EXCITING NEWS
IMPORTANT SHAREHOLDER INFORMATION
PIA’s Board has announced its intention to transition the Company’s portfolio to the ANTIPODES GLOBAL SMID investment strategy.
This is the same investment strategy that is used by the Antipodes Global SMID ETF.
The Antipodes Global SMID strategy has returned 26.7% p.a. since inception (2 November 2022) to 31 July 2026, outperforming its benchmark by 13.7% p.a. , while over the most recent 12 months it returned 24.3%, exceeding the benchmark return of 10.2% by 14.1 percentage points.
FIND OUT MORE ABOUT THE NEW STRATEGY HERENote that the above website link is for the Antipodes Global SMID ETF. The intended investment strategy will be the same as that used by this ETF but will not be an ETF, ie PIA will remain a listed investment company that targets the payment of fully franked dividends to shareholders.
Performance of the Antipodes Global SMID Active ETF (ASX: MIDS) to 31 July 2026. Past performance is not a reliable indicator of future performance. The PIA portfolio may differ from the MIDS portfolio due to PIA’s ethical screening requirements and other portfolio construction considerations.
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 the most recently declared dividend, annualised
2. Grossed up yield is based on current displayed share price, the most recently declared dividend, annualised, 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 an Australian Listed Investment Company (“LIC”) that exists to provide shareholders with capital growth over the long term from investing in an ethically screened and actively managed portfolio of global businesses in addition to providing shareholders with regular, reliable and fully franked dividends.
Benefits of investing in PIA
- Skilled investment team with a responsible investment process
- A truly active strategy with a focus on risk and return
- Investment in high quality businesses
Benefits of investing in PIA’s LIC structure
- Quarterly fully franked dividends
- Shares can be bought and sold on the ASX
- Investment activities are not affected by redemptions or unexpected cash inflows or outflows
- Regular reporting to shareholders e.g. semi-annual financial reports, monthly performance reports and weekly NTA
- Shareholders can interact with directors and management
- The company is subject to ASX and ASIC supervision
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 that 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.
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$.
Past performance is not a reliable indicator of future performance, the value of investments can go up and down. None of Pengana International Equities Limited (‘PIA’), Pengana Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. This information has been prepared by PIA and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation. The figures are unaudited.
Source: PCG and Factset.
PERFORMANCE AT 30 Sep 2026
| 1M | 1Y | 5Y | 15Y | 20Y | |
|---|---|---|---|---|---|
| Total Portfolio Return | 1.9% | 3.8% | 4.2% | 10.2% | 6.9% |
| Total Shareholder Return | 7.5% | 9.1% | 1.7% | 8.1% | 4.4% |
| Index | 1.8% | 9.8% | 12.7% | 14.9% | 8.9% |
Swipe horizontally to see all columns
Performance for periods greater than 12 months is the compound annual return.
Total Shareholder Return refers to the movement in share price plus dividends declared for the period, not including the benefit of franking credits attached to dividends paid
Total Portfolio Return refers to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains.
Index refers to MSCI World Total Return Index, Net Dividends Reinvested, in A$.
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 Factset.
PORTFOLIO
Total portfolio holdings as at 30 Sep 2026: 54
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
Key Facts
ASX CODE:
PIA
RECOMMENDED TIMEFRAME:
5 years or more
TYPICAL NUMBER OF STOCKS:
35-75
INCEPTION DATE:
PIA ASX Listing Date: 19 March 2004
Appointment of PCG as Investment Manager: 1 July 2017
Appointment of Harding Loevner as Investment Team: 10 May 2021
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.
PLATFORM AVAILABILITY
- CFS Edge
- Dash
- Hub24
- Macquarie Wrap – Super
- Mason Stevens – IDPS
- Netwealth
- Praemium
- Powerwrap
RATINGS
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
- Documents
- September 2026 - September Report
- August 2026 - August Report
- July 2026 - July Report
- June 2026 - June Report
- May 2026 - May Report
- April 2026 - April Report
- March 2026 - March Report
- February 2026 - February Report
- January 2026 - January Report
- December 2025 - December Report
- November 2025 - November Report
- October 2025 - October Report
- View All Reports Show Fewer Reports
Portfolio holdings as at 31/07/2026
- AbbVie, Inc.
- Accenture Plc Class A
- Adobe Inc.
- AIA Group Limited
- Alimentation Couche-Tard Inc.
- Alphabet Inc. Class A
- Amazon.com, Inc.
- AMETEK, Inc.
- Amphenol Corporation Class A
- Apple Inc.
- ASML Holding NV
- Atkore Inc
- Booking Holdings Inc.
- Broadcom Inc.
- Chugai Pharmaceutical Co., Ltd.
- Compass Group PLC
- Contemporary Amperex Technology Co., Limited Class
- Danaher Corporation
- Deere & Company
- Delta Electronics, Inc.
- Diploma PLC
- Elevance Health, Inc.
- Epiroc AB Class A
- Equifax Inc.
- Haleon PLC
- HDFC Bank Limited Sponsored ADR
- HEICO Corporation
- Honeywell International Inc.
