High Conviction Property Securities Fund

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Australia’s only high conviction AREIT 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 along-side 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

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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 11^th 2020. Index performance calculations include a complete month’s performance for March 2020. 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 30 Apr 2021

	1 MTH	1 YEAR	SINCE INCEPTION P.A.
High Conviction Property Securities Fund	5.4%	29.5%	15.7%
S&P/ASX 300 A-REIT (AUD) TR Index	3.1%	31.8%	-2.4%

Inception 11 March 2020

DATE	APPLICATION	REDEMPTION	DISTRIBUTIONS
13/05/2021	1.1693	1.1634	–
12/05/2021	1.1880	1.1821	–
11/05/2021	1.1982	1.1922	–
10/05/2021	1.1939	1.1880	–
7/05/2021	1.1872	1.1813	–
6/05/2021	1.1841	1.1782	–
5/05/2021	1.1938	1.1878	–
4/05/2021	1.1892	1.1833	–
3/05/2021	1.1823	1.1764	–
30/04/2021	1.1742	1.1683	–
29/04/2021	1.1744	1.1685	–
28/04/2021	1.1707	1.1648	–
27/04/2021	1.1569	1.1512	–
26/04/2021	1.1658	1.1600	–
23/04/2021	1.1674	1.1616	–
22/04/2021	1.1669	1.1611	–
21/04/2021	1.1587	1.1530	–
20/04/2021	1.1664	1.1605	–
19/04/2021	1.1648	1.1590	–
16/04/2021	1.1700	1.1641	–
15/04/2021	1.1521	1.1464	–
14/04/2021	1.1548	1.1490	–
13/04/2021	1.1412	1.1355	–
12/04/2021	1.1402	1.1345	–
9/04/2021	1.1496	1.1438	–
8/04/2021	1.1375	1.1318	–
7/04/2021	1.1307	1.1251	–
6/04/2021	1.1187	1.1131	–
1/04/2021	1.1095	1.1039	–
31/03/2021	1.1144	1.1088	–
30/03/2021	1.1052	1.0997	–
29/03/2021	1.1044	1.0989	–
26/03/2021	1.1105	1.1050	–
25/03/2021	1.1092	1.1037	–
24/03/2021	1.1097	1.1041	–
23/03/2021	1.0981	1.0927	–
22/03/2021	1.0903	1.0849	–
19/03/2021	1.0865	1.0811	–
18/03/2021	1.0781	1.0728	–
17/03/2021	1.0870	1.0816	–
16/03/2021	1.0939	1.0885	–
15/03/2021	1.0707	1.0654	–
12/03/2021	1.0598	1.0545	–
11/03/2021	1.0516	1.0464	–
10/03/2021	1.0558	1.0505	–
9/03/2021	1.0589	1.0536	–
8/03/2021	1.0597	1.0545	–
5/03/2021	1.0596	1.0543	–
4/03/2021	1.0659	1.0606	–
3/03/2021	1.0667	1.0614	–
2/03/2021	1.0699	1.0645	–
1/03/2021	1.0755	1.0702	–
26/02/2021	1.0516	1.0464	–
25/02/2021	1.0617	1.0564	–
24/02/2021	1.0614	1.0561	–
23/02/2021	1.0634	1.0581	–
22/02/2021	1.0511	1.0459	–
19/02/2021	1.0540	1.0488	–
18/02/2021	1.0556	1.0503	–
17/02/2021	1.0678	1.0624	–
16/02/2021	1.0934	1.0880	–
15/02/2021	1.0998	1.0943	–
12/02/2021	1.1059	1.1004	–
11/02/2021	1.1009	1.0954	–
10/02/2021	1.0996	1.0941	–
9/02/2021	1.0877	1.0823	–
8/02/2021	1.1079	1.1024	–
5/02/2021	1.1131	1.1075	–
4/02/2021	1.1073	1.1018	–
3/02/2021	1.1259	1.1203	–
2/02/2021	1.1032	1.0977	–
1/02/2021	1.0986	1.0931	–
29/01/2021	1.0952	1.0897	–
28/01/2021	1.0895	1.0841	–
27/01/2021	1.1006	1.0951	–
25/01/2021	1.1054	1.0998	–
22/01/2021	1.1045	1.0990	–
21/01/2021	1.1048	1.0993	–
20/01/2021	1.0960	1.0905	–
19/01/2021	1.0934	1.0879	–
