https://data.pengana.com/wp-json/pen/performance?fund_code=PENGSH&date=31/10/2024&aggregation_code=Class%20B
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Pengana Harding Loevner International Fund Class B

The Class was established in 1 July 2015. From June 2021 Harding Loevner was appointed as the investment manager for the Fund.

1M 1Y 2Y 3Y
Since
Harding Loevner
Appointed June 20211
5Y
Since Fund
Inception
July 20152
Since Strategy
Inception
November 19893
Fund (APIR PCL0026AU)1,2

Managed by Harding Loevner from June 2021
2.9% 24.9% 17.8% 2.7% 5.6% 9.6% 9.6%
Current Strategy (Partial Simulation)4

Harding Loevner Global Equity Strategy
10.1% 11.1% 9.4%
Index5 3.5% 28.3% 19.7% 10.4% 11.8% 12.2% 11.3% 7.5%

Swipe horizontally to see all columns

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It operates through the following segments: Surgical and Vision Care. The Surgical segment offers implantable products, consumables and equipment for use in surgical procedures to address cataracts, vitreoretinal conditions, refractive errors, and glaucoma. The Vision Care segment comprises daily disposable, reusable and color-enhancing contact lenses, as well as portfolio of ocular health products, including over-the-counter products for dry eye, contact lens care, and ocular allergies, as well as ocular vitamins and redness relievers. The company was founded by Mr. Robert Alexander and Mr. William Conner on 1945 and is headquartered in Geneva, Switzerland. [1] => 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. [2] => 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. [3] => 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. [4] => 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. [5] => 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. [6] => 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. [7] => Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies. [8] => UnitedHealth Group Incorporated owns and manages organized health systems. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth serves customers in the United States. [9] => 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. 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Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="116.6015625" y="155">06/1999</text></g></g><g data-ac-wrapper-id="258" id="ac_layer_72"><g data-ac-wrapper-id="259" id="ac_unmanageable-layer_71"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="154.6015625" y="155">06/2004</text></g></g><g data-ac-wrapper-id="260" id="ac_layer_74"><g data-ac-wrapper-id="261" id="ac_unmanageable-layer_73"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="190.6015625" y="155">01/2009</text></g></g><g data-ac-wrapper-id="262" id="ac_layer_76"><g data-ac-wrapper-id="263" 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opacity="1" x="300.6015625" y="155">03/2023</text></g></g></g><path data-ac-wrapper-id="268" id="ac_path_7c" fill="none" stroke="#CECECE" d="M 54.5 26 L 54.5 138"/><path data-ac-wrapper-id="269" id="ac_path_7d" fill="none" stroke="#CECECE" d="M 54 137.5 L 48 137.5 M 54 100.5 L 48 100.5 M 54 63.5 L 48 63.5 M 54 26.5 L 48 26.5"/><g data-ac-wrapper-id="270" id="ac_layer_7m"><g data-ac-wrapper-id="271" id="ac_layer_7f"><g data-ac-wrapper-id="272" id="ac_unmanageable-layer_7e"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="36.185546875" y="139">$0</text></g></g><g data-ac-wrapper-id="273" id="ac_layer_7h"><g data-ac-wrapper-id="274" id="ac_unmanageable-layer_7g"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="14.9306640625" y="102">$900,000</text></g></g><g data-ac-wrapper-id="275" id="ac_layer_7j"><g data-ac-wrapper-id="276" id="ac_unmanageable-layer_7i"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.93359375" y="65">$1,800,000</text></g></g><g data-ac-wrapper-id="277" id="ac_layer_7l"><g data-ac-wrapper-id="278" id="ac_unmanageable-layer_7k"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="8.93359375" y="28">$2,700,000</text></g></g></g><path data-ac-wrapper-id="291" pointer-events="none" id="ac_path_85" fill="none" 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stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="238" id="ac_rect_6b" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 104.52001953125 0 104.52001953125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="239" transform="matrix(1,0,0,1,119.52001953125,0)" id="ac_layer_6g"><text data-ac-wrapper-id="240" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="5" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="10" y="5" aria-hidden="true" id="ac_text_6d" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">MSCI All Country World Total Return Index in AUD</tspan></text><path data-ac-wrapper-id="241" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_6e" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" 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Harding Loevner International Fund

An International Fund targeting superior risk-adjusted returns through investing in high-quality and durable growing companies at reasonable prices.

