A high conviction A-REIT fund with an ESG focus.
The Pengana High Conviction Property Securities Fund believes each security has an underlying or intrinsic value and that securities become mispriced at times relative to their value and each other, and 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.
We believe that responsible investing is important to generate long-term sustainable returns. Incorporating ESG factors alongside financial measures provides a complete view of the risk/return characteristics of our property investments.
All positions are high conviction and assessed on a risk-reward basis, resulting in a concentrated portfolio of 10-20 securities.
THE FUND IS FOCUSED ON
CAPITAL SECURITY
Transparent NTA valuations are easily verified
INCOME YIELD
A-REITs have reliable income derived from assets with long term leases
SUSTAINABLE GROWTH
Rental growth indexed to CPI. A concentrated portfolio enables investment in best-positioned assets and sectors at any point in time
LIQUIDITY
Daily priced A-REITs with market capitalisation > $50m
SOUND ESG
A-REITs rank highly on National Australian Built Environment Rating System (NABERS) initiatives. The Fund only invests in proven management teams that have demonstrated good corporate governance
ESG factors in the property sector
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Environment(relating to the company, its tenants and suppliers) |
Social(relating to the company, its tenants and suppliers) |
Governance(relating to the company) |
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PERFORMANCE
- CHART
- TABLE
- UNIT PRICES
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. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions. 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.
Inception 11 March 2020
PERFORMANCE AT 31 Oct 2025
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|
| High Conviction Property Securities Fund | 2.0% | 10.2% | 28.1% | 18.1% | 11.3% |
| S&P/ASX 300 A-REIT (AUD) TR Index | 0.6% | 7.6% | 27.4% | 15.9% | 7.1% |
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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. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions. 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.
Inception 11 March 2020
PORTFOLIO
Total portfolio holdings as at 31 Oct 2025: 13
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
Fund Facts
MINIMUM INVESTMENT
$10,000
RECOMMENDED TIMEFRAME
5 or more years
INCEPTION DATE
11 March 2020
MANAGEMENT FEE*
0.70% per annum
PERFORMANCE FEE*
Performance fee of 15% (including GST net of RITC) of any return of the Class greater than the return of the Index after deduction of the management fee and adjusted for applications, redemptions and distributions to investors.
BUY/SELL SPREAD:
0.25%
ENTRY/ EXIT FEES:
Nil
DISTRIBUTION FREQUENCY:
Quarterly
TYPICAL NUMBER OF STOCKS:
Typically less than 20
APIR CODE:
PCL8246AU
*Fees are stated inclusive of GST and net of RITC. For more information, refer to the Fund’s product disclosure statement available under the Reports & Resources section.
PLATFORM AVAILABILITY
- AMP North
- BT Panorama
- Centric Wealth
- Hub24
- Macquarie Wrap – IDPS
- Mason Stevens
- Netwealth
- Powerwrap
- uXchange
RATINGS
Certified by RIAA
AWMA25 Seals Winner Best Fund Manager - Property
The Pengana High Conviction Property Securities Fund has been certified by RIAA according to the strict operational and disclosure practices required under the Responsible Investment Certification Program. See www.responsiblereturns.com.au for details.
RIAA’s RI Certification Symbol signifies that a product or service offers an investment style that takes into account environmental, social, governance, or ethical considerations. The Symbol also signifies that Pengana High Conviction Property Securities Fund adheres to the strict operational and disclosure practices required under the Responsible Investment Certification Program for the category of Product. The Certification Symbol is a Registered Trademark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol and Pengana High Conviction Property Securities Fund’s methodology, performance, and stock holdings can be found at www.responsiblereturns.com.au, together with details about other responsible investment products certified by RIAA.1
1. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.
REPORTS AND RESOURCES
- Monthly Reports
- FINANCIAL REPORTS
- ESG
- Portfolio Holdings
- PDS
- Notices
- October 2025 - Strong fundamentals to drive earnings growth
- September 2025 - Confidence returns to housing, despite rate cuts moderating
- August 2025 - FY25 was good, FY26 is set to be even better
- July 2025 - A-REIT- Best shape in 5 years
- June 2025 - A strong finish to the financial year amidst market volatility
- May 2025 - What we’re backing in FY26
- April 2025 - AREITs - A safe haven amongst global uncertainties
- March 2025 - How the real estate sector is faring through turbulent times
- February 2025 - Who can grow earnings?
- January 2025 - Setting the foundation for growth
- December 2024 - A-REITs turning the corner as interest rate cuts commence
- November 2024 - Can REITs outperform in a higher for a little longer environment?
- October 2024 - Quarterly updates setting the scene for FY25
- September 2024 - An inflection point for REITs
- August 2024 - Winners and losers of FY24 Reporting season and our outlook
- July 2024 - Thinking of allocating to AREITs? Now is the time
- June 2024 - Looking ahead to FY25
- May 2024 - What to expect leading up to FY24 results
NEWS AND INSIGHTS
ESG Isn’t a “Nice to Have” – It’s a Business Imperative
ESG is no longer just a feel-good label. Why? Because ignoring ESG today means ignoring risk, reputation, and returns tomorrow....
How REITs are Leading the Charge on ESG
The global push to decarbonise starts with property — literally. Why REITs hold the key to Net Zero The building...
Q+A: Pengana’s Amy Pham on how she built the country’s best performing property securities fund
The veteran stock picker discusses the key strategies behind the success of her fund. Amy Pham was among the first...