Pengana Global Private Credit Trust Reports 0.48% October 2026 Net Return with NAV of A$1.97

Aakashdeep

11 November 2026 12:32 PM AEDT

Pengana Global Private Credit Trust Reports 0.48% October 2026 Net Return with NAV of A$1.97

Image Source: Krish Capital Pty Ltd

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Pengana Global Private Credit Trust (ASX:PCX) has released its October 2026 monthly report, disclosing a net fund return of 0.48% for the month and a NAV per unit of A$1.97, with the trust maintaining a market capitalisation of A$248.46 million and a unit price of A$1.94 on the ASX as at 31 October 2026.

Key Points

NAV per unit of A$1.97 and ASX unit price of A$1.94 as at 31 October 2026
October 2026 net fund return of 0.48%, bringing the year-to-date 2026 return to 4.53%
Monthly distribution of 1.3 cents per unit paid in October 2026, with year-to-date 2026 distributions totalling 13 cents per unit
Portfolio provides exposure to more than 4,500 loans across 33 underlying funds, managed by 29 specialist credit managers
Portfolio allocated 51% to the US and 43% to Europe by geography, with 79% first lien seniority

October 2026 Fund Performance and Distribution

According to the filing, the trust recorded a net return of 0.48% in October 2026, contributing to a year-to-date 2026 net return of 4.53%. For the full year 2025, the fund returned 9.42%. Since inception, the annualised return stood at 7.2%, while the since-inception annualised distribution return was 8.1%. The one-year net return was disclosed at 6.3%. A monthly distribution of 1.3 cents per unit was paid in October 2026, consistent with distributions paid each month of 2026 to date, bringing the 2026 year-to-date distribution total to 13 cents per unit.

Portfolio Composition and Strategy Allocation

The filing states the trust holds exposure to more than 4,500 loans through 33 underlying funds, managed by 29 specialist credit managers across the US and Europe. By strategy, the portfolio is allocated 67% to direct lending, 15% to credit opportunities, 12% to structured credit, 2% to specialty finance, 1% to other, and 4% to cash. By seniority, 79% is first lien, 10% subordinated, and 7% equity. The portfolio is described as predominantly invested in senior secured loans to established businesses, with no exposure to Australian real estate and minimal exposure to global real estate. The trust is fully hedged to the Australian dollar.

Market Context Disclosed in October Report

The filing notes that credit markets remained broadly firm through October, though elevated volatility persisted due to higher rates, heavy government and corporate borrowing, and geopolitical tension. Long-term US bond yields rose to around 5%, close to highs last seen in 2008. The Federal Reserve was expected to raise rates again before year-end following a move to 3.75–4.00% in September, according to the filing. The report states that dispersion between stronger and weaker credits continued to widen, with more concentrated portfolios underperforming more diversified ones, and that public credit was trading more closely with equities than usual.

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