Pendal Global Emerging Markets Opportunities Fund - Wholesale Class
30 June 2026
Performance Review
The Pendal Global Emerging Markets Opportunities Fund - Wholesale Class has a track record of 13 years and 8 months and has underperformed the All Countries World (AUD) benchmark since inception in November 2012, providing investors with an annualised return of 10.08% compared with the benchmark's return of 14.6% over the same period.
The Manager has delivered these returns with 0.9% more volatility than the benchmark, contributing to a Sharpe ratio which has only fallen below 1 once over the past five years and which currently sits at 0.71 since inception. The fund has provided positive monthly returns 80% of the time in rising markets and 37% of the time during periods of market decline, contributing to an up-capture ratio since inception of 31% and a down-capture ratio of 74%.
The Pendal Global Emerging Markets Opportunities Fund - Wholesale Class rose by +3.87% in June, an outperformance of +0.38% compared with the All Countries World (AUD) benchmark which rose by +3.49%. Over the past 12 months, the fund's best monthly return was +9.77% compared with the benchmark's best return of +6.24%, and its worst monthly return was -10.57% vs the benchmark's worst return over the same period of -7.18%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Pendal Global Emerging Markets Opportunities Fund - Wholesale Class | Performance: | 3.87% | 21.53% | 16.90% | 32.60% | 18.68% | 9.60% | 9.58% |
| Rank in Peer Group (out of 163): | 48 | 11 | 14 | 17 | 39 | 56 | 75 | |
| Peergroup - Equity Long - Large Cap - Global | Performance: | 2.40% | 11.60% | 4.08% | 11.45% | 14.40% | 8.60% | 11.39% |
| Performance vs peergroup: | +1.47% | +9.93% | +12.82% | +21.16% | +4.28% | +1.00% | -1.81% | |
| Benchmark - All Countries World Index (AUD) | Performance: | 3.49% | 15.70% | 5.45% | 15.76% | 17.51% | 12.44% | 13.27% |
| Performance vs benchmark (Alpha): | +0.38% | +5.84% | +11.45% | +16.84% | +1.17% | -2.84% | -3.69% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pendal Global Emerging Markets Opportunities Fund - Wholesale Class | Performance: | 29.39% | -5.07% | 14.56% | 5.32% | 8.04% | -10.09% | 6.77% | 15.66% | 26.02% | 16.90% |
| Rank in Peer Group (out of 163): | 8 | 75 | 100 | 78 | 118 | 48 | 147 | 133 | 16 | 14 | |
| Drawdown: | -1.09% | -8.04% | -2.82% | -14.34% | -7.92% | -15.79% | -8.34% | -3.64% | -0.99% | -10.57% | |
| Peergroup - Equity Long - Large Cap - Global | Performance: | 19.65% | -2.04% | 25.65% | 13.30% | 21.56% | -17.35% | 20.11% | 22.84% | 12.55% | 4.08% |
| Performance vs peergroup: | +9.74% | -3.02% | -11.09% | -7.98% | -13.51% | +7.27% | -13.34% | -7.18% | +13.47% | +12.82% | |
| Benchmark - All Countries World Index (AUD) | Performance: | 14.43% | 0.35% | 27.10% | 6.09% | 25.57% | -12.97% | 21.92% | 29.68% | 13.65% | 5.45% |
| Performance vs benchmark (Alpha): | +14.95% | -5.42% | -12.54% | -0.77% | -17.53% | +2.89% | -15.15% | -14.02% | +12.37% | +11.45% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.87 | 2.57 | -10.57 | 6.59 | 9.77 | 3.87 | NA | NA | NA | NA | NA | NA | 16.90 |
| 2025 | 1.84 | -0.27 | 2.39 | -0.99 | 5.16 | 2.60 | 1.99 | 2.47 | 3.55 | 3.69 | 0.05 | 1.04 | 26.02 |
| 2024 | -2.10 | 6.93 | 3.76 | 0.26 | -3.64 | 1.85 | 0.91 | -1.35 | 5.27 | 1.71 | -3.19 | 4.88 | 15.66 |
| 2023 | 1.97 | -1.12 | 4.55 | 1.25 | -0.93 | 2.92 | 2.89 | -2.00 | -3.20 | -3.38 | 2.28 | 1.71 | 6.77 |
| 2022 | 3.22 | -9.92 | -4.13 | 0.45 | 1.22 | -3.92 | 0.05 | 1.07 | -1.28 | 0.72 | 5.59 | -2.73 | -10.09 |
| 2021 | 1.52 | 1.83 | 2.35 | -0.63 | 4.21 | 2.00 | -2.87 | 1.46 | -3.07 | -3.61 | 2.32 | 2.61 | 8.04 |
| 2020 | 1.67 | -2.18 | -12.42 | 4.32 | -1.21 | 3.33 | 2.15 | -2.35 | 2.89 | 3.16 | 3.74 | 3.39 | 5.32 |
| 2019 | 2.68 | 2.61 | 4.12 | 0.89 | -2.82 | 4.49 | -0.93 | -1.39 | 1.45 | -0.24 | 0.23 | 2.87 | 14.56 |
