Pendal MidCap Fund
30 June 2026
Performance Review
The Pendal MidCap Fund has a track record of 18 years and 1 month and has outperformed the ASX Small Ordinaries Total Return benchmark since inception in June 2008, providing investors with an annualised return of 9.59% compared with the benchmark's return of 4.98% over the same period.
The Manager has delivered these returns with 1.2% less 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 0.5 since inception. The fund has provided positive monthly returns 85% of the time in rising markets and 29% of the time during periods of market decline, contributing to an up-capture ratio since inception of 96% and a down-capture ratio of 90%.
The Pendal MidCap Fund rose by +0.44% in June, an outperformance of +2.44% compared with the ASX Small Ordinaries Total Return benchmark which fell by -2.00%. Over the past 12 months, the fund's best monthly return was +8.71% compared with the benchmark's best return of +8.41%, and its worst monthly return was -10.92% vs the benchmark's worst return over the same period of -10.96%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Pendal MidCap Fund | Performance: | 0.44% | 7.16% | -5.91% | 6.39% | 10.54% | 6.27% | 9.17% |
| Rank in Peer Group (out of 106): | 59 | 33 | 50 | 49 | 40 | 35 | 27 | |
| Peergroup - Equity Long - Small/Mid Cap - Australia | Performance: | 1.13% | 5.58% | -7.62% | 4.39% | 9.72% | 4.17% | 8.54% |
| Performance vs peergroup: | -0.69% | +1.57% | +1.71% | +2.00% | +0.82% | +2.10% | +0.63% | |
| Benchmark - ASX Small Ordinaries Total Return Index | Performance: | -2.00% | 3.32% | -7.91% | 8.10% | 9.89% | 2.97% | 5.50% |
| Performance vs benchmark (Alpha): | +2.44% | +3.84% | +2.00% | -1.71% | +0.65% | +3.30% | +3.67% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pendal MidCap Fund | Performance: | 24.79% | -7.23% | 17.42% | 17.18% | 16.46% | -8.98% | 8.32% | 10.29% | 26.70% | -5.91% |
| Rank in Peer Group (out of 106): | 20 | 41 | 70 | 41 | 67 | 15 | 59 | 75 | 24 | 46 | |
| Drawdown: | -0.84% | -14.11% | -1.70% | -23.16% | -3.14% | -15.95% | -10.89% | -4.26% | -7.15% | -12.94% | |
| Peergroup - Equity Long - Small/Mid Cap - Australia | Performance: | 19.55% | -6.65% | 26.98% | 17.78% | 22.04% | -17.39% | 9.30% | 13.94% | 18.04% | -7.62% |
| Performance vs peergroup: | +5.25% | -0.58% | -9.56% | -0.60% | -5.58% | +8.41% | -0.99% | -3.65% | +8.67% | +1.71% | |
| Benchmark - ASX Small Ordinaries Total Return Index | Performance: | 20.02% | -8.67% | 21.36% | 9.21% | 16.88% | -18.40% | 7.83% | 8.37% | 24.96% | -7.91% |
| Performance vs benchmark (Alpha): | +4.78% | +1.44% | -3.94% | +7.97% | -0.43% | +9.42% | +0.49% | +1.92% | +1.74% | +2.00% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.86 | -2.27 | -10.92 | 3.90 | 2.68 | 0.44 | NA | NA | NA | NA | NA | NA | -5.91 |
| 2025 | 5.65 | -2.65 | -4.63 | 3.11 | 8.29 | 2.30 | 2.29 | 8.71 | 2.61 | 1.17 | -0.96 | -1.10 | 26.70 |
| 2024 | -0.40 | 4.09 | 2.97 | -3.12 | 1.46 | -1.17 | 2.43 | 0.92 | 3.01 | -0.26 | 4.58 | -4.26 | 10.29 |
| 2023 | 6.11 | -1.67 | -1.82 | 2.74 | -1.02 | 1.20 | 2.90 | -0.63 | -4.07 | -6.52 | 5.21 | 6.50 | 8.32 |
| 2022 | -6.76 | 1.38 | 6.81 | -0.12 | -3.88 | -11.85 | 6.69 | 0.88 | -7.72 | 6.53 | 5.08 | -4.18 | -8.98 |
| 2021 | -1.11 | -1.07 | 3.51 | 4.78 | 1.01 | 3.92 | 0.46 | 2.24 | -3.14 | 1.29 | -0.03 | 3.79 | 16.46 |
| 2020 | 4.31 | -7.65 | -16.79 | 13.31 | 4.93 | 2.37 | 0.62 | 4.84 | -2.41 | 3.86 | 7.60 | 4.39 | 17.18 |
| 2019 | 2.54 | 5.23 | 0.14 | 2.11 | 1.60 | 0.24 | 4.39 | -1.70 | 0.93 | 0.03 | 2.31 | -1.42 | 17.42 |
| 2018 | 0.66 | 1.80 | -1.91 | 4.00 | 0.47 | 1.05 | 0.45 | 0.73 | 0.58 | -8.89 | -3.26 | -2.55 | -7.23 |
| 2017 | -0.79 | 2.03 | 2.64 | 0.36 | -0.84 | 3.99 | 0.34 | 2.23 | 0.85 | 5.87 | 2.63 | 3.27 | 24.79 |
| 2016 | -3.05 | -0.88 | 4.88 | -0.28 | 6.17 | -2.85 | 8.50 | 0.07 | -0.59 | -4.29 | 0.97 | 3.65 | 12.08 |
