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Pendal MidCap Fund

More ideas.
More potential.

An Australian midcap fund targeting the sweet spot of ASX-listed companies
offering the potential for strong growth and diversification.
Midcaps outperform the broader market The midcap sector has outperformed both large-caps and small caps over the long term, with better risk-reward characteristics The addition of specific midcap exposure can improve a portfolio’s long-term return and improve its risk characteristics. Pendal MidCaps covers the 100 ASX-listed stocks ranging 51st biggest by market cap to the 150th biggest. Read more
More opportunities in a diverse sector Midcap portfolios expose investors to a broader and more balanced opportunity set than large caps. They are less concentrated and offer better access to fast-growing sectors such as battery metals and technology. Midcaps represent a higher average earnings-per-share profile than large or small caps and is a rich environment for takeovers. Read more
The timing is right In 2022, growth-style stocks underperformed amid a sharp lift in bond yields. This macro headwind has receded and the focus has returned to fundamentals. We are coming back to a more balanced environment which should favour this sector and Pendal’s approach to it. Read more

The exciting stories in Australian midcaps

Discover more ideas and more potential with Australian Midcaps


Read full article

Our approach

Watch: Brenton Saunders, manager of the Pendal MidCap Fund, explains the approach in this short video.

Watch video

Livewire interview

Watch: Brenton recently sat down with Hans Lee from Livewire Markets to discuss the opportunities in ASX mid-caps.

Watch video

Our performance

Pendal MidCap Fund has a long track record, dating back 14 years.

The fund aims to provide a return (before fees, costs and taxes) that exceeds the Pendal MidCap Custom Index over the medium to long term. The suggested investment timeframe is five years or more.

View the full performance table below.


As at
1m 3m 1yr 3yr (p.a) 5yr (p.a) % since inception 26/06/2008
Total return (Before fees and tax) -6.45 -10.69 -1.78 5.75 6.82 10.40
Benchmark: Pendal Midcap Custom Benchmark (ASX51-150) -6.68 -11.78 -3.75 5.00 6.37 5.79
Total return After fees -6.52 -10.89 -2.66 4.80 5.86 8.62
Distribution 0.00 0.30 4.11 9.02 7.35 5.29
Growth -6.52 -11.19 -6.77 -4.22 -1.49 3.33

Source of fund performance data: Pendal. Past performance is not a reliable indicator of future performance. This information is for general information and is not to be regarded as a securities recommendation. Where performance returns are quoted “After fees” then this assumes reinvestment of distributions and is calculated using exit prices which take into account management costs but not tax you may pay as an investor. Where “Growth” returns are shown, these represent the percentage change in the value of units in the fund excluding any distributions paid. “Distribution” returns equal the difference between the “Total return (After fees)”, and the Growth return. Where performance returns are quoted “After fees and tax”, they are calculated using exit prices which take into account management costs and taxes paid within the trust up to a maximum of 15%. Where performance returns are quoted “Before fees and tax”, they exclude the effects of management costs and any taxes. You can view our Unit Pricing Discretions Policy here.


Meet the investment team

Brenton Saunders

Portfolio Manager & Analyst



Brenton manages our MidCap Fund and natural resources portfolio, drawing on over 24 years’ expertise spanning precious metals, derivatives, investment banking and private equity to invest in large and small cap mining companies.

Brenton has worked with Randfontein Estates Gold Mine & Harmony Gold as a mine geologist and Executive, and at JP Morgan, Deutsche Bank, Craton Capital, Macquarie Funds Group, and Taurus Funds Management in research and asset management roles.

Graduating with honours, he holds a Bachelor’s degree in Science (Geology) and a Master’s degree in Science from the University of Johannesburg. He is a member of the CFA Institute and has previously served on the International Accounting Standards Board.

Meet the rest of the Australian Equities team.



Tim North Ash - Head of Distribution, Pendal Group

Tim North Ash

Head of Distribution


Peter Lambos - Head of Institutional, Pendal Group

Peter Lambos

Head of Institutional


Lee Hopperton - Head of High Net Worth Distribution, Pendal Group

Lee Hopperton

Head of High Net Worth Distribution


Laurice Considine - Head of Independent Licensee Distribution, Pendal Group

Laurice Considine

Head of Independent Licensee Distribution


Monthly Fact Sheet
Apply for the Pendal MidCap Fund
Apply online via Apex or download the form.

Fund information

Entry price

$1.7481 (01/12/2023)

Exit price

$1.7393 (01/12/2023)

History View history
Significant features

The Pendal MidCap Fund is an actively managed portfolio of Australian mid cap shares.


Fund objective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the Pendal Midcap Custom Index over the medium to long term.


Minimum investment




Pendal MidCap Custom Index


Distribution frequency



Distribution (cpu): 0.600 (30.09.2023)
Distribution History

View history


MIT Notice

View history


Fees & costs

Management fee: 0.90% p.a. Other fees (including performance fees) and costs also apply – please refer to the PDS or ‘Fees and costs’ flyer for more information.


Buy Sell spread

0.50% (0.25%/0.25%)


Risk Level



An investment fund is subject to a number of risks. For a detailed description of these risks please refer to the PDS.





This webpage has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and the information contained within is current as at the date of its publication. It is not to be published, or otherwise made available to any person other than the party to whom it is provided. PFSL is the responsible entity of, and issuer of units in the Pendal MidCap Fund, ARSN: 159 605 811 (the Fund). A product disclosure statement (PDS) is available for each class in the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the relevant PDS and TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This webpage is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. Past performance is not a reliable indicator of future performance.