| 2018 | 0.57 | -1.54 | 0.13 | 2.77 | -1.63 | -0.36 | 0.45 | 0.49 | -0.88 | -6.22 | 1.02 | 0.28 | -5.07 |
| 2017 | 1.68 | 0.65 | 4.75 | 4.57 | 3.83 | -1.09 | 0.76 | 2.61 | 1.43 | 7.34 | 0.10 | -0.26 | 29.39 |
| 2016 | -6.46 | -2.18 | 3.04 | -0.64 | 4.71 | 1.26 | 3.44 | 4.03 | -0.04 | -2.62 | -1.33 | 1.77 | 4.48 |
| 2015 | 9.12 | 1.29 | -0.16 | 4.35 | 0.65 | -4.31 | -3.39 | -4.93 | -1.44 | 7.44 | -3.67 | -2.83 | 0.96 |
| 2014 | -3.67 | 1.15 | -2.87 | -0.51 | 4.79 | 0.37 | 3.36 | 0.94 | -0.84 | 2.74 | 2.88 | 1.30 | 9.72 |
| 2013 | 1.54 | 0.15 | -3.84 | 1.45 | 8.04 | -3.14 | 3.41 | -0.34 | 1.08 | 4.25 | 4.75 | 2.10 | 20.60 |
| 2012 | NA | NA | NA | NA | NA | NA | NA | NA | NA | NA | -1.28 | 2.96 | 1.64 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +32.60% compared with the benchmark which has returned +15.76%, for a difference of +16.84%. Since inception in November 2012, the fund has returned +10.08% per annum, a difference of -4.52% relative to the benchmark which has returned +14.60% 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 $371. The same amount invested in the benchmark over the same period would have become $643.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 16.09% vs the index's 12.06%. The annualised volatility of the fund's returns since inception in November 2012 is 11.62% vs the index's 10.72%. Over all other periods, the fund's returns have been more volatile than the benchmark.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 1.62 for performance over the most recent 12 months to a low of 0.56 over the latest 60 months, and is 0.71 for performance since inception. By contrast, the All Countries World (AUD) Index's Sharpe for performance since November 2012 is 1.14.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in November 2012 in the months where the market was positive, the fund has provided positive returns 80% of the time
Performance in Negative Markets
Since inception in November 2012 in the months where the market was negative, the fund has provided positive returns 37% of the time, contributing to a down-capture ratio for returns since inception of 73.88%. Over all other periods, the fund's down-capture ratio has ranged from a high of 61.88% over the most recent 60 months to a low of 18.2% over the latest 24 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 2.37 for performance over the most recent 24 months to a low of 0.72 over the latest 60 months, and is 0.98 for performance since inception. By contrast, the All Countries World (AUD) Index's Sortino for performance since November 2012 is 1.86.
Drawdown
Over the past 12 months, the fund's largest drawdown was -10.57% vs the index's -9.7%, and since inception in November 2012 the fund's largest drawdown was -20.28% vs the index's maximum drawdown over the same period of -16.02%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Large Cap - Global as of May 2026
The performance of the Pendal Global Emerging Markets Opportunities Fund - Wholesale Class ranked it in the first quintile for Largest Drawdown and second quintile for Volatility over 7 years, while over 5 years the fund ranked in the second quintile for Largest Drawdown. Over 3 years, the fund ranked in the second quintile for Total Return and Sharpe, and over 1 year it ranked in the first quintile for Total Return and second quintile for Sharpe and Sortino.
Over the past 12 months, the fund has risen by +32.60% compared with the peer group which has returned an average of +11.45%, for a difference of +21.15%.
The fund's returns over the past 12 months have been achieved with a volatility of 16.09% vs the peer group's average volatility of 8.75%. The annualised volatility of the fund's returns since inception in November 2012 is 11.62% vs the peer group's 11.19%. Over all other periods, the fund's returns have been more volatile than the peer group.