The Pengana Australian Equities Fund aims to enhance and preserve investor wealth over a 5 year period via a concentrated core portfolio of principally Australian listed securities.
The Fund seeks to generate consistent superior investment returns using fundamental analysis to select and own securities with the following characteristics:
Good businesses with transparent and resilient business models
Competent management with a track record of integrity
A favourable relationship between the market price and the future cash flows of the business
The Fund’s experienced investment team undertakes proprietary research to assess both qualitative and quantitative factors to build a concentrated portfolio of stocks.
OUR BELIEFS
Limited capacity of fund to maintain performance
In business of trying to protect capital and making money
(not beating the market)
Benchmark unaware
Binary outcomes (even ten baggers) not for us
If we cannot find investments that justify the risk, stay in cash
Information arbitrage happens at a granular level of detail
Tax aware
Clients are co-investors
CAPITAL PRESERVATION TOOLKIT
Defensive bias
Ability to stay in cash
Currency
Disciplined investment process
Put options
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.
The benchmark of cash rate plus 6% p.a. is included in the chart as it relates to the Fund’s investment objective and performance fee. The Fund may invest up to 100% of its assets in equity securities. The greater risk of investing in equities is reflected in the addition of a margin above the cash rate.
Inception date: 1 July 2008.
PERFORMANCE AT 31 Oct 2025
| 1 MTH | 1 YEAR | 3 YEARS P.A. | 5 YEARS P.A. | 10 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|---|
| Australian Equities Fund | -0.3% | 11.3% | 11.0% | 8.9% | 7.0% | 8.9% |
| Fund Objective: RBA Cash Rate plus 6% | 0.8% | 10.0% | 10.0% | 8.6% | 7.9% | 8.6% |
| ASX Accumulation All Ordinaries Index | 0.5% | 12.5% | 13.2% | 12.5% | 9.8% | 7.5% |
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.
The benchmark of cash rate plus 6% p.a. is included in the chart as it relates to the Fund’s investment objective and performance fee. The Fund may invest up to 100% of its assets in equity securities. The greater risk of investing in equities is reflected in the addition of a margin above the cash rate.
Inception date: 1 July 2008.
PORTFOLIO
Total portfolio holdings as at 31 Oct 2025: 28
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
Fund Facts
MINIMUM INVESTMENT
$10,000
RECOMMENDED TIMEFRAME
Five or more years
INCEPTION DATE
1 July 2008
MANAGEMENT FEE*
1.025% p.a. of the Fund’s net asset value, plus a capped expense recovery amount of 0.04% p.a. of the Fund’s net asset value.
PERFORMANCE FEE*
10.25% (including GST, net of RITC) of increase in net asset value subject to the Australian cash rate plus 6% p.a and high water mark, paid half yearly.
BUY/SELL SPREAD
0.15% on both applications and redemptions
ENTRY/ EXIT FEES
Nil
FUND PRICING
Daily
DISTRIBUTION FREQUENCY
Twice yearly (June and December)
TYPICAL NUMBER OF STOCKS
30-40
APIR CODE
PCL0005AU
*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 MyNorth
- Asgard Element (Masterfund)
- Asgard – E Wrap, Master Trust, Infinity
- AET Wholesale Access Fund
- BT Panorama
- BT Wrap
- Colonial First Choice
- Centric IDPS
- First Wrap
- FNZ
- HUB24
- IOOF Pursuit
- IOOF
- Macquarie Wrap – IDPS
- MLC Wrap
- Mason Stevens
- Navigator
- Netwealth
- OneVue
- Omniport(lifespan)
- Powerwrap
- Praemium
- uXchange
RATINGS
REPORTS AND RESOURCES
- Monthly Reports
- Financial Reports
- RI POLICY
- PDS
- Notices
- October 2025 - Managing carefully to avoid excessive valuations
- September 2025 - A solid September quarter
- August 2025 - Solid returns continue in August
- July 2025 - Companies' cashflows continue to underpin portfolio's robust returns
- June 2025 - Another successful year of double digit returns comfortably exceeding our RBA cash rate + 6% benchmark
- May 2025 - Rally continues, Fund delivers robust returns
- April 2025 - April Report
- March 2025 - Opportunities for deploying cash beginning to emerge - Time to go sniping
- February 2025 - Disciplined focus on appropriate valuations provides resilience in a falling market
- January 2025 - Robust start to 2025
- December 2024 - Another successful year of double digit returns with low volatility
- November 2024 - Healthy returns with a conservative setting
- October 2024 - Resilient performance in a weaker market, Fund remains comfortably ahead of its cash plus 6% target for the Financial Year
- September 2024 - Solid September quarter for the Fund, China awakens to drive a resource led market rally – but is it sustainable?
- August 2024 - A resilient outcome in a turbulent month
- July 2024 - An exceptionally strong start to the Financial Year
- June 2024 - Strong finish to a volatile financial year
- May 2024 - Fund well positioned to navigate the existing volatility
- Annual Financial Report 30 June 2025 Pengana Australian Equities Fund
- Annual Financial Report 30 June 2024 Pengana Australian Equities Fund
- Pengana Australian Equities Fund Interim report For the half-year ended 31 December 2023
- June 2023 - Statutory Financial Statements
- Pengana Australian Equities Fund Interim report For the half-year ended 31 December 2022
- 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
NEWS AND INSIGHTS
Pengana appoints Senior Portfolio Manager to Australian Equities Team
Pengana Capital Group has added senior Australian equities investment expertise to its ranks, with the appointment of Michael Maughan as...