Pendal Property Investment Fund
30 June 2026
Performance Review
The Pendal Property Investment Fund has a track record of 33 years and 3 months and has outperformed the FTSE EPRA/ NAREIT Developed NET TR benchmark since inception in April 1993, providing investors with an annualised return of 8.34% compared with the benchmark's return of 7.66% over the same period.
The Manager has delivered these returns with 0.86% 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 0.34 since inception. The fund has provided positive monthly returns 74% of the time in rising markets and 28% of the time during periods of market decline, contributing to an up-capture ratio since inception of 122% and a down-capture ratio of 98%.
The Pendal Property Investment Fund rose by +1.32% in June, a difference of -3.43% compared with the FTSE EPRA/ NAREIT Developed NET TR benchmark which rose by +4.75%. Over the past 12 months, the fund's best monthly return was +8.83% compared with the benchmark's best return of +5.20%, and its worst monthly return was -11.91% vs the benchmark's worst return over the same period of -5.32%.
Fund rank in Peergroups
| Fund | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | 7 years | |
|---|---|---|---|---|---|---|---|---|
| Pendal Property Investment Fund | Performance: | 1.32% | 13.73% | -5.82% | -2.04% | 11.42% | 5.45% | 5.62% |
| Rank in Peer Group (out of 47): | 30 | 8 | 35 | 31 | 8 | 15 | 9 | |
| Peergroup - Property | Performance: | 2.32% | 6.65% | -0.74% | 1.24% | 2.49% | 1.22% | 2.83% |
| Performance vs peergroup: | -1.00% | +7.08% | -5.07% | -3.28% | +8.93% | +4.23% | +2.79% | |
| Benchmark - FTSE EPRA/ NAREIT Developed Index NET TR | Performance: | 4.75% | 7.28% | 5.54% | 7.14% | 8.15% | 3.34% | 3.03% |
| Performance vs benchmark (Alpha): | -3.43% | +6.45% | -11.35% | -9.18% | +3.27% | +2.12% | +2.59% | |
| Fund | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pendal Property Investment Fund | Performance: | 6.79% | 3.26% | 22.85% | 1.47% | 26.45% | -20.91% | 18.23% | 17.70% | 9.89% | -5.82% |
| Rank in Peer Group (out of 47): | 23 | 19 | 14 | 12 | 27 | 29 | 3 | 9 | 17 | 37 | |
| Drawdown: | -5.73% | -6.57% | -3.65% | -33.49% | -6.18% | -29.18% | -13.13% | -7.75% | -10.96% | -17.19% | |
| Peergroup - Property | Performance: | 6.57% | 2.70% | 18.85% | -2.89% | 24.56% | -11.60% | -2.31% | 5.11% | 4.75% | -0.74% |
| Performance vs peergroup: | +0.22% | +0.56% | +4.01% | +4.36% | +1.89% | -9.31% | +20.54% | +12.59% | +5.14% | -5.07% | |
| Benchmark - FTSE EPRA/ NAREIT Developed Index NET TR | Performance: | 2.17% | 4.84% | 22.09% | -17.14% | 33.80% | -19.69% | 9.00% | 11.24% | 1.74% | 5.54% |
| Performance vs benchmark (Alpha): | +4.62% | -1.58% | +0.76% | +18.61% | -7.35% | -1.22% | +9.23% | +6.46% | +8.16% | -11.35% | |
Fund returns
| Year | Jan % | Feb % | Mar % | Apr % | May % | Jun % | Jul % | Aug % | Sep % | Oct % | Nov % | Dec % | YTD % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.81 | -3.27 | -11.91 | 8.83 | 3.14 | 1.32 | NA | NA | NA | NA | NA | NA | -5.82 |
| 2025 | 4.19 | -6.25 | -5.02 | 6.08 | 4.94 | 2.30 | 2.92 | 4.67 | -2.72 | 0.63 | -3.01 | 1.70 | 9.89 |
