https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=31/01/2025&aggregation_code=Class%20L 
Array
(
    [0] => Array
        (
            [date] => 31/01/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
3.4%
22.8%
9.3%
9.6%
8.3%




Total Shareholder Return
0.8%
14.2%
5.9%
6.6%
4.6%




Index
2.8%
28.6%
13.7%
13.2%
9.5%






Swipe horizontally to see all columns

            [piechart] => Array
                (
                    [0] => Array
                        (
                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.09547839],["Consumer Staples", 0.017168065],["Financials", 0.092954471],["Health Care", 0.179151554],["Industrials", 0.161412962],["Information Technology", 0.235844887],["Materials", 0.008852929],["Real Estate", 0.011501821],["Communication Services", 0.162888297],["Cash", 0.034746625],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.010675155],["In between 5bn - 10bn USD", 0.03185049],["In between 10bn - 50bn USD", 0.158481818],["In between 50bn - 150bn USD", 0.259498471],["In between 150bn - 500bn USD", 0.26758638],["Above 500bn USD", 0.237161062],["Cash", 0.034746625],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.599379111],["Europe ex-UK", 0.189282013],["Emerging Markets", 0.060582891],["Japan", 0.051122306],["UK", 0.040350886],["Asia Pacific ex-Japan", 0.024536168],["Cash", 0.034746625],
                        )

                )

            [topholdings] => B4BNMY3/Accenture Plc Class A/Ireland/Information Technology,BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2261203/Deere & Company/United States/Industrials,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,2857817/Netflix, Inc./United States/Communication Services,SCHEFR/Schneider Electric SE/France/Industrials,2917766/UnitedHealth Group Incorporated/United States/Health Care,2931034/Vertex Pharmaceuticals Incorporated/United States/Health Care,
            [topholdingsimg] => https://data.pengana.com/wp-content/uploads/Accenture.svg.png,https://data.pengana.com/wp-content/uploads/alpha-1-e1638852393149.jpg,https://data.pengana.com/wp-content/uploads/download-7.png,https://data.pengana.com/wp-content/uploads/John-Deere-Logo-e1620114547258.jpg,https://data.pengana.com/wp-content/uploads/meta.jpg,https://data.pengana.com/wp-content/uploads/download-9.png,https://data.pengana.com/wp-content/uploads/Netflix_2015_logo.svg.webp,https://data.pengana.com/wp-content/uploads/Schneider_Electric_2007.svg.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/UNH_original.png,https://data.pengana.com/wp-content/uploads/1200px-Vertex_logo.svg-1.png,
            [topholdingsintro] => Array
                (
                )