October 2024 - Monthly REPORT

October Report

SUMMARY

  • The Fund returned 2.9% in October, while the benchmark returned 3.5%.
  • Global share markets moved lower in October, as investors grew more concerned about stretched valuation levels, longer-term inflation risks and continued weakness in China, however a stronger US dollar supported global equity returns in Australian dollar terms.
  • Falling interest rates, lower oil prices and some resilient quarterly earnings reports provided a measure of support to equities, especially in the US which benefitted from US dollar strength.

Portfolio Manager Rick Schmidt provides a portfolio update and insights from the reporting season. A recording is available below for your review. CPD points are applicable for Australian Financial Planners HERE.

PORTFOLIO

Top Holdings (alphabetically)

Alcon Inc
United States
Health Care
Alcon, Inc. engages in the development, manufacture, and marketing of market surgical equipment and devices, pharmaceutical eye drops, and consumer vision care products to treat eye diseases and disorders. It operates through the following segments: Surgical and Vision Care. The Surgical segment offers implantable products, consumables and equipment for use in surgical procedures to address cataracts, vitreoretinal conditions, refractive errors, and glaucoma. The Vision Care segment comprises daily disposable, reusable and color-enhancing contact lenses, as well as portfolio of ocular health products, including over-the-counter products for dry eye, contact lens care, and ocular allergies, as well as ocular vitamins and redness relievers. The company was founded by Mr. Robert Alexander and Mr. William Conner on 1945 and is headquartered in Geneva, Switzerland.
Alphabet Inc
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.
Meta Platforms Inc
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 Corp
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.
Thermo Fisher Scientific Inc
United States
Health Care
Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.
UnitedHealth Group Inc
United States
Health Care
UnitedHealth Group Incorporated owns and manages organized health systems. The Company provides employers products and resources to plan and administer employee benefit programs. UnitedHealth serves customers in the United States.
Vertex Pharmaceuticals Inc
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.

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE FOR PERIODS ENDING 31 Oct 20246

Pengana Harding Loevner International Fund Class B

The Class was established in 1 July 2015. From June 2021 Harding Loevner was appointed as the investment manager for the Fund.

1M 1Y 2Y 3Y
Since
Harding Loevner
Appointed June 20211
5Y
Since Fund
Inception
July 20152
Since Strategy
Inception
November 19893
Fund (APIR PCL0026AU)1,2

Managed by Harding Loevner from June 2021
2.9% 24.9% 17.8% 2.7% 5.6% 9.6% 9.6%
Current Strategy (Partial Simulation)4

Harding Loevner Global Equity Strategy
10.1% 11.1% 9.4%
Index5 3.5% 28.3% 19.7% 10.4% 11.8% 12.2% 11.3% 7.5%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION7

COMMENTARY

Market Review 

Global share markets declined in October as they retraced following strong gains earlier this year. The US was the strongest market during the month, reflecting solid earnings results from a number of US companies and the strength of the US dollar.

Economic weakness in Europe led to its share markets underperforming global equities. Eurozone inflation fell to 1.8% in September, below the European Central Bank’s (ECB) 2.0% target. This enabled it to reduce interest rates by 0.25% to 3.25%, its third cut this year.

Emerging market shares fell when Chinese equities gave back much of their recent gains, as China’s economic growth slowed to 4.6% in the September quarter. Investors worried that the magnitude of recently announced fiscal and monetary policy stimulus measures may fail to boost consumption. Moreover, its economic model based on exports supported by low-cost finance and other inputs may face increasing challenges following the US presidential election in November.

The strongest performing sectors were financials and communications services. Communications services’ company earnings are benefitting from the adoption of AI technology and hopes that a possible Trump election victory will bring less intensive regulatory scrutiny of mega tech businesses. The financials sector was boosted by some strong quarterly earnings reports by leading banks.

Disappointing sales in China impacted the earnings of many global consumer staples stocks, while weak Chinese commodity demand dragged down earnings in the materials sector.

Portfolio Commentary

The Fund is focussed on identifying great companies through bottom-up analysis and continues to find exciting opportunities in health care, communications services and industrials, in which it maintains overweight positions.

Strong stock performance in consumer discretionary, an overweight position in communications services and underweights in consumer discretionary and materials boosted relative returns in October. This was offset by an overweight position in health care, an underweight in financials and weaker stock performance in financials and industrials.