18/01/2021	1.0845	1.0791	–
15/01/2021	1.0860	1.0806	–
14/01/2021	1.0916	1.0862	–
13/01/2021	1.0887	1.0832	–
12/01/2021	1.0947	1.0892	–
11/01/2021	1.1014	1.0959	–
8/01/2021	1.1153	1.1097	–
7/01/2021	1.1209	1.1153	–
6/01/2021	1.1362	1.1305	–
5/01/2021	1.1492	1.1434	–
4/01/2021	1.1531	1.1474	–
31/12/2020	1.1451	1.1394	–
30/12/2020	1.1640	1.1582	–
29/12/2020	1.1562	1.1504	–
24/12/2020	1.1435	1.1378	–
23/12/2020	1.1359	1.1302	–
22/12/2020	1.1230	1.1174	–
21/12/2020	1.1259	1.1203	–
18/12/2020	1.1330	1.1274	–
17/12/2020	1.1449	1.1392	–
16/12/2020	1.1348	1.1292	–
15/12/2020	1.1329	1.1272	–
14/12/2020	1.1296	1.1240	–
11/12/2020	1.1189	1.1133	–
10/12/2020	1.1196	1.1140	–
9/12/2020	1.1167	1.1112	–
8/12/2020	1.1211	1.1155	–
7/12/2020	1.1247	1.1190	–
4/12/2020	1.1280	1.1223	–
3/12/2020	1.1207	1.1151	–
2/12/2020	1.1186	1.1130	–
1/12/2020	1.1272	1.1216	–
30/11/2020	1.1162	1.1107	–
27/11/2020	1.1150	1.1094	–
26/11/2020	1.1090	1.1035	–
25/11/2020	1.1140	1.1084	–
24/11/2020	1.1100	1.1045	–
23/11/2020	1.1042	1.0987	–
20/11/2020	1.1071	1.1016	–
19/11/2020	1.1120	1.1065	–
18/11/2020	1.1128	1.1073	–
17/11/2020	1.1148	1.1092	–
16/11/2020	1.1352	1.1296	–
13/11/2020	1.1231	1.1175	–
12/11/2020	1.1301	1.1245	–
11/11/2020	1.1240	1.1184	–
10/11/2020	1.0927	1.0873	–
9/11/2020	1.1295	1.1239	–
6/11/2020	1.1208	1.1152	–
5/11/2020	1.1190	1.1134	–
4/11/2020	1.0952	1.0897	–
3/11/2020	1.0812	1.0758	–
2/11/2020	1.0667	1.0613	–
30/10/2020	1.0660	1.0606	–
29/10/2020	1.0633	1.0580	–
28/10/2020	1.0751	1.0697	–
27/10/2020	1.0724	1.0670	–
26/10/2020	1.0888	1.0833	–
23/10/2020	1.0853	1.0799	–
22/10/2020	1.0869	1.0815	–
21/10/2020	1.0894	1.0840	–
20/10/2020	1.0977	1.0922	–
19/10/2020	1.0961	1.0906	–
16/10/2020	1.0988	1.0933	–
15/10/2020	1.1085	1.1030	–
14/10/2020	1.1038	1.0983	–
13/10/2020	1.1017	1.0962	–
12/10/2020	1.0894	1.0840	–
9/10/2020	1.0917	1.0863	–
8/10/2020	1.0932	1.0877	–
7/10/2020	1.0941	1.0887	–
6/10/2020	1.0813	1.0759	–
2/10/2020	1.0657	1.0604	–
1/10/2020	1.0713	1.0660	–
30/09/2020	1.0628	1.0575	–
29/09/2020	1.0743	1.0689	–
28/09/2020	1.0749	1.0696	–
25/09/2020	1.0614	1.0561	–
24/09/2020	1.0578	1.0525	–
23/09/2020	1.0618	1.0565	–
22/09/2020	1.0472	1.0419	–
21/09/2020	1.0515	1.0463	–
18/09/2020	1.0590	1.0537	–
17/09/2020	1.0652	1.0599	–
16/09/2020	1.0667	1.0614	–
15/09/2020	1.0481	1.0429	–
14/09/2020	1.0361	1.0309	–
11/09/2020	1.0356	1.0304	–
10/09/2020	1.0348	1.0297	–
9/09/2020	1.0318	1.0266	–
8/09/2020	1.0439	1.0387	–
7/09/2020	1.0392	1.0341	–
4/09/2020	1.0408	1.0357	–
3/09/2020	1.0598	1.0545	–
2/09/2020	1.0485	1.0433	–
1/09/2020	1.0334	1.0283	–
31/08/2020	1.0526	1.0473	–
28/08/2020	1.0414	1.0362	–
27/08/2020	1.0363	1.0311	–
26/08/2020	1.0357	1.0306	–
25/08/2020	1.0335	1.0283	–
24/08/2020	1.0350	1.0298	–
21/08/2020	1.0366	1.0314	–
20/08/2020	1.0220	1.0169	–
19/08/2020	1.0261	1.0209	–
18/08/2020	1.0277	1.0226	–
17/08/2020	1.0222	1.0171	–
14/08/2020	1.0238	1.0187	–
