5 Characteristics of our stocks
Strong competitive position.
leading technology
high market share
low cost
Significant discount
to fair value.
Under researched. Out of favour. Hidden value.
Cashflow generation OR strong balance sheets.
Quality of management. Aligned incentive structure.
PERFORMANCE
- CHART
- TABLE
- UNIT PRICES
Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. 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.
Fund inception date Class A: December 2014, Class B July 2020.
High Conviction Equities Fund Class A
PERFORMANCE AT 28 Nov 2025
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | 5 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|---|
| High Conviction Equities Fund Class A | -8.7% | 37.1% | 68.3% | 45.4% | 22.7% | 27.9% |
| MSCI World Total Return Index (net, AUD) | 0.1% | 16.2% | 23.0% | 20.0% | 15.6% | 13.3% |
| RBA Cash Rate plus 3% | 0.5% | 6.9% | 7.1% | 7.0% | 5.6% | 5.0% |
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High Conviction Equities Fund Class B
PERFORMANCE AT 28 Nov 2025
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | 5 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|---|
| High Conviction Equities Fund Class B | -8.3% | 38.2% | 68.2% | 45.7% | 23.1% | 24.5% |
| MSCI World Total Return Index (net, AUD) | 0.1% | 16.2% | 23.0% | 20.0% | 15.6% | 16.0% |
| RBA Cash Rate plus 3% p.a. | 0.5% | 6.9% | 7.1% | 7.0% | 5.6% | 5.4% |
Swipe horizontally to see all columns
Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. 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.
Fund inception date Class A: December 2014, Class B July 2020.
Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. 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.
Fund inception date Class A: December 2014, Class B July 2020.
PORTFOLIO
Total portfolio holdings as at 28 Nov 2025: 19
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
Fund Facts
MINIMUM INVESTMENT:
$10,000
RECOMMENDED TIMEFRAME:
7 or more years
INCEPTION DATE:
11 December 2014
BENCHMARK:
RBA Cash Rate + 3% p.a.
MANAGEMENT AND PERFORMANCE FEES:*
Investors have the choice of:
Class A: For investors who prefer a lower performance fee with a base management fee
Management fee: 1.8%
Performance Fee: 15.38% of any return greater than the RBA’s Cash Rate target +3%, payable half-yearly
Class B: For investors who prefer a lower management fee with additional fees incurred for higher performance
Management fee: 1.25%
Performance Fee: 20% of any return greater than the MSCI
World Total Return Index (net, AUD), payable half-yearly
BUY/SELL SPREAD:
0.25%
ENTRY/ EXIT FEES:
Nil
DISTRIBUTION FREQUENCY:
Half yearly (June and December)
TYPICAL NUMBER OF STOCKS:
Typically less than 20
APIR CODE:
Class A: HHA0020AU
Class B: PCL9196AU
*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
- Hub24
- Macquarie Wrap
- Mason Stevens
- Netwealth
RATINGS
REPORTS AND RESOURCES
- Monthly Reports
- Financial Reports
- Responsible Investment
- PDS
- Notices
- October 2025 - October Report
- September 2025 - September Report
- August 2025 - August Report
- July 2025 - July Report
- June 2025 - June Report
- May 2025 - May Report
- April 2025 - April Report
- March 2025 - March Report
- February 2025 - February Report
- January 2025 - January Report
- December 2024 - A Year of Strong Performance
- November 2024 - November Report
- October 2024 - October Report
- September 2024 - Fund up 7% in September. 108% over 12 months
- August 2024 - Fund up 94% over 12 months
- July 2024 - Medical Innovations and Portfolio Gains
- June 2024 - June Report
- May 2024 - Strong Gains Amid Capital Raises and Key Partnerships
- Annual Financial Report 30 June 2025
- Annual Financial Report 30 Jun 2024 Pengana High Conviction Equities Fund
- Strong Gains Amid Capital Raises and Key Partnerships
- Annual Financial Report 30 Jun 2023 - Statutory Financial Statements
- Half Year Financial Report 31 Dec 2022 Pengana High Conviction Equities Fund Interim report
- Annual Report to 30 June 2022
- Half Year Financial Report to 31 December 2021
- Annual Report to 30 June 2021
- Half year report to 31 December 2020
- Annual Report to 30 June 2020
- Annual Report to 30 June 2019
- Annual Report to 30 June 2018
- Annual Report to 30 June 2017
NEWS AND INSIGHTS
Australia’s reigning top fund just returned 54pc in three months
Fresh off being crowned Australia’s top-performing investment strategy last year with a 109 per cent return, Pengana’s High Conviction Equities...
The Australian investors who hit the jackpot in 2024
View the original full AFR article here. It was a battle between stock pickers and cryptocurrency crusaders late last year...