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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 ETHICALLY SCREENED LIC ON THE ASX

Targeting fully-franked dividends. Paid quarterly.

Pengana International Equities Limited (trading on the ASX as ‘PIA’) is an Australian Listed Investment Company (“LIC”) that exists to provide shareholders with capital growth over the long term from investing in an ethically screened and actively managed portfolio of global businesses in addition to providing shareholders with regular, reliable and fully franked dividends.

Harding Loevner LP (“Harding Loevner”) is PCG’s investment team for PIA.

Harding Loevner has been managing strategies that invest globally in high-quality, growing businesses based on disciplined industry research since 1989.

The strategy seeks superior risk-adjusted returns, generated through investing in companies that meet the investment team’s high quality and durable growth criteria at reasonable prices.

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.

Benefits of investing in PIA

  • Skilled investment team with a responsible investment process
  • A truly active strategy with a focus on risk and return
  • Investment in high quality businesses

Benefits of investing in PIA’s LIC structure

  • Quarterly fully franked dividends
  • Shares can be bought and sold on the ASX
  • Investment activities are not affected by redemptions or unexpected cash inflows or outflows
  • Regular reporting to shareholders e.g. semi-annual financial reports, monthly performance 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 sectors that the investment manager considers unethical:

*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.

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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 Portfolio Return refers 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.

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 30 Apr 2025
1M 1Y 5Y 15Y 20Y
Total Portfolio Return -0.7% 11.0% 8.3% 9.0% 8.3%
Total Shareholder Return -2.1% 5.6% 7.9% 6.8% 4.8%
Index -1.7% 13.8% 14.5% 12.5% 9.2%

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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 Portfolio Return refers 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.

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 30 Apr 2025: 56

  • TOP HOLDINGS (alphabetically)
  • Portfolio breakdown
Alphabet Inc. Class A
United States
Communication Services
Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.
Amazon.com, Inc.
United States
Consumer Discretionary
Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company products include books, music, computers, electronics and numerous other products. Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers. Amazon also operates a cloud platform offering services globally.
CME Group Inc. Class A
United States
Financials
CME Group, Inc. operates a derivatives marketplace, which offers a range of futures and options products for risk management. Its exchanges offer a range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange (FX), energy, agricultural commodities and metals. It offers futures and options on futures trading across asset classes through the CME Globex platform, fixed income trading via BrokerTec and FX trading on the EBS platform. In addition, it also operates CME Clearing, a central counterparty clearing provider. The company was founded in 1898 and is headquartered in Chicago, IL.
Deere & Company
United States
Industrials
Deere & Company manufactures and distributes a range of agricultural, construction, forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.
Meta Platforms Inc Class A
United States
Communication Services
Meta Platforms, Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. Meta Platform is also involved in advertisements, augmented, and virtual reality.
Microsoft Corporation
United States
Information Technology
Microsoft Corporation develops, manufactures, licenses, sells, and supports software products. The Company offers operating system software, server application software, business and consumer applications software, software development tools, and Internet and intranet software. Microsoft also develops video game consoles and digital music entertainment devices.
Netflix, Inc.
United States
Communication Services
Netflix, Inc. engages in providing entertainment services. It also offers activities for leisure time, entertainment video, video gaming, and other sources of entertainment. It operates through the United States and International geographic segments. The company was founded by Marc Randolph and Wilmot Reed Hastings on August 29, 1997 and is headquartered in Los Gatos, CA.
Schneider Electric SE
France
Industrials
Schneider Electric SE manufactures electrical power products. The Company offers car chargers, home security goods, light switches, access control, sensors, valves, circuit breakers, cables, accessories, signaling devices, fuse, motor starters, and voltage transformers. Schneider Electric serves customers worldwide.
Sony Group Corporation
Japan
Consumer Discretionary
Sony Group Corp. engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals and industrial markets. It operates through the following segments: Game and Network Services, Music, Pictures, Home Entertainment and Sound, Imaging Products and Solutions, Mobile Communications, Semiconductors, Financial Services, and Others. The Game and Network Services segment deals with gaming machines, software and network services. The Music segment produces and publishes music and provides image media platforms. The Pictures segment handles film production, television program creation, and media networks. The Home Entertainment and Sound segment offers LCD televisions, home audio, Blu-ray Disc players and recorders, and memory-based portable audio devices. The Imaging Products and Solutions segment provides digital imaging products, professional solutions, and medical goods. The Mobile Communications segment deals with mobile phones and Internet services business. The Semiconductors segment provides image sensors and camera modules. The Financial Services segment manages the life insurance and non-life insurance operations and banking business. The Others segment includes personal computer (PC) business, overseas Blu-ray Disc, DVD and CD manufacturing, and battery business. The company was founded by Akio Morita and Masaru Ibuka on May 7, 1946 and is headquartered in Tokyo, Japan.
Vertex Pharmaceuticals Incorporated
United States
Health Care
Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide.

Allocations may not sum to 100% due to rounding.

THE TEAM

Jingyi Li

Jingyi Li

Portfolio Manager

Read full profile >
Rick Schmidt

Rick Schmidt

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:

5 years or more

TYPICAL NUMBER OF STOCKS:

35-75

INCEPTION DATE:

PIA ASX Listing Date: 19 March 2004

Appointment of PCG as Investment Manager: 1 July 2017

Appointment of Harding Loevner as Investment Team: 10 May 2021

 

 

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.

