SHARE PRICE
NTA PRE-TAX
NTA POST-TAX
Portfolio return
(20 years)
DIVIDEND YIELD1
consecutive quarterly dividends paid
1. Dividend yield is based on current displayed share price and dividends declared over the previous 12 months
2. Grossed up yield is based on current displayed share price, dividends declared over the previous 12 months and the tax rate and franking percentage applicable for the most recently declared dividend
INTERNATIONAL. ETHICAL. DIVIDENDS.
THE LARGEST INTERNATIONAL ETHICALLY SCREENED LIC ON THE ASX
Targeting fully-franked dividends. Paid quarterly.
Pengana International Equities Limited (trading on the ASX as ‘PIA’) is a Listed Investment Company (“LIC”) that exists to provide shareholders with capital growth as well as regular, reliable, and fully franked dividends.
The strategy aims to generate superior risk-adjusted returns, through investing in an actively managed portfolio of global companies that meet the team’s high quality and durable growth criteria at reasonable prices. A robust responsible investment framework provides an added layer of risk mitigation.
These companies are identified through the conduct of fundamental research, with a long-term, global perspective, and must exhibit the following four key investment criteria: competitive advantages, quality management, financial strength, and sustainable growth potential.
Harding Loevner was appointed the investment manager on 10th May 2021. Harding Loevner is a New Jersey-based global equity fund manager formed in 1989.
Benefits of investing in PIA’s LIC structure
• Skilled investment team
• A truly active strategy
• Investment in high quality businesses at compelling valuations
• Focus on risk and return
• Responsible investment process
• Investment approach that is suitable across differing market environments
The portfolio utilises a negative screening process which seeks to avoid investment in companies that derive operating revenues from direct and material business involvement* in the following sectors the investment manager considers unethical::
*Material business involvement is generally considered to be over 5% of production of, or 15% aggregate revenue from, the production, distribution and retail of the screened product/service. For thresholds on each specific screen please refer to the Responsible Investment Policy HERE
OUR INVESTMENT PHILOSOPHY
Investing in high-quality, ethically screened, growing businesses at reasonable prices leads to superior risk-adjusted returns over the long term.
This “quality-growth” investment philosophy has been the foundation of Harding Loevner’s strategies since the firm was founded in 1989. Read more >>
The philosophy is expressed in the four key criteria that a company must meet before we will consider it for investment:
Competitive Advantage
Sustainable return on capital above cost of capital within a supportive industry structure enabling it to earn better financial returns than rivals.
Sustainable Growth
An industry structure supporting long-term growth in revenues, earnings, and cash-flow.
Growth underpinned by long-term fundamental trends, not ephemeral factors.
Financial Strength
Balance sheet strength and free cash flow generation to fund long-term growth in all environments.
Quality Management
Skilful management with a good record, a clear strategy, and a consistent regard for shareholders.
PERFORMANCE
- CHART
- TABLE
Performance for periods greater than 12 months is the compound annual return.
Total Shareholder Return refers to the movement in share price plus dividends declared for the period, not including the benefit of franking credits attached to dividends paid
Total Portfolio Return refers to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains.
Index refers to MSCI World Total Return Index, Net Dividends Reinvested, in A$.
Past performance is not a reliable indicator of future performance, the value of investments can go up and down. None of Pengana International Equities Limited (‘PIA’), Pengana Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. This information has been prepared by PIA and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation. The figures are unaudited.
Source: PCG and Bloomberg.
Pengana International Equities Limited
PERFORMANCE AT 30 Sep 2024
| 1M | 1Y | 5Y | 15Y | 20Y | |
|---|---|---|---|---|---|
| Total Portfolio Return | -0.1% | 20.1% | 8.3% | 9% | 8% |
| Total Shareholder Return | 1.4% | 16.9% | 6.2% | 6.5% | 4.2% |
| Index | -0.4% | 23.1% | 12.4% | 12.1% | 8.8% |
Swipe horizontally to see all columns
Performance for periods greater than 12 months is the compound annual return.
Total Shareholder Return refers to the movement in share price plus dividends declared for the period, not including the benefit of franking credits attached to dividends paid
Total Portfolio Return refers to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains.
Index refers to MSCI World Total Return Index, Net Dividends Reinvested, in A$.
