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NTA PRE-TAX2

PERFORMANCE SINCE MANDATED1

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 ethical 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:

OUR INVESTMENT PHILOSOPHY

Investing in high-quality, ethically screened, growing businesses at reasonable prices leads over the long term to superior risk-adjusted returns.

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 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.

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PERFORMANCE

  • CHART
  • TABLE
  • Harding Loevner Model Portfolio Historical Performance

July 2017 represented the first full month of Pengana International Equities Limited being mandated to Pengana for management of the investment portfolio. The performance in the table above refers to the movement in net assets per share.

Performance figures refer 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. 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 26 Feb 2021
1 MTH 1 YEAR 3 YEARS P.A. SINCE MANDATED
Pengana International Equities Limited 1.5% 18.3% 12.3% 12.8%
MSCI World Total Return Index, Net Dividends Reinvested, in A$ 1.6% 7.7% 11% 11.8%

 

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July 2017 represented the first full month of Pengana International Equities Limited being mandated to Pengana for management of the investment portfolio. The performance in the table above refers to the movement in net assets per share.

Performance figures refer 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. 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.

Source: Harding Loevner, PCG and Bloomberg. MSCI World USD refers to MSCI World Index (USD). Returns presented are in USD and before deducting any fees and expenses. The model portfolio performance does not reflect the impact of PIA’s ethical screen. Past performance is not a reliable indicator of future performance.

Pengana International Equities Limited

PERFORMANCE AT 26 Feb 2021
1 YEAR 3 YEARS P.A. 5 YEARS P.A. 7 YEARS P.A. 10 YEARS P.A. SINCE INCEPTION P.A.
Pengana International Equities Limited (Model Portfolio – Gross – USD) 60.37% 15.44% 17.51% 13.67% 12.47% 10.72%
MSCI World Total Return Index, Net Dividends Reinvested, in USD 54.80% 13.40% 13.96% 10.32% 10.46% 7.34%

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Source: Harding Loevner, PCG and Bloomberg. MSCI World USD refers to MSCI World Index (USD). Returns presented are in USD and before deducting any fees and expenses. The model portfolio performance does not reflect the impact of PIA’s ethical screen. Past performance is not a reliable indicator of future performance.

PORTFOLIO

  • TOP HOLDINGS (alphabetically)
  • Portfolio breakdown
Adobe Systems
United States
Information Technology
Align Technology
United States
Health Care
Alphabet (A) (Voting)
United States
Communication Services
Amazon.com
United States
Consumer Discretionary
CME Group
United States
Financials
Deere
United States
Industrials
eBay
United States
Consumer Discretionary
EPAM Systems
United States
Information Technology
Facebook
United States
Communication Services
First Republic Bank
United States
Financials
HDFC Bank ADR
India
Financials
Illumina
United States
Health Care
Microsoft
United States
Information Technology
Nike
United States
Consumer Discretionary
PayPal
United States
Information Technology
SVB Financial Group
United States
Financials
Sysmex
Japan
Health Care
Tencent Holdings
China
Communication Services
Thermo Fisher Scientific
United States
Health Care
Vertex Pharmaceuticals
United States
Health Care

THE TEAM

Peter Baughan

Peter Baughan

Portfolio Manager

Read full profile >
Jingyi Li

Jingyi Li

Portfolio Manager

Read full profile >
Ferrill D. Roll

Ferrill D. Roll

CIO, Analyst (Financials)

Read full profile >
Hannah Chase

Hannah Chase

Portfolio Specialist

Read full profile >
Ray Vars

Ray Vars

Portfolio Specialist

Read full profile >

Key Facts

ASX CODE:

PIA

RECOMMENDED TIMEFRAME:

3 years or more

TYPICAL NUMBER OF STOCKS:

30-50

MANDATED:

1 July 2017

 

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.

Shareholders

For more Pengana International Equities Limited ASX announcements visit the ASX website.

For all shareholder enquiries, please contact:

Paula Ferrao
Company Secretary
Pengana International Equities Limited
T: +61 2 8524 9900
E: paula.ferrao@pengana.com

Frank Gooch

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 24 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

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 Chairman of Tasman Sea Salt Pty Ltd and is a non- executive director of Pengana Capital Group Limited, Redcape Hotel Group Management Ltd as responsible entity of the Redcape Hotel Group and of Pipers Brook Vineyard Pty Ltd. He is a former director of Pyrolyx AG (ASX: PLX), 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 the Institute of Chartered Accountants Australia and New Zealand and a fellow of the Australian Institute of Company Directors.

Sandi Orleow

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 and of the Independent Board Committee.

Ms Orleow brings to the PIA Board over two decades of experience in financial services across superannuation, funds management, consulting and research. Having started her career at Arthur Andersen as a Chartered Accountant, she became the Head of Consulting at Brockhouse Cooper in South Africa and then a Senior Investment Consultant and Head of Private Markets at Towers Watson Australia. She established her own consulting business in 2011.

Ms Orleow is also a Trustee Director of Local Government Super, is a member of the Investment Advisory Board of ACT Treasury and is a Director of the CFA Sydney Society.

Ms Orleow is a CFA Charterholder, a graduate of the Australian Institute of Company Directors and a Banking + Finance Oath Signatory.

Russel Pillemer

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.

Pengana International Equities Limited

Registry details:

Computershare Investor Services Pty Limited

GPO Box 2975
Melbourne VIC 3001
AUSTRALIA

Tel: 1300 850 505 (within Australia) or +61 3 9415 4000 (if outside Australia)

Website: www.computershare.com

CLICK HERE to review the dividend reinvestment plan terms and conditions.

Period Type Ex-dividend date Payment date Cents per share Franking Franking tax rate
30 December 2020 Interim 7 April 2021 29 April 2021 1.25 100% 30.0%
30 September 2020 Quarterly 6 January 2021 22 January 2021 1.25 100% 30.0%
30 June 2020 Final 8 October 2020 23 October 2020 2.5 100% 30.0%
31 December 2019 Interim 8 April 2020 30 April 2020 2.5 100% 27.5%
30 June 2019 Final 4 November 2019 19 November 2019 3.5 67.1429% 27.5%
31 December 2018 Interim 11 April 2019 7 May 2019 3.5 100% 27.5%
30 June 2018 Final 20 September 2018 28 September 2018 3.5 100% 27.5%
31 December 2017 Interim 12 April 2018 30 April 2018 3.5 100% 30.0%
30 June 2017 Final 21 September 2017 6 October 2017 3.5 100% 30.0%
31 December 2016 Interim 3 April 2017 21 April 2017 3.5 100% 30.0%

 

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PIA AGM

21 October 2021

At Pengana, we believe corporate responsibility drives better outcomes for our investors.

Our Board is responsible for ensuring the Company is properly managed and to enhance shareholders’ interests.

The Board has adopted appropriate corporate governance policies and practices in line with ASX Corporate Governance Principles and Recommendations (3rd edition) and industry best practice.

Our corporate governance policies can be viewed by clicking the links below:

NEWS AND INSIGHTS

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