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:
Sustainable return on capital above cost of capital within a supportive industry structure enabling it to earn better financial returns than rivals.
An industry structure supporting long-term growth in revenues, earnings, and cash-flow.
Growth underpinned by long-term fundamental trends, not ephemeral factors.
Balance sheet strength and free cash flow generation to fund long-term growth in all environments.
Skilful management with a good record, a clear strategy, and a consistent regard for shareholders.
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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.
Pengana International Equities Limited
PERFORMANCE AT 30 Jun 2021
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* Performance for periods greater than 12 months are annualised. 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.
1. Pengana inception as the Investment Manager July 2017
2. MSCI World Total Return Index in AUD.
- TOP HOLDINGS (alphabetically)
- Portfolio breakdown
5 years or more
TYPICAL NUMBER OF STOCKS:
1 July 2017
PIA Inception: 19 March 2004
Current Strategy Inception: 30 November 1989
MSCI World Total Return Index (net) in $A
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.
- AMP North
- Colonial First Wrap
- IOOF Core
- IOOF Pursuit
- Mason Stevens
- MLC Wrap
REPORTS AND RESOURCES
- Monthly Reports
- Financial Reports
- Responsible Investment
- Responsible Investment Active Ownership
- May 2021 - A “golden era” for health care innovation
- March 2021 -
- February 2021 - Growing inflation expectations
- January 2021 - When there is blood in the streets, the sharks will circle
- December 2020 - Quarterly commentary
- November 2020 - The reflation trade
- October 2020 - Meaningfully differentiated
- September 2020 - An unnatural situation for capital markets
- August 2020 - Healthy growth prospects at the most attractive valuations
- July 2020 - A TIME TO STICK TO FUNDAMENTALS
- June 2020 - Quarterly wrap up and review
- May 2020 - Events that could shake any investor
NEWS AND INSIGHTS
Pengana’s international ethical LIC continues to deliver on mandate for quarterly fully-franked dividends
The Board of the ASX’s largest international ethical LIC, Pengana International Equities Limited (ASX: PIA), has declared it's latest quarterly,...
Pengana’s international ethical LIC declares its first quarterly fully-franked dividend against market backdrop of falling dividends
The Board of the ASX’s largest international ethical LIC, Pengana International Equities Limited (ASX: PIA), today declared a quarterly, fully-franked...