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 ETHICAL LIC ON THE ASX
Targeting fully-franked dividends. Paid Quarterly.
![Pengana PIA logo landscape_RGB](https://pengana.com/wp-content/uploads/Pengana-PIA-logo-landscape_RGB.png)
Pengana International Equities Limited (trading on the ASX as ‘PIA’) is a Listed Investment Company (“LIC”) that exists to provide shareholders with continued 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 with over US$84billion in Assets under Management.
Benefits of investing in PIA’s LIC structure
- Shares can be bought and sold on the ASX
- Quarterly-annual fully franked dividends
- Investment activities are not affected by redemptions or unexpected cash inflows or outflows
- Regular reporting to shareholders e.g. semi-annual financial 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:
![PIA Responsible frameworks 20230719](https://pengana.com/wp-content/uploads/PIA-Responsible-frameworks-20230719.png)
*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 Shareholder Return refers to the movement in share price plus dividends declared for the period.
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 31 Jul 2024
1M | 1Y | 5Y | 15Y | 20Y | |
---|---|---|---|---|---|
Total Portfolio Return | 2.7% | 17.3% | 8.9% | 10.1% | 8.3% |
Total Shareholder Return | -3.1% | 7.9% | 6.1% | 6.5% | 4.1% |
Index | 4.1% | 22.1% | 13.3% | 12.4% | 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 Shareholder Return refers to the movement in share price plus dividends declared for the period.
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 31 Jul 2024: 58
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
![](https://pengana.com/wp-content/uploads/ALC_original.png)
![](https://pengana.com/wp-content/uploads/alpha-1-e1638852393149.jpg)
![](https://pengana.com/wp-content/uploads/download-7.png)
![](https://pengana.com/wp-content/uploads/meta.jpg)
![](https://pengana.com/wp-content/uploads/download-9.png)
![](https://pengana.com/wp-content/uploads/Netflix_2015_logo.svg.webp)
![](https://pengana.com/wp-content/uploads/download-29.png)
![](https://pengana.com/wp-content/uploads/Schneider_Electric_2007.svg.png)
![](https://pengana.com/wp-content/uploads/Stock-Icons/TMO_original.png)
![](https://pengana.com/wp-content/uploads/1200px-Vertex_logo.svg-1.png)
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
REPORTS AND RESOURCES
- Monthly Reports
- Responsible Investment
- Portfolio Holdings
- 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
- March 2023 - March Report
- February 2023 - February report
Portfolio holdings as at 30/04/2024
- AbbVie Inc
- Accenture PLC
- Adobe Inc
- Adyen NV
- AIA Group Ltd
- Alcon Inc
- Alphabet Inc
- Amazon.com Inc
- AMETEK 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
NEWS AND INSIGHTS
- Pengana International Equities Limited
- Global Small Companies Fund
- Axiom International Fund
- Harding Loevner International Fund
- Press Release
Ten reasons why 2024 could be a good year for global equity investors
Global share markets performed strongly in 2023 as inflation fell and the economy remained strong, despite higher interest rates. There...
PIA announces 14th consecutive fully-franked quarterly dividend
Australia's largest international ethical listed investment company continues to deliver on mandated fully franked quarterly dividends to shareholders. Pengana International...