https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=30/04/2024&aggregation_code=Class%20A 
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            [date] => 30/04/2024
            [table] => 





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





High Conviction Property Securities Fund
-6.6%
24.1%
4.6%
7.1%
9.5%




S&P/ASX 300 A-REIT (AUD) TR Index
-7.6%
18.9%
3.3%
7.5%
4.6%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.220450529],["Diversified REITs", 0.17340573],["Specialized REITs", 0.078339459],["Industrial REITs", 0.355119349],["Real Estate Management & Development", 0.019179728],["IT Services", 0.031500553],["Health Care REITs", 0.023650806],["Residential REITs", 0.050303802],["Capital Markets", 0.027412581],["Cash", 0.020637462],
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                )

            [topholdings] => GMG/Goodman Group/Australia/Real Estate,INA/Ingenia Communities Group/Australia/Real Estate,NSR/National Storage REIT/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/download-39.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] => National Storage REIT engages in providing self-storage and tailoring self-storage solutions to residential and commercial customers. It offers spans self-storage, business storage, records management, climate-controlled wine storage, vehicle storage, vehicle and trailer hire, packaging, insurance and other value-added services. The company was founded in December 2013 and is headquartered in Brisbane, Australia.
                    [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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CORE FUNDS

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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

April 2024 - Monthly REPORT

The housing crisis and how REITs can help solve the issue

SUMMARY

The A-REIT sector gave back most of the previous month’s performance to return -7.64% in April, as 10-year bonds rose sharply to 4.42% on the back of higher inflation prints in Australia and the US.  In comparison, the Fund returned -6.63% outperforming the benchmark by 1.00%.  Key contributors to the outperformance came from our exposure to non-index stocks such as RAM Essential Services Property Fund (REP -2.38%), Peet Limited (PPC -1.24%), and NextDC (NXT -5.12%).

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.
National Storage REIT
Australia
Real Estate
National Storage REIT engages in providing self-storage and tailoring self-storage solutions to residential and commercial customers. It offers spans self-storage, business storage, records management, climate-controlled wine storage, vehicle storage, vehicle and trailer hire, packaging, insurance and other value-added services. The company was founded in December 2013 and is headquartered in Brisbane, Australia.
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 30 Apr 2024 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund -6.6% 24.1% 4.6% 7.1% 9.5%
S&P/ASX 300 A-REIT (AUD) TR Index -7.6% 18.9% 3.3% 7.5% 4.6%

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Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

This month our focus turns to the residential sector and the key challenges and opportunities for REITs.  It has been well documented that with interest rates having risen significantly since May 2022, coupled with limited supply and strong population growth, we find ourselves coming out of COVID four years later in a housing crisis.  Key bottlenecks to supply include 1) the lengthy process in rezoning of land; 2) supply chain constraints and rising construction costs, which are only now subsiding after being a significant issue for the last two years; and 3) labour shortages.  As a result, a large number of Australian builders have gone into administration, putting further pressure on supply.  At the same time, immigration has surged and is expected to exceed the government forecast by 140,000 over the next three years.

We believe another key issue is affordability.  While the established housing market’s strong recovery continues, it is being driven by higher income buyers, a different cohort to new housing markets which generally skew towards younger, middle income, and first-home buyers.  Indeed, with the rise in interest rates and buying power down 22% since December 2019 whilst construction costs are up 40%, we are unlikely to see a material rise in new housing activity.

So what needs to happen? Efforts to cut red tap and more efficient planning would be a positive.  However, the key driver still rests on interest rate cuts to improve affordability and ultimately drive new supply.

In the meantime, residential developers within the REIT sector have flagged that sales will remain subdued over the medium term but are actively implementing several strategies to meet the market including 1) lowering lot size to reduce total price, 2) offering land lease products, and 3) focusing on built-to-rent.

Our strategy is supportive of this trend by favouring REITs with affordable products such as Stockland (SGP) and Peet Limited (PPC) and land lease communities such as Ingenia Group (INA).

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
21.6%
NUMBER OF STOCKS
14
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.2127
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 19.45m
  • 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.