13/08/2020	1.0179	1.0128	–
12/08/2020	1.0138	1.0088	–
11/08/2020	1.0167	1.0117	–
10/08/2020	1.0056	1.0006	–
7/08/2020	0.9996	0.9946	–
6/08/2020	0.9953	0.9903	–
5/08/2020	0.9994	0.9945	–
4/08/2020	0.9969	0.9919	–
31/07/2020	0.9907	0.9858	–
30/07/2020	0.9943	0.9894	–
29/07/2020	0.9867	0.9818	–
28/07/2020	0.9882	0.9833	–
27/07/2020	0.9908	0.9858	–
24/07/2020	0.9887	0.9838	–
23/07/2020	0.9938	0.9888	–
22/07/2020	0.9824	0.9775	–
21/07/2020	0.9873	0.9823	–
20/07/2020	0.9718	0.9669	–
17/07/2020	0.9727	0.9678	–
16/07/2020	0.9703	0.9655	–
15/07/2020	0.9765	0.9717	–
14/07/2020	0.9622	0.9574	–
13/07/2020	0.9716	0.9668	–
10/07/2020	0.9641	0.9593	–
9/07/2020	0.9646	0.9598	–
8/07/2020	0.9673	0.9624	–
7/07/2020	0.9865	0.9816	–
6/07/2020	0.9960	0.9911	–
3/07/2020	1.0022	0.9972	–
2/07/2020	1.0033	0.9983	–
1/07/2020	0.9803	0.9754	–
30/06/2020	0.9839	0.9790	0.0123
29/06/2020	0.9839	0.9790	–
26/06/2020	0.9947	0.9898	–
25/06/2020	0.9852	0.9803	–
24/06/2020	1.0116	1.0065	–
23/06/2020	1.0024	0.9974	–
22/06/2020	0.9946	0.9896	–
19/06/2020	1.0100	1.0050	–
18/06/2020	0.9930	0.9880	–
17/06/2020	0.9944	0.9894	–
16/06/2020	0.9771	0.9722	–
15/06/2020	0.9607	0.9559	–
12/06/2020	0.9710	0.9662	–
11/06/2020	0.9867	0.9818	–
10/06/2020	1.0077	1.0027	–
9/06/2020	1.0120	1.0070	–
5/06/2020	0.9903	0.9854	–
4/06/2020	0.9943	0.9893	–
3/06/2020	0.9835	0.9786	–
2/06/2020	0.9725	0.9676	–
1/06/2020	0.9748	0.9699	–
29/05/2020	0.9817	0.9768	–
28/05/2020	0.9807	0.9759	–
27/05/2020	0.9815	0.9766	–
26/05/2020	0.9743	0.9695	–
25/05/2020	0.9441	0.9394	–
22/05/2020	0.9263	0.9217	–
21/05/2020	0.9271	0.9224	–
20/05/2020	0.9266	0.9220	–
19/05/2020	0.9230	0.9184	–
18/05/2020	0.9020	0.8975	–
15/05/2020	0.8966	0.8921	–
14/05/2020	0.8908	0.8863	–
13/05/2020	0.8970	0.8925	–
12/05/2020	0.9149	0.9104	–
11/05/2020	0.9252	0.9206	–
8/05/2020	0.9101	0.9056	–
7/05/2020	0.9022	0.8977	–
6/05/2020	0.9003	0.8958	–
5/05/2020	0.9032	0.8987	–
4/05/2020	0.8905	0.8861	–
1/05/2020	0.8899	0.8855	–
30/04/2020	0.9181	0.9135	–
29/04/2020	0.8917	0.8873	–
28/04/2020	0.8984	0.8939	–
27/04/2020	0.8915	0.8871	–
24/04/2020	0.8708	0.8665	–
23/04/2020	0.8714	0.8670	–
22/04/2020	0.8672	0.8629	–
21/04/2020	0.8655	0.8612	–
20/04/2020	0.8918	0.8873	–
17/04/2020	0.9091	0.9046	–
16/04/2020	0.8800	0.8756	–
15/04/2020	0.8853	0.8809	–
14/04/2020	0.8796	0.8752	–
9/04/2020	0.8984	0.8939	–
8/04/2020	0.8693	0.8650	–
7/04/2020	0.8642	0.8598	–
6/04/2020	0.8554	0.8511	–
3/04/2020	0.8263	0.8222	–
2/04/2020	0.8430	0.8388	–
1/04/2020	0.8633	0.8590	–
31/03/2020	0.8441	0.8399	–
30/03/2020	0.8178	0.8137	–
27/03/2020	0.7984	0.7945	–
26/03/2020	0.8330	0.8289	–
25/03/2020	0.7970	0.7930	–
24/03/2020	0.7634	0.7596	–
23/03/2020	0.7255	0.7219	–
20/03/2020	0.8142	0.8102	–
19/03/2020	0.7762	0.7724	–
18/03/2020	0.8573	0.8530	–
17/03/2020	0.9078	0.9033	–
16/03/2020	0.9173	0.9127	–
13/03/2020	0.9787	0.9738	–
12/03/2020	0.9951	0.9902	–
11/03/2020	1.0000	1.0000	–

