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 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.
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$.
Past performance is not a reliable indicator of future performance, the value of investments can go up and down. None of Pengana International Equities Limited (‘PIA’), Pengana Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. This information has been prepared by PIA and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation. The figures are unaudited.
Source: PCG and Bloomberg.
Pengana International Equities Limited
PERFORMANCE AT 30 Apr 2025
1M | 1Y | 5Y | 15Y | 20Y | |
---|---|---|---|---|---|
Total Portfolio Return | -0.7% | 11.0% | 8.3% | 9.0% | 8.3% |
Total Shareholder Return | -2.1% | 5.6% | 7.9% | 6.8% | 4.8% |
Index | -1.7% | 13.8% | 14.5% | 12.5% | 9.2% |
Swipe horizontally to see all columns
Performance for periods greater than 12 months is the compound annual return.
Total Shareholder Return refers to the movement in share price plus dividends declared for the period, not including the benefit of franking credits attached to dividends paid
Total Portfolio Return refers to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains.
Index refers to MSCI World Total Return Index, Net Dividends Reinvested, in A$.
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










Allocations may not sum to 100% due to rounding.
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.
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
- 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
- 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
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
NEWS AND INSIGHTS
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