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A high-conviction equity fund with a 16-year track record
of strong performance in a range of market conditions.
Designed for all-weather performance Style-neutral portfolio construction and emphasis on idiosyncratic stock risk means the fund is well positioned to respond to the market’s prevailing style or size thematic. Read more
Research that anticipates change The team’s size allows in-depth market coverage to maximise opportunities. Our experience delivers exceptional corporate access and contacts that drive actionable insights. Read more
Deeply experienced portfolio manager and large team Established in 2003 under Crispin Murray, our 19-person equities team has an average 21 years of experience and 13 years tenure at Pendal. It's one of the biggest and most experienced in Australia. Read more

How we handled the Covid crisis

Pendal’s head of equities Crispin Murray explains how he continued to deliver consistent performance during market volatility caused by the COVID pandemic.

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Our performance

Pendal’s Focus Australian Share Fund has a 16-year track record across varying market conditions. It features our highest conviction ideas and drives alpha from stock insight over style or thematic exposures.

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Return since inception
(after fees)

As at 31/03/21

Source: Pendal. Past performance is not a reliable indicator of future performance. For performance of the fund over the last 1,3 and 5 years, please refer to the Fund Performance table below.

Benchmark S&P/ASX300 since inception

As at 31/03/21

Source: Pendal

Our approach

Extensive corporate access and strong relationships bring our equities team a range of actionable insights that underpin the performance of Pendal’s Focus Australian Share Fund. The team applies a five-factor framework to identify companies such as software maker Xero that are generating strong, sustainable returns on their capital investments. In this video equities analyst Elise McKay explains how she identified Xero as our top pick in the ASX tech sector.

Outstanding portfolio construction

Relying on one “style” of investing can lead to prolonged periods of underperfomance — as value investors have seen for many years. Trying to time swings in style involves anticipating changes in macro variables and investor sentiment — something that’s incredibly hard to get consistently right. We address this issue by building portfolios based on company insight. We want a portfolio that can perform regardless of the environment, driven by stock selection.

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Our aim is a portfolio that is not hostage to one style or a theme playing out in a certain way. During the COVID period we created segments in the portfolio that worked together, allowing it to perform in different scenarios. Key segments included defensives, growth stocks, policy beneficiaries, quality franchises and recovery plays. The aim is to find companies with attractive fundamental features that can help limit the downside if the macro factors are not supportive, while delivering the potential for large upside gains in the right environment. Pendal Focus Australian Share fund consistently outperformed through the pandemic:

Source: Pendal. Past performance is not a reliable indicator of future performance.

A strategy that anticipates change

Pendal’s equities team follows a disciplined process focused on anticipating change. The team analyses opportunities via a five-factor lens that’s designed to anticipate the level and quality of a company’s earnings.

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The five factors are: industry structure, cyclical trends, business innovation, self-help measures and capital allocation.  

Cyclical
trends

Capital allocation

Self-help measures

Business innovation

Industry structure

Key objective

Anticipate the
level and quality
of earnings

A large team with extensive corporate access and strong relationships

Consistent performance requires an understanding of companies and industries drawn from the kind of management access that comes with a highly experienced, 19-strong Australian equities team.

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The Pendal team was established in 2003 under Crispin Murray, who has more than 30 years of experience in investment management. It’s one the biggest and most experienced in Australia, allowing full, in-depth market coverage to maximise the opportunity set. The team has an average of 21 years of experience and 13 years tenure at Pendal.

Outperformance

Pendal Focus Australian Share Fund fund has beaten the market 12 out of 16 years after fees.