| 2024 | 1.17 | 4.86 | 9.08 | -7.75 | 1.85 | 0.25 | 6.80 | 1.28 | 6.29 | -2.51 | 2.54 | -6.06 | 17.70 |
| 2023 | 8.06 | 0.06 | -6.07 | 4.72 | -1.71 | -0.40 | 3.74 | 3.16 | -8.12 | -5.45 | 10.24 | 10.78 | 18.23 |
| 2022 | -9.66 | 0.46 | 1.54 | 0.90 | -8.56 | -10.71 | 11.50 | -2.87 | -13.85 | 10.00 | 5.77 | -4.02 | -20.91 |
| 2021 | -3.65 | -2.62 | 6.41 | 3.08 | 2.00 | 5.23 | 0.43 | 6.17 | -1.85 | 0.05 | 4.02 | 5.11 | 26.45 |
| 2020 | 6.51 | -3.31 | -31.21 | 10.40 | 7.94 | -1.47 | 1.82 | 7.96 | -0.79 | -0.51 | 11.47 | 0.87 | 1.47 |
| 2019 | 6.22 | 2.99 | 5.86 | -1.96 | 2.25 | 5.52 | 2.07 | 1.98 | -3.14 | 1.16 | 2.06 | -3.65 | 22.85 |
| 2018 | -3.33 | -3.22 | -0.15 | 4.35 | 2.78 | 2.18 | 1.08 | 3.43 | -1.48 | -3.89 | -0.43 | 2.33 | 3.26 |
| 2017 | -4.85 | 4.85 | 0.71 | 2.39 | -0.90 | -4.43 | -0.47 | 1.58 | 0.45 | 2.15 | 5.21 | 0.41 | 6.79 |
| 2016 | 1.11 | 2.23 | 2.25 | 2.73 | 2.88 | 3.48 | 5.23 | -2.04 | -4.38 | -7.51 | 0.34 | 6.84 | 12.95 |
| 2015 | 7.39 | 3.44 | -1.82 | -1.08 | 1.99 | -3.92 | 5.46 | -3.78 | 0.00 | 4.97 | -2.84 | 3.40 | 13.13 |
| 2014 | 0.15 | 3.82 | -1.23 | 5.18 | -0.03 | 3.26 | 4.82 | 1.82 | -4.39 | 6.08 | 0.13 | 4.43 | 26.20 |
| 2013 | 3.93 | 3.44 | -2.53 | 8.17 | -3.54 | -1.75 | -1.17 | -0.22 | 1.33 | 2.73 | -2.81 | -1.08 | 6.03 |
| 2012 | 5.86 | 2.22 | -0.47 | 5.53 | -1.42 | 4.50 | 5.32 | 0.00 | 0.98 | 5.30 | -0.81 | 2.74 | 33.63 |
| 2011 | 2.24 | 3.91 | -1.83 | 0.85 | -0.02 | -0.93 | -5.87 | 1.92 | -4.56 | 3.75 | 2.47 | -2.18 | -0.80 |
| 2010 | -2.93 | 1.41 | 0.09 | 4.10 | -4.35 | -1.38 | 1.07 | 3.55 | -0.91 | -0.26 | -1.71 | 1.21 | -0.47 |
| 2009 | -9.21 | -13.54 | -0.43 | 5.33 | 4.81 | 5.48 | 3.31 | 15.36 | 9.47 | -8.67 | 0.65 | 3.27 | 12.71 |
| 2008 | -13.62 | -5.02 | -0.25 | 4.24 | -8.75 | -10.59 | -4.48 | 9.91 | -5.01 | -21.54 | -0.10 | -9.70 | -50.87 |
| 2007 | 2.09 | -0.16 | -3.39 | 2.86 | 3.41 | -4.36 | -4.61 | 7.85 | 2.99 | 0.37 | -5.47 | -4.14 | -3.47 |
| 2006 | -1.31 | 3.36 | -0.45 | 0.00 | -1.75 | 5.89 | 2.09 | 3.50 | 3.76 | 1.18 | 5.73 | 7.09 | 32.69 |
| 2005 | 1.38 | -2.80 | -1.63 | 0.16 | -0.71 | 4.54 | 2.26 | 1.47 | 0.16 | -2.17 | 3.54 | 5.33 | 11.74 |
| 2004 | 0.10 | 2.48 | 3.54 | -0.63 | 6.06 | 1.24 | 2.76 | 1.43 | 0.83 | 1.89 | 2.90 | 4.98 | 31.05 |
| 2003 | -0.08 | -3.21 | 6.49 | 0.50 | 5.36 | -2.88 | 0.45 | -1.74 | -1.77 | 1.90 | 1.87 | 2.32 | 9.06 |
| 2002 | -1.67 | 0.44 | 0.66 | 1.30 | 2.43 | 0.14 | -2.47 | 1.42 | 0.93 | 2.53 | 2.25 | 1.10 | 9.31 |
| 2001 | -2.26 | 1.00 | -1.29 | 1.00 | 1.45 | 3.61 | 0.54 | 3.73 | -0.52 | 3.09 | -0.44 | 2.71 | 13.12 |
| 2000 | -2.19 | 6.06 | -0.16 | 2.12 | 1.15 | 2.35 | 2.60 | 0.16 | -0.71 | -0.56 | 2.09 | 5.82 | 20.02 |
| 1999 | 1.26 | -4.50 | 2.02 | 0.73 | -4.37 | 0.61 | 6.00 | 0.00 | -1.18 | -1.51 | -0.40 | 0.65 | -1.12 |
| 1998 | 4.52 | 3.48 | -0.35 | 0.56 | -0.14 | -4.69 | 6.00 | -5.11 | 7.83 | -1.69 | 2.69 | 1.16 | 14.28 |
| 1997 | -0.13 | 5.30 | -2.03 | -0.58 | 4.08 | 5.44 | 1.75 | -3.89 | 7.37 | -5.88 | 4.57 | 2.22 | 18.75 |
| 1996 | 2.94 | -1.16 | -2.89 | 0.28 | -2.14 | 4.27 | 2.14 | 4.49 | 1.70 | 1.76 | 3.89 | -1.08 | 14.74 |