One of the strongest contributors to relative returns in October was the Fund’s overweight position in US-based Booking Holdings, an online travel agency which owns brands such as Booking.com, Priceline and Agoda. The company is improving its customer experience and increasing workforce productivity by integrating artificial intelligence (AI) tools. The business benefits from economies of scale and network effects, which deliver strong cash flows to shareholders.

Booking Holdings is actively securing its competitive market position through investing in several AI innovations. These include an AI trip planner, a ‘smart-filter’ interface that makes 200 trip planner filters more accessible, a new chatbot to onboard partners, a voice bot called Penny Voice that enables verbal conversations with trip planners and broader AI deployments at specific brands such as Kayak, Agoda, and OpenTable.

Hong Kong-based pan-Asian life insurance giant AIA Group won two new provincial licenses allowing it to expand its operations in Mainland China. However, it underperformed during October due to weak sentiment across the broader Chinese share market, reflecting ongoing economic weakness.

Sweden-based industrial tool and equipment maker Atlas Copco underperformed upon reporting that orders, sales and profit growth for its compressors were slightly below analysts’ expectations.

In October, the Fund established a position in DBS Group, one of the ‘big three’ banks in Singapore and the largest bank in Southeast Asia by assets. It is a commercial bank, active in business areas outside traditional lending, including in investment banking, treasury and stockbroking. DBS operates in Singapore, one of the most stable economies in Asia, which has attracted non-resident capital from neighbouring countries.

Singapore’s financial regulation is conservative, bringing stability to the overall banking system which has fared well in past periods of financial stress. DBS’s current management team has spearheaded a digital transformation of the company that has led to strong growth in both transaction banking and wealth management revenue. This leaves DBS well positioned to benefit from ongoing growth in Southeast Asian trade flows and wealth levels.

The Fund exited its position in French fashion house Kering. Its measures to turn around the flagship Gucci brand – including replacing the Gucci CEO with an interim head – have not succeeded in delivering shareholder value.

PROFILE

STATISTICAL DATA2

PORTFOLIO SUMMARY
VOLATILITY8
11%
NUMBER OF STOCKS
58
BETA9
0.9

FEATURES

  • APIR CODE PCL0026AU
  • REDEMPTION PRICEA$ 1.0763
  • FEES * Management Fee: 0.974%
    Performance Fee: Nil
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 38.04m
  • STRATEGY INCEPTION DATE 1 December 1989
  • BenchmarkMSCI All Country World Total Return Index (net) in $A

Fund Managers

Jingyi Li

Portfolio Manager

Rick Schmidt

Portfolio Manager

Description

An International Fund targeting superior risk-adjusted returns through investing in high-quality and durable growing companies at reasonable prices.

The Pengana Harding Loevner International Fund invests in high-quality, growing companies identified through fundamental research with a long-term, global perspective.

Pengana has appointed Harding Loevner to managed the Fund.  Harding Loevner is a New Jersey-based global equity fund manager formed in 1989 with over US$86billion in Assets under Management.

Harding Loevner’ analysts search the world for companies that meet their high quality and durable growth criteria, conduct fundamental research, then value and rate their stocks to make them available to PMs for investment.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund

1. Harding Loevner was appointed fund manager as of 10 May 2021. June 2021 represents the first full month of Harding Loevner managing the Fund.
2. Class B Inception date 1 July 2015. Figures shown are calculated from the continuous performance of both the current and previous strategies. For performance see row labelled Fund (APIR PCL0026AU) in the table above which is the continuous performance of both the current and previous (shaded) strategies.
3. Harding Loevner Global Equity Strategy inception 1 Dec 1989
4. Prior to June 2021, the Harding Loevner Global Equity Strategy performance (labelled ‘Current Strategy (Partial Simulation)’ and shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross returns of the Harding Loevner Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of Class B. From June 2021 the strategy performance is the performance of the Pengana Harding Loevner International Fund Class B.
5. MSCI All Country World Total Return Index in AUD.
6. Performance for periods greater than 12 months are annualised. Net performance figures are shown after all fees and expenses and assume reinvestment of distributions. No allowance has been made for buy/sell spreads. Please refer to the PDS for information regarding risks. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
7. The Harding Loevner Global Equity Strategy performance (shown in the shaded area in the chart, and in the performance table as row labeled ‘Harding Loevner Global Equity Strategy) has been simulated by Pengana from the monthly gross returns of the Harding Loevner Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of the stated class. Strategy Inception 30 November 1989.
8. Annualised standard deviation since inception.
9. Relative to MSCI All Country World Total Return Index in AUD
* For further information regarding fees please see the PDS available on our website.