The Pengana Global Small Companies Fund is an actively managed portfolio of global small-cap stocks.
The Fund’s investments are managed by specialist US-based manager Lizard Investors LLC, who create and actively manage small-cap portfolios typically owned by large institutions.
The investment manager uses a value-oriented approach to identify and invest in quality businesses that create significant value but are mispriced, overlooked, or out of favour.
The portfolio is well-diversified across different geographies and industries.
WHY GLOBAL SMALL CAPS
Potential for higher returns.
Global small-cap stocks have the potential to deliver higher returns (alpha) due to the underlying growth potential of the companies.
Access to a vast investment universe.
With over 50,000 listed global small to mid-cap companies on world stock markets, there are many opportunities for investment managers that can generate their own ideas and conduct independent research.
Global small caps are under-owned
- Over 90% of all listed companies have a market cap of less than $3bn
- Small- and mid-cap companies comprise 32% of global market capitalisation, yet investors only have a 3% allocation
Active Management is essential
- Small companies are inherently less efficient than large companies. Relative inefficiency creates opportunities for active managers.
- The vast majority of small-cap companies do not have analyst coverage
Investment opportunities must meet ALL the following 5 criteria to be considered for inclusion in the portfolio:
1
SUSTAINABLE BUSINESS MODEL
Enduring competitive advantage
2
STRONG BALANCE SHEET
Able to self-fund if capital markets close
3
DISCIPLINED AND ALIGNED MANAGEMENT
Motivated by return on invested capital
4
CORPORATE GOVERNANCE
Protects minority shareholders
5
COMPELLING VALUATION
Inexpensive relative to unlevered free cash flow
PERFORMANCE
- CHART
- TABLE
- UNIT PRICES
Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
Inception date: 1 April 2015
PERFORMANCE AT 30 Jun 2026
| 1 MTH | 1 YEAR | 2 YEARS P.A. | 3 YEARS P.A. | 5 YEARS P.A. | SINCE INCEPTION P.A. | |
|---|---|---|---|---|---|---|
| Global Small Companies Fund | 0.8% | -6.9% | 5.2% | 3.9% | 0.5% | 6.0% |
| MSCI All Country World SMID Cap Index unhedged in AUD | 4.3% | 16.6% | 17.4% | 15.0% | 9.0% | 9.8% |
Swipe horizontally to see all columns
Net performance figures are shown after all fees and expenses, and assume reinvestment of distributions. Performance figures are calculated using net asset values after all fees and expenses, and assume reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
Inception date: 1 April 2015
PORTFOLIO
Total portfolio holdings as at 30 Jun 2026: 32
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
Allocations may not sum to 100% due to rounding.
THE TEAM
Fund Facts
MINIMUM INVESTMENT:
$10,000
RECOMMENDED TIMEFRAME:
Three or more years
INCEPTION DATE:
1 April 2015
BENCHMARK:
MSCI All Country World Index SMID Cap (unhedged in Australian dollars)
MANAGEMENT FEE:*
1.1% p.a. of the Class’ net asset value
PERFORMANCE FEE:*
20.5% (including GST net of RITC) of any return of the Class greater than the return of the benchmark Index.
BUY/SELL SPREAD:
0.30% on both applications and redemptions
ENTRY/ EXIT FEES:
Nil
FUND PRICING:
Daily
DISTRIBUTION FREQUENCY:
Twice yearly (June and December)
TYPICAL NUMBER OF STOCKS:
30-80
APIR CODE:
PCL0022AU
*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
- AMP North
- BT Asgard
- BT Panorama
- Centric – IDPS & Super
- CFS Edge
- Dash
- HUB24
- Macquarie Wrap – IDPS & Super
- Mason Stevens – IDPS & Super
- Netwealth – IDPS & Super
- Praemium – – IDPS, Super, SMA & Powerwrap
RATINGS
Lonsec Rating
Zenith Rating
Pengana Capital Group
The Zenith Fund Awards were issued on 15 October 2021 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is General Advice for Wholesale clients only without taking into consideration the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice. Investors should obtain a copy of and consider any relevant PDS or offer document before making any investment decisions. Past performance is not an indication of future performance. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only.
REPORTS AND RESOURCES
- Monthly Reports
- Financial Reports
- Responsible Investing
- PDS & TMD
- Notices
- 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
- September 2025 - September Report
- August 2025 - August Report
- July 2025 - July Report
- June 2025 - June Report
- May 2025 - May Report
- April 2025 - April Report
- March 2025 - March Report
- February 2025 - February Report
- January 2025 - January Report
- December 2024 - December Report
- Annual Financial Report 30 June 2025 Pengana Global Small Company Fund
- Annual Financial Report 30 June 2024 Pengana Global Small Company Fund
- Half Year Financial Report 31 Dec 2023 Pengana Global Small Company Fund
- Jun 23 - Statutory Financial Statements
- Annual Report to 30 June 2022
- Half Year Financial Report to 31 December 2021
- Annual Report to 30 June 2021
- Half year report to 31 December 2020
- Annual Report to 30 June 2020
- Annual Report to 30 June 2019
- Annual Report to 30 June 2018
NEWS AND INSIGHTS
Global Small Companies Webinar
Webinar Sections: In this engaging conversation-style webinar, Adam Myers (Head of Distribution at Pengana) speaks with John Moog (Portfolio Manager...