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Australian Equities Fund

A portfolio of Australian businesses with transparent and resilient business models

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August 2024 - Monthly REPORT

UPCOMING EVENT

Webinar

Australian Equities Holdings

October 2, Wednesday 12:30 PM AEST
REGISTER HERE

A resilient outcome in a turbulent month

SUMMARY

The Fund fell -0.1% in August following its strong start to the new Financial Year in July.  By way of comparison, the Australian stock market rose by 0.4% in August, 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 +5.0%, ahead of both the market (+4.3%) and the cash-plus-6% benchmark (+1.7%) over the same period.

The overall modest performance for both the Fund and the market in August belies the intra month volatility arising from global macro influences and a somewhat challenging corporate reporting season here in Australia.  Weak employment data in the US provided the initial spark, renewing fears of a US recession, leading global markets down early in the month.  This was soon followed by a surprise rate rise from the Bank of Japan, resulting in a rally in the Yen and a rapid unwind of a series of carry trades.  By the end of the first week of August, the ASX had fallen almost 6% with the majority of corporates yet to report their results.  With its defensive positioning and healthy cash holdings, the Fund had held up relatively well at the same point, with losses limited to around 3.5%.  By mid month focus had begun to pivot toward expectations of an imminent start to the Fed rate cutting cycle, resulting in a rally for equity markets into month end, entirely reversing the early losses.  Overall we view the month’s trading activity as evidence of the high levels of volatility in markets at present.  We continue to observe elevated sensitivity to economic factors which influence inflation and interest rate trajectories globally, combined with still relatively buoyant equity market valuations, which are potentially out of sync with the evolution of corporate earnings.

Overall, the Fund experienced a positive reporting season.  With few exceptions, results and outlook statements served to validate the respective investment thesis for our holdings, supporting our confidence in the medium term positioning of the Fund.

Join Fund Manager Rhett Kessler as he discusses the Fund’s current portfolio holdings, the factors influencing recent performance, and some of the market variables the investment team is considering moving forward. Register here.

PORTFOLIO

Top Holdings (alphabetically)

Aristocrat Leisure Ltd
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 Ltd
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 Ltd
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 Ltd
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 Ltd
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
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.
Telstra Group Ltd
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 Aug 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 -0.1% 11.1% 2.2% 5.5% 6.6% 8.8%
Fund Objective: RBA Cash Rate plus 6% 0.8% 10.3% 8.7% 7.7% 7.7% 8.5%
ASX Accumulation All Ordinaries Index 0.4% 14.7% 6.3% 8.4% 8.2% 7.1%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION2

COMMENTARY

Reporting season could best be described as underwhelming domestically given a higher than usual rate of downgrades and overall reduction in the outlook for ASX earnings over the coming 12 months.  The inflationary environment continued to put pressure on margins during the period and higher finance costs (higher rates) regularly detracted from operating earnings.  Given aggregated forecasts declined by approximately 3% through the month, the modest market gain in the period was entirely driven by a multiple re-rating, with the market now trading on 17.7x forward earnings, a ~20% premium to its historical average of 14.7x.

Overall, the Fund experienced a positive reporting season.  With few exceptions, results and outlook statements served to validate the respective investment thesis for our holdings, supporting our confidence in the medium term positioning of the Fund. Resmed was the largest positive contributor to the Fund in August, with strong results early in the month compounded by news flow out of an industry conference weeks later highlighting the positive impact GLP1 drugs could have on demand for its products.  The discretionary retail holdings continued their run of positive contributions, with evidence emerging of a pick up in retail spending from June / July, together with resilient operating results and cash flows, in particular from Super Retail Group and JB HiFi.  Both businesses continue to benefit from strong balance sheets and announced further cash returns to investors via special dividends in the period.  Other strong contributors included Evolution Mining (solid operating update), Telstra FY24 results provided further share price momentum from July and Ryman Healthcare made further announcements relating to its business improvement program.

Detractors in August included NIB Insurance, Kelsian Group, and SG Fleet.  NIB surprised the market with what appears to be conservative provisioning for future claims, limiting more immediate realisation of earnings upside from the structural step down in claims over the COVID period.  Kelsian Group reported sound earnings however the market reacted negatively to the announcement of incremental capex required to generate future returns from its transport infrastructure and bus fleet.  SG Fleet arguably reported the strongest operational results of the three names, including substantial cash returns via a special dividend, however, a conservative outlook impacted by higher finance costs saw the stock weaken after the results.  We continue to see value in all three names, in particular after their recent share price weakness, and whilst aspects of one or more of the holdings remains under review, we believe the sell off in each case has been overdone.

From a trading perspective, we took the opportunity to add to positions across a number of names early in the month, in particular Light n Wonder and Metcash.  Whilst we continue to see strong operating momentum for JB Hi-Fi, the August rally drove valuation to its limit for our process resulting in the sell down of our entire stake during the month.  Other profit taking took place in Woolworths, CSL, and Resmed.

As highlighted above, much of the share market’s performance this Financial Year has been driven by a multiple re-rating, as opposed to an improved earnings outlook.  That is to say stocks have simply become more expensive in the period.  We have previously expressed our view that the negative impacts from central bank experiments with quantitative easing, deeply negative real interest rates and ever-expanding fiscal deficits are still to play out, and the reaction to data points continues to swing from fear to excitement within a matter of weeks.  Amidst this period of increasing volatility, we believe that a focus on strong business models, backed by healthy cash generation and stewarded by competent management comes to the fore.

We continue to believe that the Fund is well positioned to navigate the existing volatility and deliver on our objectives of cash plus 6% in the medium term, given its defensive positioning, with solid balance sheets, and focus on businesses generating cash now.  At month end the portfolio was generating an after-tax cash earnings yield of 6% for FY25 – underpinning our focus on fundamental value.  Our expectation of these earnings, combined with further earnings growth, capital returns and potential for valuation multiple uplifts provide comfort in achieving our return objectives.

We remain as focused as ever on our primary objectives of capital preservation and generating a reasonable real return for our investors.  We continue to believe this is best served by a disciplined approach and consistent investment methodology. A variety of good businesses run by honest and competent management teams at the right price will create a well-diversified portfolio of ever-growing cash earnings streams.

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)
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    [124] => 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
2024/2025 5.1%-0.1%4.9%0.7%4.3%
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
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun

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
11.4%
NUMBER OF STOCKS
26
BETA 4
0.63
MAXIMUM DRAW DOWN
-23.1%

FEATURES

  • APIR CODE PCL0005AU
  • REDEMPTION PRICEA$ 1.7985
  • FEES * Management Fee: 1.025%
    Performance Fee: 10.25%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 536.73m
  • 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

Mark Christensen

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.