| 2015 | 2.98 | 6.20 | 1.80 | 0.10 | 1.65 | -7.49 | 5.15 | -5.32 | -1.11 | 5.71 | 1.29 | 3.16 | 13.96 |
| 2014 | -2.74 | 6.59 | 0.57 | 1.18 | 0.40 | -0.88 | 4.05 | 0.13 | -3.70 | 3.08 | -0.06 | 3.42 | 12.22 |
| 2013 | 4.83 | 4.35 | -1.25 | 1.39 | -3.07 | -4.34 | 5.62 | 2.99 | 3.59 | 3.15 | -0.93 | 2.98 | 20.43 |
| 2012 | 6.07 | 4.39 | 0.63 | 0.14 | -6.95 | -1.92 | 1.67 | 3.31 | 1.99 | 3.45 | 0.44 | 4.23 | 18.13 |
| 2011 | -1.57 | 2.32 | 0.66 | -2.05 | 1.05 | -2.54 | 0.40 | -4.30 | -9.74 | 9.92 | -2.90 | -3.01 | -12.21 |
| 2010 | -6.59 | 1.24 | 5.80 | 0.42 | -6.69 | -2.69 | 4.73 | 0.49 | 4.99 | 2.01 | 0.74 | 5.16 | 8.95 |
| 2009 | -4.83 | -4.48 | 6.40 | 8.89 | 4.96 | 2.85 | 9.06 | 7.82 | 6.39 | -1.22 | 1.14 | 5.85 | 50.40 |
| 2008 | NA | NA | NA | NA | NA | -1.03 | -3.06 | 5.03 | -11.40 | -18.92 | -4.39 | 7.37 | -25.69 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has risen by +6.39% compared with the benchmark which has returned +8.10%, for a difference of -1.71%. Since inception in June 2008, the fund has returned +9.59% per annum, a difference of +4.61% relative to the benchmark which has returned +4.98% 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 $524. The same amount invested in the benchmark over the same period would have become $0.
Annual Returns %
Volatility and Risk
Annual Standard Deviation
The fund's returns over the past 12 months have been achieved with a volatility of 15.32% vs the index's 15.65%. The annualised volatility of the fund's returns since inception in June 2008 is 15.37% vs the index's 16.57%. Over all other periods, the fund's volatility relative to the benchmark has been varied.
Sharpe Ratio
The fund's Sharpe ratio has ranged from a high of 0.63 for performance over the most recent 24 months to a low of 0.24 over the latest 12 months, and is 0.5 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sharpe for performance since June 2008 is 0.24.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in June 2008 in the months where the market was positive, the fund has provided positive returns 85% of the time
Performance in Negative Markets
Since inception in June 2008 in the months where the market was negative, the fund has provided positive returns 29% of the time, contributing to a down-capture ratio for returns since inception of 90.00%. Over all other periods, the fund's down-capture ratio has ranged from a high of 90.37% over the most recent 36 months to a low of 82.48% 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 0.81 for performance over the most recent 24 months to a low of 0.21 over the latest 12 months, and is 0.60 for performance since inception. By contrast, the ASX Small Ordinaries Total Return Index's Sortino for performance since June 2008 is 0.21.
Drawdown
Over the past 12 months, the fund's largest drawdown was -13.99% vs the index's -13.25%, and since inception in June 2008 the fund's largest drawdown was -32.97% vs the index's maximum drawdown over the same period of -29.12%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Equity Long - Small/Mid Cap - Australia as of May 2026
The performance of the Pendal MidCap Fund ranked it in the first or second quintile for all KPIs over 5 & 7 years. Over 3 years the fund ranked in the second quintile for Total Return and Largest Drawdown, while it ranked in the second quintile for Total Return and Sortino over 1 year.
Over the past 12 months, the fund has risen by +6.39% compared with the peer group which has returned an average of +4.39%, for a difference of +2%.
The fund's returns over the past 12 months have been achieved with a volatility of 15.32% vs the peer group's average volatility of 13.66%. The annualised volatility of the fund's returns since inception in June 2008 is 15.37% vs the peer group's 14.4%. Over all other periods, the fund's returns have been more volatile than the peer group.