provided the Fund with ample opportunities to deploy significant dollops of capital into attractively priced, highly cash generative companies. The Fund closed the month with 6% in cash, maintaining a comfortable level of firepower which, combined with a bid for one of our larger holdings, takes our notional cash reserves into the low-teens.

Importantly, since month end and the subsequent Tariff tantrum from “Liberation Day”, the Fund has deployed significant additional cash into additional investments. We believe that the windows of opportunity to identify, analyse and acquire out of favour companies have, in many cases, widened, allowing for extended analysis and cross checking of information. Higher conviction has facilitated “leaning in” to opportunities, particularly when non-fundamental issues cause further sell downs.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)
Array
(
    [0] => stdClass Object
        (
            [as_at_date] => 31/03/2025
            [value] => -0.0210
        )

    [1] => stdClass Object
        (
            [as_at_date] => 28/02/2025
            [value] => -0.0140
        )

    [2] => stdClass Object
        (
            [as_at_date] => 31/01/2025
            [value] => 0.0270
        )

    [3] => stdClass Object
        (
            [as_at_date] => 31/12/2024
            [value] => -0.0090
        )

    [4] => stdClass Object
        (
            [as_at_date] => 29/11/2024
            [value] => 0.021
        )

    [5] => stdClass Object
        (
            [as_at_date] => 31/10/2024
            [value] => -0.001
        )

    [6] => stdClass Object
        (
            [as_at_date] => 30/09/2024
            [value] => 0.005
        )

    [7] => stdClass Object
        (
            [as_at_date] => 30/08/2024
            [value] => -0.001
        )

    [8] => stdClass Object
        (
            [as_at_date] => 31/07/2024
            [value] => 0.051
        )

    [9] => stdClass Object
        (
            [as_at_date] => 28/06/2024
            [value] => 0.019
        )

    [10] => stdClass Object
        (
            [as_at_date] => 31/05/2024
            [value] => -0.006
        )

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    [200] => 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
2024/2025 5.1%-0.1%0.5%-0.1%2.1%-0.9%2.7%-1.4%-2.1%5.7%3.2%3.4%
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%4.2%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%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%

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%

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 4.2%
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 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
11.2%
NUMBER OF STOCKS
28
BETA 4
0.7
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.7822
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 482.82m
  • 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)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
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.