| 1995 | -2.35 | 5.06 | 3.52 | 1.70 | 2.55 | -0.86 | -1.17 | 0.09 | 0.94 | 0.19 | -0.09 | 2.32 | 12.29 |
| 1994 | 2.03 | -2.74 | -1.37 | -2.77 | 0.71 | 0.18 | 2.99 | -3.57 | -1.20 | 1.50 | -2.40 | 0.38 | -6.31 |
| 1993 | NA | NA | NA | -0.20 | -0.50 | 1.01 | 10.67 | 4.32 | -3.37 | -0.36 | -0.54 | 6.40 | 18.00 |
Only seven years of data shown. Click here to view all data.
Annual Returns
Over the past 12 months, the fund has returned -2.04% compared with the benchmark which has returned +7.14%, for a difference of -9.18%. Since inception in April 1993, the fund has returned +8.34% per annum, a difference of +0.68% relative to the benchmark which has returned +7.66% 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 $1435. 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 17.32% vs the index's 10.3%. The annualised volatility of the fund's returns since inception in April 1993 is 15.8% vs the index's 16.66%. 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 0.46 for performance over the most recent 36 months to a low of -0.25 over the latest 12 months, and is 0.34 for performance since inception. By contrast, the FTSE EPRA/ NAREIT Developed NET TR Index's Sharpe for performance since April 1993 is 0.34.
Annual Standard Deviation
Sharpe Ratio
Performance in Positive Markets
Since inception in April 1993 in the months where the market was positive, the fund has provided positive returns 74% of the time
Performance in Negative Markets
Since inception in April 1993 in the months where the market was negative, the fund has provided positive returns 28% of the time, contributing to a down-capture ratio for returns since inception of 97.68%. Over all other periods, the fund's down-capture ratio has ranged from a high of 114.45% over the most recent 48 months to a low of 87.53% 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 0.54 for performance over the most recent 36 months to a low of -0.42 over the latest 12 months, and is 0.35 for performance since inception. By contrast, the FTSE EPRA/ NAREIT Developed NET TR Index's Sortino for performance since April 1993 is 0.33.
Drawdown
Over the past 12 months, the fund's largest drawdown was -20.04% vs the index's -5.32%, and since inception in April 1993 the fund's largest drawdown was -65.2% vs the index's maximum drawdown over the same period of -68.37%.
Sortino Ratio
Drawdown%
Quintile Ranking vs. Average Property as of May 2026
The performance of the Pendal Property Investment Fund ranked it in the first or second quintile for Total Return over 3, 5 & 7 years, and in the second quintile for Sharpe and Sortino over 3, 5 & 7 years.
Over the past 12 months, the fund has returned -2.04% compared with the peer group which has returned an average of +1.24%, for a difference of -3.28%.
The fund's returns over the past 12 months have been achieved with a volatility of 17.32% vs the peer group's average volatility of 7.95%. The annualised volatility of the fund's returns since inception in April 1993 is 15.8% vs the peer group's 11.41%. Over all other periods, the fund's returns have been more volatile than the peer group.