Key Facts

Index Used: ASX 200 Total Return Discretionary/Quantitative: Combination
Peer Group: Equity Long - Large Cap - Australia FUM (millions): AU$ 1,840m
Investment Style: Blend Fund Inception Date: April 2005
Geographic Mandate: Australia/NZ Latest Return Date: February 2024
Investor Type: Wholesale & Retail Status: Open
Minimum Investment: AU$ 25,000 Investment Frequency: Daily

Manager Details

Originally established in 1969 as Ord-BT, Pendal is an Australian investment manager that aims to deliver superior investment returns for clients through active management. They actively manage investments in Australian equities and listed property, Australian and international fixed interest, global equities, multi-asset portfolios and alternative investments.

In 2023, Pendal became part of Perpetual Limited (ASX:PPT). Through the Perpetual and Pendal brands, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW, they have a presence in the US, UK and Europe.
Originally established in 1969 as Ord-BT, Pendal is an Australian investment manager that aims to deliver superior investment returns for clients through active management. They actively manage investments in Australian equities and listed property, Australian and international fixed interest, global equities, multi-asset portfolios and alternative investments.

In 2023, Pendal became part of Perpetual Limited (ASX:PPT). Through the Perpetual and Pendal brands, Barrow Hanley, J O Hambro, Regnan, Trillium and TSW, they have a presence in the US, UK and Europe.

Strategy Description

This Fund is designed for investors who want the potential for long term capital growth and tax effective income from a concentrated portfolio of primarily 15-30 Australian shares and are prepared to accept higher variability of returns. The Fund may also hold cash and may use derivatives.

Pendal's investment process for Australian shares is based on our core investment style and aims to add value through active stock selection and fundamental company research. Pendal's core investment style is to select stocks based on our assessment of their long term worth and ability to outperform the market, without being restricted by a growth or value bias. Their fundamental company research focuses on valuation, franchise, management quality and risk factors (both financial and non-financial risk).

Derivatives may be used to reduce risk and can act as a hedge against adverse movements in a particular market and/or in the underlying assets. Derivatives can also be used to gain exposure to assets and markets.
This Fund is designed for investors who want the potential for long term capital growth and tax effective income from a concentrated portfolio of primarily 15-30 Australian shares and are prepared to accept higher variability of returns. The Fund may also hold cash and may use derivatives.

Fund Fees

Management Fee: 0.75% Performance Fee: 20%
Buy Spread: 0.25% Sell spread: 0.25%
High Water Mark: No Hurdle: Performance of S&P/ASX Small Ordinaries (TR) Index plus the issuer fee of 1.20% p.a.

Fund Structure

Offshore/Onshore: Onshore Fund Structure: MIS
Share Classes: AU$ Trustee/RE: Pendal Fund Services Limited
Administrator: BT TAS Prime Broker: N/A
Custodian: HSBC Legal: Internal

Ratings & Availability

Research Ratings

Morningstar Star Rating5 stars (1 Aug 2021) Morningstar Analyst RatingGold (1 Aug 2021) LonsecHighly Recommended (1 Aug 2021) ZenithHighly Recommended (1 Jun 2022)

Platform Availability

Macquarie Wrap, OneVue, Netwealth, Powerwrap, Asgard, IOOF, MLC Wrap, AMP MyNorth, BT Panorama, Colonial FirstWrap, Ausmaq, Mason Stevens, Praemium

Performance Review

The Pendal Focus Australian Share Fund has a track record of 18 years and 11 months and has outperformed the ASX 200 Total Return benchmark since inception in April 2005, providing investors with an annualised return of 9.14% compared with the benchmark's return of 7.85% over the same period.

The Manager has delivered these returns with 0.03% more volatility than the benchmark, contributing to a Sharpe ratio which has fallen below 1 five times over the past five years and which currently sits at 0.48 since inception. The fund has provided positive monthly returns 95% of the time in rising markets and 8% of the time during periods of market decline, contributing to an up-capture ratio since inception of 103% and a down-capture ratio of 99%.

The Pendal Focus Australian Share Fund rose by +0.25% in February, a difference of -0.54% compared with the ASX 200 Total Return benchmark which rose by +0.79%. Over the past 12 months, the fund's best monthly return was +6.67% compared with the benchmark's best return of +7.26%, and its worst monthly return was -3.62% vs the benchmark's worst return over the same period of -3.78%.