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We seek more consistent performance through:​

  • Aligning risk with conviction: The largest contributions to risk come from the positions with the greatest conviction.​
  • A diversity of alpha ideas: Over time, alpha should be primarily driven by multiple, un-related outcomes of stock-specific insight and risk. ​We want to avoid relying on one or two ideas, a certain environment or binary outcomes to perform.​
  • Avoiding unintended exposures: Stock-specific alpha can be overwhelmed by exogenous macroeconomic factors if the portfolio is not sufficiently balanced to protect against this. ​Style exposures are not permanent and should not dominate stock-specific risk.​

 

Portfolio construction

Research recommendations

Position
decisions

Peer
review

Position
analysis

Consistent, long-term alpha

Our team

Head of Equities

Head of Equities

                                   

Crispin is Head of Equities at Pendal Group an ASX listed fund manager with A$90b funds under management (FUM). He joined the funds management business of BT Financial Group, now Pendal Group, in 1994, initially responsible for European equities and served as Head of European Equities from April 1998. He was subsequently appointed to his current role in January 2003 overseeing Pendal’s Australian equities business, currently managing A$15b of FUM, making it the largest fundamental equity team in the market. He is responsible for managing a number of our flagship Australian equity funds, which under his watch have outperformed the market over multiple periods since his appointment in 2003. Prior to Pendal, Crispin worked for Equitable Life in London. Crispin is a Director of the Anika Foundation and served as a Director of Football Federation of Australia from 2015-19. He holds an Honours degree in Economics & Human Geography from Reading University.

View entire team
Rajinder Singh
Portfolio Manager
Julia Forrest
Portfolio Manager
Paul Hannan
Senior Portfolio Manager
Jim Taylor
Portfolio Manager
Julia Maksymow
Quantitative Analyst
Andrew Waddington
Portfolio Manager
Sondal Bensan
Analyst
Rachel Cole
Investment Analyst
Pete Davidson
Head of Listed Property
Anthony Moran
Investment Analyst
Noel Webster
Senior Portfolio Manager
Damien Diamant
Analyst
Graeme Petroni
Analyst
Lewis Edgley
Portfolio Manager
Brenton Saunders
Portfolio Manager & Analyst
Oliver Renton
Analyst
Elise McKay
Investment Analyst
Patrick Teodorowski
Portfolio Manager

Sales

Tim North Ash

Head of Distribution

Nicki Ashton

Head of Institutional

Lee Hopperton

Head of High Net Worth Distribution

Matthew Rooney

Head of Bank & Insurance Distribution

Laurice Considine

Head of Independent Licensee Distribution

Jeremy Dean

Head of Regnan and Responsible Investment Distribution

Fund performance

                   
As at
30/06/21
1m 3m 1yr 3yr (p.a) 5yr (p.a) % since inception 01/04/2005
Total return After fees 0.90 7.40 31.12 10.95 13.59 9.81
Distribution 4.75 5.06 6.71 4.71 3.90 3.97
Growth -3.86 2.34 24.41 6.24 9.68 5.84
Total return (Before fees and tax) 0.73 7.39 32.54 12.00 14.81 10.92
Benchmark: S&P/ASX 300 (TR) Index 2.25 8.48 28.49 9.77 11.26 8.06

Source of fund performance data: Pendal. Past performance is not a reliable indicator of future performance.

Apply for the Pendal Focus Australian Share Fund
Apply online via Mainstream or download the form.

Fund information

Entry price

$2.5379 (26/07/2021)

Exit price

$2.5251 (26/07/2021)

History View history
Significant features

The Pendal Focus Australian Share Fund is an actively managed concentrated portfolio of Australian shares.

Fund objective

The Fund aims to provide a return (before fees, costs and taxes) that exceeds the S&P/ASX 300 (TR) Index over the medium to long term.

Pendal Fund Services Limited is the responsible entity and issuer of units in the Pendal Horizon Fund (Fund) ARSN: 096 328 219. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1800 813 886 or visiting www.pendalgroup.com. You should obtain and consider the PDS 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. “Regnan” is a registered trademark of Pendal Group Limited. The information on this website is for general information purposes only and 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 and, if necessary, seek professional advice. This information 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. In the case of the Pendal Managed Cash Fund and the Pendal Stable Cash Plus Fund all returns are calculated using the average of the daily distribution yields and assume monthly reinvestment of distributions. You can view our Unit Pricing Discretions Policy here.