The Pengana Harding Loevner International Fund invests in high-quality, growing companies identified through fundamental research with a long-term, global perspective.
Pengana has appointed Harding Loevner to managed the Fund. Harding Loevner is a New Jersey-based global equity fund manager formed in 1989 with over US$50billion in Assets under Management.
Harding Loevner’ analysts search the world for companies that meet their high quality and durable growth criteria, conduct fundamental research, then value and rate their stocks to make them available to PMs for investment.
Investing in high-quality, 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.
The philosophy is expressed in the four key criteria that a company must meet before being considered for investment:
Competitive Advantage
Sustainable return on capital above cost of capital within a supportive industry position 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
Skillful management with a good record, a clear strategy, and a consistent regard for shareholders.
A better framework for investment decisions
Harding Loevner believes that structure, transparency, debate and individual accountability mitigate human biases, lead to better decisions, and align their individual objectives with their clients’ objectives.
Collaboration Without Consensus
The investment team collaborate to foster opposing viewpoints, not to achieve consensus. Individuals, not committees, make decisions and are solely accountable for the results.
Long Term Horizon
Undistracted by high-frequency information that is often noise, Harding Loevner focus on a few fundamental signals that show companies’ progress in creating value. Equity-based compensation aligns their goals and time horizon with those of their clients.
Replication Through a Disciplined Process
Success can only be replicated through a repeatable process. Harding Loevner’s structured investment process mitigates the unconscious biases that plague human decision-making.
Transparency
Requiring views to be written and broadly shared lets the analysts see what others are thinking and puts them on the record. This transparency facilitates objective appraisal of contributions and continuous self-improvement, at the level of both the individual and the organization.
Performance Since Strategy Inception
- CHART
- TABLE
- UNIT PRICES
Net performance figures are shown 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 the investment can go up or down.
Prior to June 2021, the Harding Loevner Global Equity Strategy performance (labelled ‘Current Strategy (Partial Simulation)’ and shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross returns of the Harding Loevner Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of Class B. From June 2021 the strategy performance is the performance of the Pengana Harding Loevner International Fund Class B.
Net performance figures are shown 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 the investment can go up or down.
Prior to June 2021, the Harding Loevner Global Equity Strategy performance (labelled ‘Current Strategy (Partial Simulation)’ and shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross returns of the Harding Loevner Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of Class B. From June 2021 the strategy performance is the performance of the Pengana Harding Loevner International Fund Class B.
THE TEAM
Fund Facts
MINIMUM INVESTMENT:
$10,000
RECOMMENDED TIMEFRAME:
5 years or more
INCEPTION DATE:
Fund: 1 July 2015
Strategy: 30 November 1989
FUND PRICING:
Daily
DISTRIBUTION FREQUENCY:
Annually in June
TYPICAL NUMBER OF STOCKS:
35 – 75
BENCHMARK:
MSCI All Country World Total Return Index (net) in $A
BUY/SELL SPREAD:
0.20% on both applications and redemptions
ENTRY/ EXIT FEES:
Nil
MANAGEMENT AND PERFORMANCE FEES:*
Investors have the choice of:
Class B: For investors looking for a set cost investment management fee with no performance fees
Management fee: 0.95% of the Class’ net asset value
Performance Fee: Nil
Class E: For investors who prefer to pay a lower management fee with performance fees paid on a returns basis
Management fee: 0.65% of the Class’ net asset value
Performance Fee: 15% on all performance above the MSCI All Country World Index
APIR CODE:
Class B: PCL0026AU
Class E: PCL1284AU
*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
- BT Panorama
- Dash
- Hub24
- Macquarie Wrap
- Mason Stevens
- Netwealth
- Praemium
RATINGS
Pengana Capital Group
Harding Loevner
REPORTS AND RESOURCES
- Monthly Reports
- FINANCIAL REPORTS
- Responsible Investment
- PDS & TMD
- Notices
- 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
- November 2024 - November Report
- October 2024 - October Report
- September 2024 - September Report
- August 2024 - August Report
- Annual Financial Report 30 June 2025
- Annual Financial Report 30 June 2024 Pengana Harding Loevner International Fund
- Half Year Financial Report to 31 December 2023
- Annual Report to 30 June 2023
- Half Year Financial Report to 31 December 2022
- Annual Report to 30 June 2022
- Half Year Financial Report to 31 December 2021
- Annual Report to 30 June 2021
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