Download Unit Prices

Where a distribution is shown, the price for that date is prior to the payment of the distribution. The following day's price will exclude that distribution payment amount.

PORTFOLIO

TOP HOLDINGS (alphabetically)
Portfolio breakdown

Charter Hall Group

Australia

Diversified REITs

Charter Hall Social Infrastructure REIT

Australia

Specialized REITs

Dexus

Australia

Office REITs

Goodman Group

Australia

Industrial REITs

Mirvac Group Property Trust

Australia

Diversified REITs

THE TEAM

Amy Pham

Portfolio Manager & Investment Analyst

Read full profile >

Jade Ong

Investment Specialist

Read full profile >

Fund Facts

MINIMUM INVESTMENT

$10,000

RECOMMENDED TIMEFRAME

3 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

Mason Stevens

RATINGS

SQM Research

Favourable

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SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. Information contained in this document attributable to SQM Research must not be used to make an investment decision. The SQM Research rating is valid at the time the report was issued (November 2020), however it may change at any time. While the information contained in the rating is believed to be reliable, its completeness and accuracy is not guaranteed. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person’s particular circumstances or needs. You should read the product disclosure statement and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

High Conviction Property Securities Fund

Australia’s only high conviction AREIT fund with an ESG focus.

THE FUND IS FOCUSED ON

CAPITAL SECURITY

INCOME YIELD

SUSTAINABLE GROWTH

LIQUIDITY

SOUND ESG

SUBSCRIBE TO OUR MONTHLY NEWSLETTER

PERFORMANCE

PERFORMANCE AT 30 Apr 2021

PORTFOLIO

THE TEAM

Amy Pham

Jade Ong

Fund Facts

MINIMUM INVESTMENT

RECOMMENDED TIMEFRAME

INCEPTION DATE

MANAGEMENT FEE*

PERFORMANCE FEE*

BUY/SELL SPREAD:

ENTRY/ EXIT FEES:

DISTRIBUTION FREQUENCY:

TYPICAL NUMBER OF STOCKS:

APIR CODE:

PLATFORM AVAILABILITY

RATINGS

RATINGS

REPORTS AND RESOURCES

NEWS AND INSIGHTS

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Bond Yields – A Disruptor to REIT Fundamentals