Past performance is not a reliable indicator of future performance, the value of investments can go up and down. None of Pengana International Equities Limited (‘PIA’), Pengana Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. This information has been prepared by PIA and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation. The figures are unaudited.
Source: PCG and Bloomberg.
PORTFOLIO
Total portfolio holdings as at 30 Sep 2024: 56
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
THE TEAM
Key Facts
ASX CODE:
PIA
RECOMMENDED TIMEFRAME:
5 years or more
TYPICAL NUMBER OF STOCKS:
35-75
MANDATED:
1 July 2017
PIA Inception: 19 March 2004
Current Strategy Inception: 30 November 1989
DIVIDEND FREQUENCY:
QUARTERLY
BENCHMARK:
MSCI World Total Return Index (net) in $A
MANAGEMENT FEE:*
1.23% p.a.
PERFORMANCE FEE:*
15.38% of any return greater than the Benchmark
*Fees are stated inclusive of GST and net of RITC. For more information, refer to the Fund’s product disclosure statement available under the Reports & Resources section.
PLATFORM AVAILABILITY
- Colonial First Wrap
- HUB24 – IDPS
- IOOF Core
- IOOF Pursuit
- Mason Stevens
- MLC Wrap/Navigator -IDPS
- Macquarie Wrap – Super/Pension
- Powerwrap
RATINGS
Zenith
Lonsec
Independent Investment Research
Pengana Capital Group
Harding Loevner
Pengana International Equities Limited has been certified by RIAA according to the strict operational and disclosure practices required under the Responsible Investment Certification Program. See www.responsiblereturns.com.au for details.
RIAA’s RI Certification Symbol signifies that a product or service offers an investment style that takes into account environmental, social, governance, or ethical considerations. The Symbol also signifies that Pengana International Equities Limited adheres to the strict operational and disclosure practices required under the Responsible Investment Certification Program for the category of Product. The Certification Symbol is a Registered Trademark of the Responsible Investment Association Australasia (RIAA). Detailed information about RIAA, the Symbol and Pengana International Equities Limited’s methodology, performance, and stock holdings can be found at www.responsiblereturns.com.au, together with details about other responsible investment products certified by RIAA.1
1. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.
REPORTS AND RESOURCES
- Monthly Reports
- Responsible Investment
- Portfolio Holdings
- September 2024 - September Report
- August 2024 - August Report
- July 2024 - July Report
- June 2024 - June Report
- May 2024 - Tech Stocks Propel Global Equities in May
- April 2024 - April Report
- March 2024 - March Report
- February 2024 - Global share markets continued to perform
- January 2024 - Global share markets continued to make gains
- December 2023 - Global share markets continued to perform strongly
- November 2023 - November Report
- October 2023 - October Report
- September 2023 - September Report
- August 2023 - August Report
- July 2023 - Global share markets strengthened
- June 2023 - June Report & Dividend Announcement
- May 2023 - May Report
- April 2023 - April Report
Portfolio holdings as at 28/06/2024
- AbbVie Inc
- Accenture PLC
- Adobe Inc
- Adyen NV
- AIA Group Ltd
- Alcon Inc
- Alphabet Inc
- Amazon.com Inc
- Apple Inc
- Applied Materials Inc
- ASML Holding NV
- Atkore Inc
- Atlas Copco AB
- B3 SA - Brasil Bolsa Balcao
- Bank Central Asia Tbk PT
- Booking Holdings Inc
- Broadcom Inc
- Chugai Pharmaceutical Co Ltd
- CME Group Inc
- CoStar Group Inc
- Costco Wholesale Corp
- Danaher Corp
- Deere & Co
- Diploma PLC
- Epiroc AB
- Genmab A/S
- GLOBANT SA
- Haleon PLC
- HDFC Bank Ltd
- Intuitive Surgical Inc
- Kering SA
- Keyence Corp
- L'Oreal SA
- Meta Platforms Inc
- Microsoft Corp
- MISUMI Group Inc
- Netflix Inc
- NIKE Inc
- Pinterest Inc
- Repligen Corp
- Roche Holding AG
- Rockwell Automation Inc
- Salesforce Inc
- SAP SE
- Schneider Electric SE
- Scout24 SE
- ServiceNow Inc
- SGS SA
- Sony Group Corp
- Spirax-Sarco Engineering PLC
- Symrise AG
- Synopsys Inc
- Taiwan Semiconductor Manufactu
- Tencent Holdings Ltd
- Thermo Fisher Scientific Inc
- Tradeweb Markets Inc
- UnitedHealth Group Inc
- Vertex Pharmaceuticals Inc
- WAL MART DE MEXICO
Shareholders
Frank Gooch
B.Bus, CPA
Independent, Chairman (appointed 6 December 2017), Non-executive Director (appointed 5 June 2017)
Mr Francis Gooch was appointed as a non-executive Director of the Company by the Board on 5 June 2017 and was elected by shareholders at the Company’s 2017 Annual General Meeting. On 6 December 2017 he was appointed Chairman of Directors. He is also a member of the Company’s Audit, Risk and Compliance Committee and of the Independent Board Committee.