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RATINGS

Zenith

Lonsec

Independent Investment Research

Pengana Capital Group

Harding Loevner

Lonsec Sustainablity Report

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.

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REPORTS AND RESOURCES

  • Monthly Reports
  • Responsible Investment
  • Portfolio Holdings

Portfolio holdings as at 31/01/2025

  • AbbVie, Inc.
  • Accenture Plc Class A
  • Adobe Inc.
  • Adyen NV
  • AIA Group Limited
  • Alcon AG
  • Alfa Laval AB
  • Alimentation Couche-Tard Inc.
  • Alphabet Inc. Class A
  • Amazon.com, Inc.
  • AMETEK, Inc.
  • Apple Inc.
  • Applied Materials, Inc.
  • Atkore Inc
  • Atlas Copco AB Class A
  • Booking Holdings Inc.
  • Broadcom Inc.
  • Chugai Pharmaceutical Co., Ltd.
  • CME Group Inc. Class A
  • Compass Group PLC
  • CoStar Group, Inc.
  • Danaher Corporation
  • DBS Group Holdings Ltd
  • Deere & Company
  • Diploma PLC
  • Epiroc AB Class A
  • Genmab A/S
  • Globant SA
  • Haleon PLC
  • HDFC Bank Limited Sponsored ADR
  • HEICO Corporation
  • Keyence Corporation
  • Meta Platforms Inc Class A
  • Microsoft Corporation
  • MISUMI Group Inc.
  • Netflix, Inc.
  • NVIDIA Corporation
  • PT Bank Central Asia Tbk
  • Roche Holding Ltd Dividend Right Cert.
  • Rockwell Automation, Inc.
  • Salesforce, Inc.
  • SAP SE Sponsored ADR
  • Schneider Electric SE
  • Scout24 SE
  • ServiceNow, Inc.
  • SGS SA
  • Sony Group Corporation
  • Symrise AG
  • Synopsys, Inc.
  • Taiwan Semiconductor Manufactu
  • Tencent Holdings Ltd.
  • Thermo Fisher Scientific Inc.
  • Tradeweb Markets, Inc. Class A
  • UnitedHealth Group Incorporated
  • Vertex Pharmaceuticals Incorporated
  • Wal-Mart de Mexico SAB de CV

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 28 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 the Non-executive Independent Chair of Pengana Capital Group Limited (ASX:PCG) & H&G High Conviction Limited (ASX:HCF). He is also a Non-executive Director of MA Redcape Hotel Fund RE Limited as responsible entity of the MA Redcape Hotel Fund. He is a former Director of 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 Chartered Accountants Australia and New Zealand.

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.

Ms Orleow is an experienced non-executive director with deep expertise in financial services, superannuation, investments and business

transformation. She has worked across multiple geographies and has proven success in leveraging established processes into new markets and

building new profit centres. Including setting up the South African office of a large Canadian consulting business and setting up the specialist

private markets consulting proposition for a large global consultant in Australia.

Ms Orleow has served and continues to serve on a range of boards and committees including those of government entities, private and listed

companies, superannuation, and member-based organisations. Her current roles include; Director ECP Asset Management; Director Sydney

Financial Forum and is the Chair of the CFA (Chartered Financial Analyst) Australia Diversity Council.

Ms Orleow is a CFA Charterholder, a graduate of the Australian Institute of Company Directors and a Banking + Finance Services 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 2024 Quarterly 27 February 2025 17 March 2025 1.35 100% 30.0%
30 September 2024 Quarterly 29 November 2024 16 December 2024 1.35 100% 30.0%
30 June 2024  Final 30 August 2024 16 September 2024 1.35 100% 30.0%
31 March 2024 Quarterly 31 May 2024 17 June 2024 1.35 100% 25.0%
31 December 2023 Interim 29 February 2024 01 March 2024 1.35 100% 25.0%
30 September 2023 Quarterly 30 November 2023 15 December 2023 1.35 100% 25.0%
30 June 2023 Final 31 August 2023 15 September 2023 1.35 100% 25.0%
31 March 2023 Quarterly 31 May 2023 15 June 2023 1.35 100% 25.0%
31 December 2022 Interim 28 February 2023 15 March 2023 1.35 100% 25.0%
30 September 2022 Quarterly 30 November 2022 15 December 2022 1.35 100% 25.0%
30 June 2022 Final 31 August 2022 15 September 2022 1.35 100% 25.0%
31 March 2022 Quarterly 31 May 2022 15 June 2022 1.35 100% 30.0%
31 December 2021 Interim 28 February 2022 15 March 2022 1.35 100% 30.0%
30 September 2021 Quarterly 30 November 2021 15 December 2021 1.35 100% 30.0%
30 June 2021 Final 7 September 2021 22 September 2021 1.35 100% 30.0%
31 March 2021 Quarterly 28 May 2021 15 June 2021 1.25 100% 30.0%
31 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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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.  Our corporate governance policies can be viewed by clicking the links below:

Pengana Capital Group