https://data.pengana.com/wp-json/pen/performance?fund_code=PENPSS&date=31/12/2025&aggregation_code=Class%20A 
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1 MTH
1 YEAR
2 YEARS P.A.
3 YEARS P.A.
SINCE INCEPTION P.A.





High Conviction Property Securities Fund
0.7%
10.2%
14.6%
15.8%
10.2%




S&P/ASX 300 A-REIT (AUD) TR Index
2.0%
9.7%
13.5%
14.6%
6.6%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Retail REITs", 0.231738029],["Diversified REITs", 0.120986376],["Industrial REITs", 0.417208853],["Real Estate Management & Development", 0.114729773],["IT Services", 0.033698385],["Capital Markets", 0.036180298],["Cash", 0.045458287],
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            [topholdings] => CWP/Cedar Woods Properties Limited/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/ASX_CWP-300x122-1.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
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                    [0] => Cedar Woods Properties Ltd. engages in property investment and development. The firm's principal interests are in urban land and built form development for residential, industrial and commercial purposes. Its projects include St. A in St Albans, Jackson Green in Clayton South, Williams Landing, Bushmead, Harrisdale Green, Ellendale, and Glenside. The company was founded by William George Hames and Ross James Neumann in 1987 and is headquartered in West Perth, Australia.
                    [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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BACK

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

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High Conviction Property Securities Fund

A high conviction A-REIT fund with an ESG focus

VIEW Fund

December 2025 - Monthly REPORT

Winners and losers of 2025 and what to expect in 2026

SUMMARY

The S&P/ASX 300 Property Accumulation index returned 2.0% in December, outperforming the broader equities market, which returned 1.4%. In comparison, the Fund returned 0.7%, underperforming the benchmark by 1.3%. Key detractors for the month included our overweight position in Next DC (NXT -7.66%), Centuria Group (CNI -6.68%) and Cedar Woods (CWP -3.82%).

For the 12 months to December 2025, the Fund returned 10.2% compared to the benchmark, which returned 9.7%, for an outperformance of 0.5%. Key contributors to outperformance have been consistent throughout the year, driven by our allocations to non-index stocks, including Cedar Woods (CWP +62.56%), Aspen Group (APZ +69.26%), and Qualitas Limited (QAL +35.14%).

 

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)

Cedar Woods Properties Limited
Australia
Real Estate
Cedar Woods Properties Ltd. engages in property investment and development. The firm's principal interests are in urban land and built form development for residential, industrial and commercial purposes. Its projects include St. A in St Albans, Jackson Green in Clayton South, Williams Landing, Bushmead, Harrisdale Green, Ellendale, and Glenside. The company was founded by William George Hames and Ross James Neumann in 1987 and is headquartered in West Perth, Australia.
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 31 Dec 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. SINCE INCEPTION P.A.
High Conviction Property Securities Fund 0.7% 10.2% 14.6% 15.8% 10.2%
S&P/ASX 300 A-REIT (AUD) TR Index 2.0% 9.7% 13.5% 14.6% 6.6%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

After two years of strong performance, data centre exposures pulled back in 2025 as investors questioned capital intensity and returns from the global AI build-out (GMG –12.3%, NXT –16.9%, DGT –34.6%). In contrast, retail A-REITs were clear winners. Resilient operating metrics, favourable supply-demand dynamics and an improving consumer backdrop drove a subsector total return of 27.8%, with every retail REIT in the A-REIT 300 outperforming both the property index and the broader market.

Fund managers also delivered strong returns as transaction activity picked up alongside lower interest rates (CHC +74.3%, CNI +20.3%). Residential exposures performed well, led by SGP (+25.1%), MGR (+14.1%) and INA (+14.8%), although momentum softened late in the year as cash-rate expectations adjusted. Industrial returns were weighed down by GMG (–12.3%), despite generally sound – though moderating – subsector fundamentals (CIP +23.6%). Office sector performance continued to improve, delivering a return of +11.7% (versus –7.3% in 2024) as the recovery gained traction, although it remains relatively subdued compared with the broader sector.

2026 is likely to be a year of contrasting share price drivers. On the one hand, the prospect of interest rate hikes presents valuation risks for Australian property stocks. On the other hand, underlying fundamentals remain strong, with robust population growth continuing to drive demand across multiple property segments. Limited supply across several sub-sectors is creating a favourable supply-demand imbalance, supporting net property income growth and attracting both domestic and global capital, which in turn underpins cap rates. We expect a relatively strong reporting season in February and through 2026, and would look to take advantage of valuation opportunities that may arise from any interest-rate-driven market volatility.

Our top picks continue to focus on sectors with robust fundamentals. In our view, the most attractive demand–supply dynamics are in retail and residential/manufactured housing, where supply remains well below the growing demand driven by population growth. We also remain positive on the strong global demand for data centres and expect significant positive catalysts for GMG in 2026.

The market is also likely to start turning its attention toward 2027 guidance. Although rising bond yields and interest rates may increase funding costs, we expect robust underlying earnings growth to help offset these pressures. Our emphasis on free cash flow, strong balance sheets, and selecting best-in-class names positions us well for the year ahead.

PROFILE

Platform Availability

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

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
20%
NUMBER OF STOCKS
13
BETA 4
0.74
MAXIMUM DRAW DOWN
-31.4%

FEATURES

  • APIR CODE PCL8246AU
  • REDEMPTION PRICEA$ 1.2445
  • FEES * Management Fee: 0.70%
    Performance Fee: 15%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 40.13m
  • 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.