Mr Gooch has over 28 years’ experience in the LIC industry after having been an executive of Milton Corporation Limited since 1996. He became Chief Executive in 1999 and was made the Managing Director in 2004. Mr Gooch retired from Milton on 31 July 2018.
Mr Gooch has also served as chairman of the LIC industry body, Australian Listed Investment Companies Association. Prior to joining Milton Corporation Limited Mr Gooch worked at Macquarie Bank Limited for 11 years.
David Groves
BCom., MCom., CA, FAICD
Non-independent, Non-executive Director (appointed 13 January 2017)
Mr Groves is a Non-executive Director of the Company. He is also a member of the Company’s Audit, Risk and Compliance Committee.
Mr Groves has over 25 years’ experience as a company director. He is the Non-executive Independent Chair of Pengana Capital Group Limited (ASX:PCG) & H&G High Conviction Limited (ASX:HCF). He is also a Non-executive Director of MA Redcape Hotel Fund RE Limited as responsible entity of the MA Redcape Hotel Fund. He is a former Director of EQT Holdings Ltd, Tassal Group Ltd and GrainCorp Ltd and a former executive with Macquarie Bank Limited and its antecedent, Hill Samuel Australia.
Mr Groves is a member of the Council of Wollongong University. He is a member of Chartered Accountants Australia and New Zealand.
Sandi Orleow
CFA, GAICD
Independent, Non-executive Director (appointed 1 September 2019)
Ms Orleow is a Non-executive Director of the Company. She is also Chairman of the Company’s Audit, Risk and Compliance Committee.
Ms Orleow is an experienced non-executive director with deep expertise in financial services, superannuation, investments and business
transformation. She has worked across multiple geographies and has proven success in leveraging established processes into new markets and
building new profit centres. Including setting up the South African office of a large Canadian consulting business and setting up the specialist
private markets consulting proposition for a large global consultant in Australia.
Ms Orleow has served and continues to serve on a range of boards and committees including those of government entities, private and listed
companies, superannuation, and member-based organisations. Her current roles include; Trustee Director Active Super; Director Sydney
Financial Forum and is the Chair of the CFA (Chartered Financial Analyst) Australia Diversity Council.
Ms Orleow is a CFA Charterholder, a graduate of the Australian Institute of Company Directors and a Banking + Finance Services Oath
Signatory.
Russel Pillemer
B.Com, CA
Non-independent, Managing Director (appointed Non-Executive Director 5 June 2017, Managing Director 21 February 2019)
Mr Pillemer is the Managing Director of the Company.
Mr Pillemer is also a Director and Chief Executive Officer of Pengana Capital Group Limited.
Mr Pillemer co-founded Pengana in 2003 and has been its Chief Executive Officer since inception. Prior to founding Pengana, Mr Pillemer worked in the Investment Banking Division of Goldman Sachs in New York where he specialised in providing advice to funds management businesses. Before moving to New York, he was responsible for leading Goldman Sachs’ Australian Financial Institutions Group. Mr Pillemer was previously Chairman of Centric Wealth Group and a Principal of Turnbull Pillemer Capital.
He is a member of the Institute of Chartered Accountants in Australia and has a Bachelor of Commerce (Hons) from the University of New South Wales.
NEWS AND INSIGHTS
ASA Virtual Investor Summit 2024: Global Diversification and Dividend Insights with Tim Richardson
In this session, Tim Richardson, Investment Specialist at Pengana Capital Group, shares his expertise on global diversification and sustainable investing....