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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 consistent long-term returns whilst reducing volatility and the risk of losing capital, from investing in an ethically screened and actively managed portfolio of global businesses.

PIA’s portfolio is diversified across geographies, industries, and company sizes. The companies considered for inclusion in the portfolio demonstrate large and growing free cash flow generation, low levels of debt, are reasonably valued, and fit our ESG requirements.

The investment strategy utilised by PIA was devised by experienced investment professionals over many years.

Benefits of investing in the strategy

  • Skilled investment team
  • A truly active strategy
  • Investment approach that is suitable across different market environments
  • Investment in high-quality businesses at compelling valuations
  • Focus on risk and return
  • Responsible Investment process

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:

7 KEY INGREDIENTS FOR OUR STOCK PICKS

PERFORMANCE

  • CHART
  • TABLE

July 2017 represented the first full month of Pengana International Equities Limited being managed under the new investment mandate with the new investment team. 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. Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017.

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. Past performance is no guarantee of future performance. 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.

PERFORMANCE AT 29 Jan 2021
1 MTH1 YEAR3 YEARSSINCE MANDATED
Pengana International Equities Limited1.1%13.8%12.1%12.6%
MSCI World Total Return Index, Net Dividends Reinvested, in A$-0.4%0.7%10.3%11.5%

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July 2017 represented the first full month of Pengana International Equities Limited being managed under the new investment mandate with the new investment team. 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. Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017.

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. Past performance is no guarantee of future performance. 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.

PORTFOLIO

  • TOP HOLDINGS (alphabetically)
  • Sector breakdown
Alibaba Group Holding LTD
China
Consumer Discretionary
Charter Communications Inc
United States
Communication Services
Cigna Corp
United States
Health Care
Dollar Tree Inc
United States
Consumer Discretionary
Houlihan Lokey Inc
United States
Financials
Indus Towers Ltd
India
Communication Services
Lumentum
United States
Information Technology
Tencent Holdings
China
Communication Services
Thermo Fisher Scientific
United States
Health Care
UnitedHealth Group Inc
United States
Health Care

THE TEAM

Jordan Cvetanovski

Jordan Cvetanovski

CIO & Portfolio Manager

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Steven Glass

Steven Glass

Deputy Portfolio Manager and Analyst

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Ryan Fisher

Ryan Fisher

Equity Analyst

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Joy Yacoub

Joy Yacoub

Executive Director - International Equities Division

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Ronald Yu

Ronald Yu

Equity Analyst

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Veronica Price

Veronica Price

Equity Analyst

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James McDonald

James McDonald

Equity Analyst

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Paula Ferrao

Paula Ferrao

ESG Analyst

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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.

RATINGS

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.

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.

PeriodTypeEx-dividend datePayment dateCents per shareFrankingFranking tax rate
30 September 2020Interim6 January 202122 January 20211.25100%30.0%
30 June 2020Final8 October 202023 October 20202.5100%30.0%
31 December 2019Interim8 April 202030 April 20202.5100%27.5%
30 June 2019Final4 November 201919 November 20193.567.1429%27.5%
31 December 2018Interim11 April 20197 May 20193.5100%27.5%
30 June 2018Final20 September 201828 September 20183.5100%27.5%
31 December 2017Interim12 April 201830 April 20183.5100%30.0%
30 June 2017Final21 September 20176 October 20173.5100%30.0%
31 December 2016Interim3 April 201721 April 20173.5100%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:

1 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.

Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017.

2 The figures are unaudited.