https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=28/11/2025&aggregation_code=Class%20A 
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            [date] => 28/11/2025
            [table] => 





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





High Conviction Property Securities Fund
-4.5%
3.4%
20.3%
14.2%
10.3%




S&P/ASX 300 A-REIT (AUD) TR Index
-3.7%
1.3%
18.7%
12.4%
6.3%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.233408677],["Diversified REITs", 0.136753191],["Specialized REITs", 0.012948273],["Industrial REITs", 0.404904954],["Real Estate Management & Development", 0.104815476],["IT Services", 0.038902154],["Capital Markets", 0.045374698],["Cash", 0.022892577],
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            [topholdings] => CNI/Centuria Capital Group/Australia/Real Estate,CIP1/Centuria Industrial REIT/Australia/Real Estate,GMG/Goodman Group/Australia/Real Estate,MGR/Mirvac Group/Australia/Real Estate,SCG/Scentre Group/Australia/Real Estate,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/Stock-Icons/Centuria-Capital-Group-ASX-CNI-share-price-e1607917665992.png,https://data.pengana.com/wp-content/uploads/Centuria-Industrial-REIT_logo.avif,https://data.pengana.com/wp-content/uploads/Stock-Icons/GMG_original.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,
            [topholdingsintro] => Array
                (
                    [0] => Centuria Capital Group is an Australasian funds manager of real estate and investment bonds. The Company's assets span across commercial office, industrial, and healthcare sectors throughout Australia and New Zealand. Centuria manages real estate fund types such as listed, unlisted fixed-term, and open-ended funds sourcing capital from listed, wholesale, and retail equity.
                    [1] => Centuria Industrial REIT operates as a property investment and fund management, which engages in acquiring and managing industrial properties within Australia. The company was founded in March 2002 and is headquartered in Sydney, Australia.
                    [2] => 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.
                    [3] => 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.
                    [4] => 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.
                    [5] => 
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OUR FUNDS

CORE FUNDS

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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

November 2025 - Monthly REPORT

Why Rising Rates Won’t Sink REITs

SUMMARY

The listed property sector was down -3.7% for the month as market expectations turned from further rate cuts to rate hikes due to higher than expected inflation figures. In comparison, the Fund returned -4.5%, underperforming the benchmark by 0.8%.

Over the longer term, the Fund is tracking well, delivering a solid return of +9.39% compared to the benchmark of +7.55% for the calendar year to date. This is driven by our exposure to non-benchmark stocks such as Aspen Group (APZ 119.5%), Cedar Woods (CWP +46.5%), Qualitas Limited (QAL 35.5%), and Peet Limited (PPC 29.9%).

 

Periods of market uncertainty often create compelling opportunities. In listed property, attractive valuations and improving fundamentals are creating a favourable entry point for investors seeking income, diversification, and long-term growth.

Despite rates likely remaining higher for longer, A-REITs can deliver strong performance in such environments. For example, the A-REIT index returned 30.57%, and the Fund delivered 31.19% during the last cycle, which was dominated by 13 rate hikes. Supported by disciplined capital management and a high-conviction, free-cash-flow-driven approach, the Fund remains well positioned across market conditions.

To support existing investors considering increasing their exposure, Pengana will cover the buy-spread on investments in the Pengana High Conviction Property Securities Fund made before 31 January 2026.

If you wish to take up the offer, please reach out to client services on +61 2 8524 9900 or at clientservice@pengana.com.

PORTFOLIO

Top Holdings (alphabetically)

Centuria Capital Group
Australia
Real Estate
Centuria Capital Group is an Australasian funds manager of real estate and investment bonds. The Company's assets span across commercial office, industrial, and healthcare sectors throughout Australia and New Zealand. Centuria manages real estate fund types such as listed, unlisted fixed-term, and open-ended funds sourcing capital from listed, wholesale, and retail equity.
Centuria Industrial REIT
Australia
Real Estate
Centuria Industrial REIT operates as a property investment and fund management, which engages in acquiring and managing industrial properties within Australia. The company was founded in March 2002 and is headquartered in Sydney, Australia.
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.
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.

Sector Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Nov 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund -4.5% 3.4% 20.3% 14.2% 10.3%
S&P/ASX 300 A-REIT (AUD) TR Index -3.7% 1.3% 18.7% 12.4% 6.3%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

This cycle is different

Even if the RBA raises interest rates again, the backdrop is far more stable, and A-REITs are in better shape than during the post-COVID inflation shock.

  • Earnings growth is locked in – contracted rental increases, record levels of pre-sales, embedded developments and long leases provide visible earnings, even with modest rate pressure.
  • Strong balance sheet – average gearing sits around 28% -in line with the broader ASX 100. Over the past year, most REITs have also re-hedged debt at lower short-term rates, extending maturities and easing future funding costs.
  • Valuations have stabilised – we’re at the early phases of the upward asset valuation cycle with transaction activity accelerating, signalling that long-term capital is re-engaging – typically an early marker of multi-year recovery.
  • Healthier economic base – unlike the last cycle, today’s economy is supported by resilient consumer demand, recovering house prices, improving credit growth, strong population inflows and normalising supply chains. These conditions support both rental income and improve margins, even in a modestly rising-rate environment.

We expect volatility to continue as the market digests macro conditions and expectations of where rates will land. However, we believe that investors will be rewarded for investing through the cycle. If we look at the last cycle, there were 13 rate hikes between May 2022 and November 2023, followed by 3 rate cuts. From January 2022 to the end of November 2025, the A-REIT index (and the Fund) delivered a cumulative total return of 30.57% and 31.19% respectively, despite this period being dominated by rate increases.

A-REITs remain an attractive option for investors seeking stability, income, and long-term growth. With attractive valuations, continued improvement in property fundamentals, and a very different backdrop to the last rate-hike cycle, the asset class appears well positioned, even if interest rates rise. Our proven, high-conviction, free-cash-flow-driven strategy is built to keep delivering resilient results in the next phase of the cycle.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20.1%
NUMBER OF STOCKS
14
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.2358
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 37.6m
  • 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.