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	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	-0.9%	11.1%	3.2%	5.6%	6.6%	8.7%
Fund Objective: RBA Cash Rate plus 6%	0.9%	10.4%	9.1%	8%	7.8%	8.5%
ASX Accumulation All Ordinaries Index	-3.1%	11.4%	6.9%	8.3%	8.8%	7.1%

Another successful year of double digit returns with low volatility

SUMMARY

The Fund demonstrated its defensive positioning in December, declining 0.9% for the month and preserving positive returns of 1.1% for the quarter. By way of comparison, the Australian Stock market declined 3.1% in December and 0.9% for the quarter. Our benchmark, the RBA Cash rate +6% equated to 0.9% and 2.5% respectively.

For the 12 months ended December 2024, the Fund generated a return of +11.1%, exceeding the benchmark return of RBA cash rate plus 6% of +10.4% whilst the Australian stock market returned +11.4% over the same period. This marks the Fund’s second consecutive year of double-digit returns, both exceeding its benchmark. The Fund’s approach has been particularly gratifying, as it participated in periods of market strength while showing resilience in weaker months, achieving these results with lower volatility than the broader market.

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 Dec 2024¹

	1 MTH	1 YEAR	3 YEARS P.A.	5 YEARS P.A.	10 YEARS P.A.	SINCE INCEPTION P.A.
Australian Equities Fund	-0.9%	11.1%	3.2%	5.6%	6.6%	8.7%
Fund Objective: RBA Cash Rate plus 6%	0.9%	10.4%	9.1%	8%	7.8%	8.5%
ASX Accumulation All Ordinaries Index	-3.1%	11.4%	6.9%	8.3%	8.8%	7.1%

Performance Chart

NET PERFORMANCE SINCE INCEPTION²

COMMENTARY

Notwithstanding recent challenges, we remain steadfastly focussed on our disciplined approach, which has, since inception outperformed both our benchmark and the ASX.

The current market is characterised by a bifurcation driven by excess liquidity and robust inflows into passive investing styles. At one extreme, market darlings continue to be bought with no regard or limit to the earnings multiples attributable to these good businesses. While we also covet these businesses, run by competent and honest management, we require a vital third element, namely acquirable at a fair price. Given the recent sharp increases in global interest rates to more sustainable levels, the uncertain outlook for consumers as well as the rapid rate of technological changes, we prefer higher margins of safety for our capital than many of the more exuberant valuations imply.

Conversely, the “unloved” camp also has many temptations, “attractively low” earnings multiples, “imminent” turnaround strategies, management revamps, etc…. However, our investment methodology focuses on the expected cash flows due to sustainable competitive advantages. Passive money based on the combination of market capitalization and momentum creates significant pockets of value and we currently have 15% in cash to take advantage of new opportunities.

Importantly the Fund has been able to generate the benchmark beating returns without owning expensive technology companies, without replicating market weights of the big 4 banks, by continuing to avoid commodity/mining based business models and definitely by not participating in the more speculative end of small caps.

It is worth noting that the windows of opportunity to identify, analyse and acquire out of favour companies has 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. Two examples of these had significant positive impacts on the Fund’s performance over the last year.

The growing popularity of GLP1’s as a weight loss facilitator has had a material impact on the Resmed share price over the last 18 months. The initial reaction was that the drugs efficiency would end obesity, sleep apnoea, and the need for related medical devices. Short sellers actively sold Resmed and any other medical device company related to obesity and sleep apnoea. Our counter hypothesis was that the large pharmaceutical companies selling the weight loss drugs would spend up on advertising, piquing the interest of consumers and driving them to their physicians in large numbers. Rather than just merely writing a prescription for Ozempic or other GLP-1 drugs, the physician would send them for a sleep test and end up prescribing both Sleep apnoea medical device and the weight loss drug prescription. We were able to channel check this hypothesis and “lean in” to our bet on Resmed, doubling our holding at very attractive prices. Resmed was up over 70% from it’s low in October 2023.

Our second example is SG Fleet. Most of our investors would recognize this company as a long term investment in the Fund. Supply chain shortages had a big impact on the industry’s ability to deliver vehicles into the market, crimping fleet under management growth and profitability for SG Fleet and its peers. Despite these challenges, SG Fleet’s management pursued strategic growth initiatives, including consolidating the industry by buying competitor LeasePlan and vertically integrating its funding model – i.e. creating optionality for funding novated leases by creating its own warehouse facility.

These efforts, combined with the strength of the underlying business model, supported its earnings. While share market liquidity depressed the stock’s valuation, the Fund benefited from an 8% fully franked dividend and a subsequent special dividend. In November, a private equity firm acquired SG Fleet at a 30% premium, providing a profitable exit for the Fund.

Other major positive contributors were Aristocrat, NAB, JB Hifi, CSR, CBA, Contact Energy, Accent 1, and Evolution Mining. Our larger detractors were BHP, NIB Holdings, Ryman, and Woolworths.

As we enter 2025, we have observed a wide range in outlook commentary – from those who believe the worst is now behind us, to those that believe the pain is only just beginning. Despite an elevated level of uncertainty in markets, 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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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%							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

Jan

Feb

Mar

Apr

May

Jun

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 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
Macquarie Wrap – IDPS
MLC Wrap
Mason Stevens
Navigator
Netwealth
OneVue
Omniport(lifespan)
Powerwrap
Praemium
uXchange

STATISTICAL DATA

PORTFOLIO SUMMARY

VOLATILITY³

11.3%

NUMBER OF STOCKS

BETA⁴

0.7

MAXIMUM DRAW DOWN

-23.1%

FEATURES

APIR CODE PCL0005AU
REDEMPTION PRICEA$ 1.8278
FEES * Management Fee: 1.025%
Performance Fee: 10.25%
Minimum initial investment A$10,000
FUM AT MONTH END A$ 516.54m
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

Axiom International Fund

Axiom International Fund (Hedged)

Australian Equities Fund

High Conviction Property Securities Fund

Global Small Companies Fund

WHEB Sustainable Impact Fund

Emerging Companies Fund

High Conviction Equities Fund

Pengana International Equities Limited (ASX: PIA)

Private Equity Trust (ASX: PE1)

Pengana Global Private Credit Trust (ASX:PCX)

Pengana Global Private Income Fund

Alpha Israel Fund

Pengana Diversified Private Credit Fund

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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.

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

Australian Equities Fund

December 2024 - Monthly REPORT

Another successful year of double digit returns with low volatility

SUMMARY

PORTFOLIO

Top Holdings (alphabetically)

Sector Breakdown

Capitalisation Breakdown

Country Breakdown

Custom Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Dec 2024 1

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

PERFORMANCE TABLE

FUND PERFORMANCE (A$, NET OF FEES)

2025/2026

2024/2025

2023/2024

2022/2023

2021/2022

2020/2021

2019/2020

2018/2019

2017/2018

2016/2017

2015/2016

2014/2015

2013/2014

2012/2013

2011/2012

2010/2011

2009/2010

2008/2009

PROFILE

Platform Availability

STATISTICAL DATA

PORTFOLIO SUMMARY

FEATURES

Fund Managers

Rhett Kessler

Anton du Preez

Michael Maughan

Description

EXPLORE OUR FUNDS

NET PERFORMANCE FOR PERIODS ENDING 31 Dec 2024¹

NET PERFORMANCE SINCE INCEPTION²