YearJan %Feb %Mar %Apr %May %Jun %Jul %Aug %Sep %Oct %Nov %Dec %YTD %
20241.290.25NANANANANANANANANANA1.54
20236.20-2.130.561.57-1.481.363.21-0.68-2.79-3.624.556.6713.55
2022-6.012.665.41-0.46-1.50-9.604.192.00-6.006.254.89-3.53-3.17
2021-0.613.053.063.652.700.900.451.97-1.000.38-1.532.2316.17
20204.05-7.93-19.029.935.111.23-0.994.23-2.902.2211.161.584.94
20193.336.990.762.253.142.512.85-2.251.530.214.96-1.6527.14
20180.881.76-3.554.210.622.061.910.14-0.32-7.41-2.54-1.64-4.33
2017-0.061.513.750.62-1.802.280.540.96-0.014.330.992.3016.36
2016-5.11-3.623.930.774.82-4.225.74-0.57-0.04-1.283.924.167.98
20152.477.410.73-1.160.65-5.206.02-8.32-2.144.680.453.227.94
2014-3.824.07-0.202.252.00-1.683.661.07-4.604.08-1.442.717.87
20134.536.05-1.724.74-3.40-1.905.463.463.503.26-0.200.9727.09
20124.641.760.870.89-7.31-1.133.783.001.841.96-0.393.9914.16
2011-0.122.440.43-0.39-1.71-2.80-2.75-2.80-5.868.16-3.00-2.06-10.60
2010-6.932.086.35-1.05-7.46-2.574.38-2.324.042.00-0.853.580.17
2009-3.33-3.037.046.981.603.447.366.836.12-1.631.074.6742.86
2008-10.71-0.69-4.783.272.04-7.64-4.914.49-10.95-10.76-8.00-0.32-40.50
20072.580.563.201.972.55-0.34-1.732.135.671.74-0.49-1.8216.97
20064.680.545.334.44-3.170.83-1.064.532.815.061.933.4433.11
2005NANANA-1.783.876.063.411.606.00-3.985.942.5125.66

Only seven years of data shown. Click here to view all data.

Annual Returns

Over the past 12 months, the fund has risen by +10.93% compared with the benchmark which has returned +10.64%, for a difference of +0.29%. Since inception in April 2005, the fund has returned +9.14% per annum, a difference of +1.29% relative to the benchmark which has returned +7.85% on an annualised basis over the same period.

Cumulative Returns

On a cumulative basis (assuming reinvestment of distributions), $100 invested since inception would have become $523. The same amount invested in the benchmark over the same period would have become $417.

Annual Returns %

 
 

Volatility and Risk

Annual Standard Deviation

The fund's returns over the past 12 months have been achieved with a volatility of 9.77% vs the index's 10.7%. The annualised volatility of the fund's returns since inception in April 2005 is 14.09% vs the index's 14.06%. Over all other periods, the fund's returns have been consistently less volatile than the benchmark.

Sharpe Ratio

The fund's Sharpe ratio has ranged from a high of 0.71 for performance over the most recent 12 months to a low of 0.39 over the latest 24 months, and is 0.48 for performance since inception. By contrast, the ASX 200 Total Return Index's Sharpe for performance since April 2005 is 0.39.

Annual Standard Deviation

 

Sharpe Ratio

 

Performance in Positive Markets

Since inception in April 2005 in the months where the market was positive, the fund has provided positive returns 95% of the time, contributing to an up-capture ratio for returns since inception of 102.59%. Over all other periods, the fund's up-capture ratio has ranged from a high of 94.8% over the most recent 60 months to a low of 87.28% over the latest 36 months.

Performance in Negative Markets

Since inception in April 2005 in the months where the market was negative, the fund has provided positive returns 8% of the time, contributing to a down-capture ratio for returns since inception of 98.82%. Over all other periods, the fund's down-capture ratio has ranged from a high of 94.23% over the most recent 60 months to a low of 80.66% over the latest 12 months. A down-capture ratio less than 100% indicates that, on average, the fund has outperformed in the market's negative months.

Average Return in +ve Market %

 

Average Return in -ve Market %

 

Sortino Ratio

The fund's Sortino ratio (which excludes volatility in positive months) has ranged from a high of 1.18 for performance over the most recent 12 months to a low of 0.46 over the latest 24 months, and is 0.57 for performance since inception. By contrast, the ASX 200 Total Return Index's Sortino for performance since April 2005 is 0.44.

Drawdown

Over the past 12 months, the fund's largest drawdown was -6.95% vs the index's -7.19%, and since inception in April 2005 the fund's largest drawdown was -45.51% vs the index's maximum drawdown over the same period of -47.19%.

Sortino Ratio

 

Drawdown%

 
Fund Index Peer group

Quintile Ranking vs. Average Equity Long - Large Cap - Australia as of February 2024

The performance of the Pendal Focus Australian Share Fund ranked it in the second quintile for all KPIs except Volatility over 7 years, while over 1 & 5 years the fund ranked in the first or second quintile for all KPIs. Over 3 years it ranked in the second quintile for Largest Drawdown.

Over the past 12 months, the fund has risen by +10.93% compared with the peer group which has returned an average of +9.34%, for a difference of +1.59%.

The fund's returns over the past 12 months have been achieved with a volatility of 9.77% vs the peer group's average volatility of 10.17%. The annualised volatility of the fund's returns since inception in April 2005 is 14.09% vs the peer group's 11.54%. Over all other periods, the fund's returns have been more volatile than the peer group.

1 Year
3 Year
5 Year
7 Year
Pendal Focus Australian Share Fund
ASX200 Total Return
Quintile Rankings display Key Performance Indicators (KPI's) against the fund's Peer Group. Each green square ranks the fund in one quintile (or 20%) of its peer group - five green squares indicate the fund is in the best quintile for each KPI. The performance of the peer group's underlying index is shown by a red dot.