- Infineon Technologies AG
- Johnson & Johnson
- JPMorgan Chase & Co.
- Keyence Corporation
- Kubota Corporation
- Lenovo Group Limited
- Meta Platforms Inc Class A
- Microsoft Corporation
- Netflix, Inc.
- Neurocrine Biosciences, Inc.
- nVent Electric plc
- NVIDIA Corporation
- Progressive Corporation
- Reinsurance Group of America, Incorporated
- Roche Holding Ltd
- Ryanair Holdings PLC Sponsored ADR
- Samsung Electronics Co., Ltd.
- SAP SE Sponsored ADR
- Schneider Electric SE
- SGS SA
- Sony Financial Group Inc.
- Sony Group Corporation
- Spotify Technology SA
- Taiwan Semiconductor Manufacturing Co., Ltd. Spons
- Tencent Holdings Ltd
- Thermo Fisher Scientific Inc.
- Tradeweb Markets, Inc. Class A
- Visa Inc. Class A
Shareholders
EXCITING NEWS
IMPORTANT SHAREHOLDER INFORMATION
PIA’s Board has announced its intention to transition the Company’s portfolio to the ANTIPODES GLOBAL SMID investment strategy.
This is the same investment strategy that is used by the Antipodes Global SMID ETF.
The Antipodes Global SMID strategy has returned 26.7% p.a. since inception (2 November 2022) to 31 July 2026, outperforming its benchmark by 13.7% p.a. , while over the most recent 12 months it returned 24.3%, exceeding the benchmark return of 10.2% by 14.1 percentage points.
FIND OUT MORE ABOUT THE NEW STRATEGY HERENote that the above website link is for the Antipodes Global SMID ETF. The intended investment strategy will be the same as that used by this ETF but will not be an ETF, ie PIA will remain a listed investment company that targets the payment of fully franked dividends to shareholders.
Performance of the Antipodes Global SMID Active ETF (ASX: MIDS) to 31 July 2026. Past performance is not a reliable indicator of future performance. The PIA portfolio may differ from the MIDS portfolio due to PIA’s ethical screening requirements and other portfolio construction considerations.
Frank Gooch
Non-Executive Chairman
Frank Gooch has over 28 years’ experience in the listed investment company industry. He was an executive of Milton Corporation Limited from 1996, becoming Chief Executive in 1999 and Managing Director in 2004, before retiring in July 2018. He has also served as Chair of the Australian Listed Investment Companies Association. Prior to joining Milton, Frank was an executive at Macquarie Bank Limited for 11 years.
Frank previously served as a Director and Chair of Pengana International Equities Limited from 2017 until February 2026 and rejoined the Board in September 2026, when he was appointed interim Chair.
Brendan O’Dea
Non-Executive Director
Brendan O’Dea is an experienced global equity markets executive with extensive investment and business management experience. He was formerly Chief Investment Officer of Washington H. Soul Pattinson and Company Limited (ASX: SOL), having previously served as Managing Director and Chief Executive Officer of Milton Corporation Limited for three years.
Prior to joining Milton, Brendan spent 22 years with Citigroup in Sydney, Hong Kong, New York and Tokyo, including as a Managing Director.
Brendan holds a Bachelor of Economics from the University of Sydney and a Master’s Degree in Business Finance from the University of Technology Sydney. He is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Richard Caldwell
Non-Executive Director
Richard achieved a combined law degree (BEc/LLB – Accounting Major) at Sydney University in 1984 after having completed his secondary education at The King’s School where he received the highest ATAR in his academic year.
After university, Richard was the sole graduate corporate finance intake at Citibank, Sydney.
Citibank deployed him in risk management and foreign exchange trading roles. Later, Richard moved to JP Morgan, London and thrived in the challenge of international markets. At JP Morgan he was promoted to vice-president and supervised significant debt security trading, arbitrage and portfolio management operations across a very broad spectrum of credits, from sovereign to ‘junk’. Risk management was an important focus. In 1992, Richard returned to Citibank, Sydney in the role of Head of Fixed Interest Trading.
In 1997, Richard resigned and transitioned to his original vocational calling and entered Australian stockbroking, ultimately as Head of Corporate Finance and Equity Capital Markets at Tricom where he grew the business from fledging to 4th on the Australian equity issuance league tables. Here his advisory experience included financial institutions, media, renewable energy, resources, technology and transport et al.
Richard is considered widely experienced and knowledgeable across corporations law, capital markets and governance. In that context, he was invited to conceive and teach the Equity Capital Markets stream at Macquarie University. As an industry-based lecturer, Richard taught in the university’s leading master’s degree program throughout Australia and South-East Asia from 2004 to 2010.
Since 2012, Richard has undertaken executive and non-executive roles in Australian ASX listed companies, including Greatcell Solar Limited and Southern Hemisphere Mining, where he now provides advice in treasury, fund-raising, international transactions and corporate governance.
Richard also enjoys not-for-profit roles. He was chair of the Medical Foundation, Sydney University (6 years) and chair of Ascham School Foundation (8 years). Both foundations grew very significantly in FUM and projects during the periods of his stewardship.
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