https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=28/02/2025&aggregation_code=Class%20A 
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            [date] => 28/02/2025
            [table] => 





1 MTH
1 YEAR
2 YEARS P.A.
3 YEARS P.A.
SINCE INCEPTION P.A.





High Conviction Property Securities Fund
-6.0%
8.5%
13.7%
6.1%
9.4%




S&P/ASX 300 A-REIT (AUD) TR Index
-6.1%
8.9%
11.9%
5.5%
5.4%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Office REITs", 0.025608753],["Retail REITs", 0.149484681],["Diversified REITs", 0.245243457],["Specialized REITs", 0.039294742],["Industrial REITs", 0.344331411],["Real Estate Management & Development", 0.048325442],["Residential REITs", 0.063364171],["Capital Markets", 0.045557551],["Cash", 0.038789792],
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            [topholdings] => GMG/Goodman Group/Australia/Real Estate,INA/Ingenia Communities Group/Australia/Real Estate,MGR/Mirvac Group/Australia/Real Estate,SCG/Scentre Group/Australia/Real Estate,SGP/Stockland/Australia/Real Estate,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/Stock-Icons/GMG_original.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/download-8-e1607917641572.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/download-9-e1607387779196.png,https://data.pengana.com/wp-content/uploads/scentre-group-logo-vector-e1688597638619.png,https://data.pengana.com/wp-content/uploads/SGP_original.png,
            [topholdingsintro] => Array
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                    [0] => Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.
                    [1] => Ingenia Communities Group engages in managing and developing a portfolio of retirement and lifestyle communities. It operates through the following segments: Lifestyle Development, Lifestyle Rental, Ingenia Gardens, Ingenia Holidays; Fuel, Food & Beverage Services, and Corporate and Other. The Lifestyle Development segment comprises development and sale of lifestyle homes. The Lifestyle Development segment refers to long-term accommodation within lifestyle and rental communities. The Ingenia Gardens is involved in rental villages. The Ingenia Holidays segment is composed of tourism and rental accommodation within holiday parks. The Fuel, Food & Beverage Services segment is associated with the Group's investment in service station and food & beverage operations adjoined to Ingenia Holiday communities. The Corporate and Other segment relates to the Group's remaining assets and operating activities. The company was founded on November 22, 2003, and is headquartered in Sydney, Australia.
                    [2] => Mirvac Group is an integrated, diversified Australian property group comprising an investment portfolio and a development business. The Company's investment portfolio, Mirvac Property Trust, invests in and manages office, retail and industrial assets and the development business has exposure to both residential and commercial projects.
                    [3] => Scentre Group Limited owns and operates pre-eminent living centre. The Company specializes in the management, development, construction, leasing, and retail solutions. Scentre Group serves customers in Australia.
                    [4] => 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.
                    [5] => 
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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

February 2025 - Monthly REPORT

Who can grow earnings?

SUMMARY

The listed property sector sold off 6.1% in February despite a rate cut during the month.  This was mainly driven by weakness in Goodman Group (GMG -14.10%), after its surprise $4bn capital raise, and breaking its streak of upgrading guidance. In comparison, the Fund was down 6.0%, slightly outperforming the benchmark.

PORTFOLIO

Top Holdings (alphabetically)

Goodman Group
Australia
Real Estate
Goodman Group is an integrated industrial property group. The Group has operations in Australia, New Zealand, UK, Asia and Europe. Goodman's activities include property investment, funds management, property development and property services. The Group's property portfolio includes business parks, industrial estates, office parks and warehouse/distribution centers.
Ingenia Communities Group
Australia
Real Estate
Ingenia Communities Group engages in managing and developing a portfolio of retirement and lifestyle communities. It operates through the following segments: Lifestyle Development, Lifestyle Rental, Ingenia Gardens, Ingenia Holidays; Fuel, Food & Beverage Services, and Corporate and Other. The Lifestyle Development segment comprises development and sale of lifestyle homes. The Lifestyle Development segment refers to long-term accommodation within lifestyle and rental communities. The Ingenia Gardens is involved in rental villages. The Ingenia Holidays segment is composed of tourism and rental accommodation within holiday parks. The Fuel, Food & Beverage Services segment is associated with the Group's investment in service station and food & beverage operations adjoined to Ingenia Holiday communities. The Corporate and Other segment relates to the Group's remaining assets and operating activities. The company was founded on November 22, 2003, and is headquartered in Sydney, Australia.
Mirvac Group
Australia
Real Estate
Mirvac Group is an integrated, diversified Australian property group comprising an investment portfolio and a development business. The Company's investment portfolio, Mirvac Property Trust, invests in and manages office, retail and industrial assets and the development business has exposure to both residential and commercial projects.
Scentre Group
Australia
Real Estate
Scentre Group Limited owns and operates pre-eminent living centre. The Company specializes in the management, development, construction, leasing, and retail solutions. Scentre Group serves customers in Australia.
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.

Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 28 Feb 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund -6.0% 8.5% 13.7% 6.1% 9.4%
S&P/ASX 300 A-REIT (AUD) TR Index -6.1% 8.9% 11.9% 5.5% 5.4%

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Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Key contributors to the Fund’s performance over the month were our overweight positions in non-index stocks including Qualitas Ltd (QAL +11.97%) and Cedar Woods Properties Ltd (CWP +3.90%). QAL posted record deployment in private credit (up +34% on first half FY24), laying a strong foundation for growth. CWP achieved solid residential sales and settlements momentum, with strong gross margins, and guiding to an even stronger second half year.

We are positive on the outlook for the A-REIT sector underpinned by 1) macro support with the rate cutting cycle having started in February and the market pricing in a further 2 cuts in 2025, 2) strong earnings growth of +6% p.a. over the next two years anticipated with the bulk of the rising debt cost headwind now behind us, and 3) asset valuations having troughed. On a relative basis, the sector is looking attractive, trading at 15x PE versus the broader equities market at 20x.

Key themes from reporting season include:

  • Overall positive sentiment and outlook. We’re seeing better disclosures and stronger earnings visibility as management have greater confidence in their ability to deliver on earnings growth from here.
  • Transaction volumes are picking up. REITs have been net sellers, working through their divestments programs to (i) meet pooled wholesale fund redemptions queue (DXS, GPT, CHC), (ii) fund committed development capex (DXS, MGR), (iii) recycle assets to improve portfolio quality, or (iv) reweight towards preferred sectors.
  • Strategic reweighting of portfolios through asset recycling and developments to drive future growth. REITs have been down weighting exposure to office and upweighting exposures to residential (SGP, MGR, CHC), logistics (DXS, MGR, GPT), private credit (HMC, CNI) and data centres (GMG, CNI, CHC, SGP).
  • Challenges remain for some REITs into FY26, placing pressure on Adjusted Funds from Operations (“AFFO”)
    • Active leasing with elevated incentives for office impacting AFFO, where we have seen distribution cuts or drops in payout ratios over the last 6 months (GPT, DXS).
    • Rising debt costs as hedges roll off constraining AFFO growth for groups with low average debt cost despite good top line property income (GPT, DXS, ARF, CIP).
    • High property expenses and costs (land tax, insurance, wage inflation) impacting operating margins (ASK) and eroding AFFO (RGN).
  • Return of capital. Large scale listed equity raisings (DGT $2.7b IPO in Dec 2024, GMG $4b raising in Feb 2025 fully supported) and strong pick up in equity raising activity for unlisted funds and partnerships after a couple of years of net negative equity flows. Many groups announced new fund launches completed over the first half of FY25 with more to come. Together with a turnaround in the valuation cycle, this will drive FUM growth and positive earnings growth with potential for performance fees.

As the macro environment turns more positive, this is allowing REITs to implement their growth strategies by expanding their funds management platforms or enter into new sub-sectors such as data centre development (GMG, SGP, CHC, CNI and HMC) and real estate private credit (QAL, CNI, HMC). We view this as a positive development for the sector. However, it also changes the earnings profiles, and more focus should be given to cashflow and balance sheet analysis, where we see ourselves adding value. By adopting a high conviction strategy, we are able to be selective in our investments (holding best of breed) and invest outside the index, providing further diversification.

PROFILE

Platform Availability

  • AMP North
  • BT Panorama
  • Centric Wealth
  • Hub24
  • Macquarie Wrap – IDPS
  • Mason Stevens
  • Powerwrap
  • uXchange

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20.9%
NUMBER OF STOCKS
11
BETA 4
0.73
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.2622
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 21.44m
  • STRATEGY INCEPTION DATE 11 March 2020
  • BenchmarkS&P/ASX 300 A-REIT Total Return Index

Fund Managers

Amy Pham

Portfolio Manager

Jade Ong

Investment Specialist

Description

A Property Fund focussed on capital security, income yield, and sustainable growth.

The Fund believes each security has an underlying or intrinsic value and that securities become mispriced at times relative to their value and each other.

The Fund seeks to exploit such market inefficiencies by employing an active, value based investment style to capture the underlying cashflows generated from real estate assets and/or real estate businesses.

The Fund believes that responsible investing is important to generate long term sustainable returns. Incorporating ESG factors along-side financial measures provides a complete view of the risk/return characteristics of our property investments.

The Fund is benchmark unaware. All positions are high conviction and assessed on a risk-reward basis, resulting in a concentrated portfolio of 10-20 securities.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund
CONTACT INVESTOR SERVICES
INVEST NOW

1. Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. The Fund incepted on March 11th 2020.  Index performance calculations include a complete month’s performance for March 2020.  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 11 March 2020.
3. Annualised standard deviation since inception.
4. Relative to S&P/ASX 300 A-REIT TotalReturn Index.
* For further information regarding fees please see the PDS available on our website.