            [pdfchart] => <?xml version="1.0" encoding="UTF-8" standalone="no"?><svg xmlns="http://www.w3.org/2000/svg" border="0" data-ac-wrapper-id="9" width="330" height="165" class="anychart-ui-support" ac-id="ac_stage_0" role="presentation" style="display: block;"><defs><clipPath clip-rule="nonzero" id="ac_clip_e"><path data-ac-wrapper-id="31" id="ac_rect_f" fill="none" stroke="black" d="M 0 0 L 300 0 300 35.5 0 35.5 0 0 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_n"><path data-ac-wrapper-id="38" id="ac_rect_o" fill="none" stroke="black" d="M 53 46 L 311 46 311 123 53 123 53 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_w"><path data-ac-wrapper-id="45" id="ac_rect_x" fill="none" stroke="black" d="M 53 46 L 311 46 311 123 53 123 53 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_1t"><path data-ac-wrapper-id="76" id="ac_rect_1u" fill="none" stroke="black" d="M 54 46 L 311 46 311 122 54 122 54 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_23"><path data-ac-wrapper-id="84" id="ac_rect_24" fill="none" stroke="black" d="M 54 46 L 311 46 311 122 54 122 54 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_2d"><path data-ac-wrapper-id="92" id="ac_rect_2e" fill="none" stroke="black" d="M 54 46 L 311 46 311 122 54 122 54 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_2i"><path data-ac-wrapper-id="95" id="ac_rect_2j" fill="none" stroke="black" d="M 53 46 L 310 46 310 122 53 122 53 46 Z"/></clipPath></defs><g data-ac-wrapper-id="10" id="ac_layer_1"><g data-ac-wrapper-id="19" role="article" aria-label="column chart , with 3 column series, . Y-scale minimum value is 0 , maximum value is 35. X-scale with 5 categories: 1M, 1Y, 5Y, 15Y, 20Y, . " id="ac_chart_2"><g data-ac-wrapper-id="20" id="ac_layer_4"><path data-ac-wrapper-id="21" id="ac_path_3" fill="#ffffff" stroke="none" d="M 0 0 L 330 0 330 0 330 165 330 165 0 165 0 165 0 0 0 0 Z"/></g><path data-ac-wrapper-id="94" clip-path="url(&quot;#ac_clip_2i&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_2k" fill="none" stroke="none" d="M 0,0"/><path data-ac-wrapper-id="39" id="ac_path_q" fill="none" stroke="none" d="M 53.5 46 L 104.5 46 104.5 122 53.5 122 Z"/><path data-ac-wrapper-id="40" id="ac_path_r" fill="none" stroke="none" d="M 104.5 46 L 155.5 46 155.5 122 104.5 122 Z"/><path data-ac-wrapper-id="41" id="ac_path_s" fill="none" stroke="none" d="M 155.5 46 L 207.5 46 207.5 122 155.5 122 Z"/><path data-ac-wrapper-id="42" id="ac_path_t" fill="none" stroke="none" d="M 207.5 46 L 258.5 46 258.5 122 207.5 122 Z"/><path data-ac-wrapper-id="43" id="ac_path_u" fill="none" stroke="none" d="M 258.5 46 L 310.5 46 310.5 122 258.5 122 Z"/><path data-ac-wrapper-id="32" id="ac_path_h" fill="none" stroke="none" d="M 53 122.5 L 310 122.5 310 106.5 53 106.5 Z"/><path data-ac-wrapper-id="33" id="ac_path_i" fill="none" stroke="none" d="M 53 106.5 L 310 106.5 310 91.5 53 91.5 Z"/><path data-ac-wrapper-id="34" id="ac_path_j" fill="none" stroke="none" d="M 53 91.5 L 310 91.5 310 76.5 53 76.5 Z"/><path data-ac-wrapper-id="35" id="ac_path_k" fill="none" stroke="none" d="M 53 76.5 L 310 76.5 310 61.5 53 61.5 Z"/><path data-ac-wrapper-id="36" id="ac_path_l" fill="none" stroke="none" d="M 53 61.5 L 310 61.5 310 46.5 53 46.5 Z"/><path data-ac-wrapper-id="44" clip-path="url(&quot;#ac_clip_w&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_y" fill="none" stroke="#ededed" d="M 53.5 122 L 53.5 46 M 104.5 122 L 104.5 46 M 155.5 122 L 155.5 46 M 207.5 122 L 207.5 46 M 258.5 122 L 258.5 46 M 310.5 122 L 310.5 46"/><path data-ac-wrapper-id="37" clip-path="url(&quot;#ac_clip_n&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_p" fill="none" stroke="#ededed" d="M 53 122.5 L 310 122.5 M 53 106.5 L 310 106.5 M 53 91.5 L 310 91.5 M 53 76.5 L 310 76.5 M 53 61.5 L 310 61.5 M 53 46.5 L 310 46.5"/><g data-ac-wrapper-id="86" clip-path="url(&quot;#ac_clip_2d&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_2f"><path data-ac-wrapper-id="87" id="ac_path_27" fill="#86d9db" stroke="none" d="M 57 121 L 69 121 69 121 57 121 Z"/><path data-ac-wrapper-id="88" id="ac_path_28" fill="#86d9db" stroke="none" d="M 109 121 L 120 121 120 121 109 121 Z"/><path data-ac-wrapper-id="89" id="ac_path_29" fill="#86d9db" stroke="none" d="M 160 121 L 171 121 171 121 160 121 Z"/><path data-ac-wrapper-id="90" id="ac_path_2a" fill="#86d9db" stroke="none" d="M 212 121 L 223 121 223 121 212 121 Z"/><path data-ac-wrapper-id="91" id="ac_path_2b" fill="#86d9db" stroke="none" d="M 263 121 L 274 121 274 121 263 121 Z"/></g><g data-ac-wrapper-id="78" clip-path="url(&quot;#ac_clip_23&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_25"><path data-ac-wrapper-id="79" id="ac_path_1x" fill="#c6c6c6" stroke="none" d="M 73 121 L 84 121 84 121 73 121 Z"/><path data-ac-wrapper-id="80" id="ac_path_1y" fill="#c6c6c6" stroke="none" d="M 125 121 L 136 121 136 121 125 121 Z"/><path data-ac-wrapper-id="81" id="ac_path_1z" fill="#c6c6c6" stroke="none" d="M 176 121 L 187 121 187 121 176 121 Z"/><path data-ac-wrapper-id="82" id="ac_path_20" fill="#c6c6c6" stroke="none" d="M 227 121 L 238 121 238 121 227 121 Z"/><path data-ac-wrapper-id="83" id="ac_path_21" fill="#c6c6c6" stroke="none" d="M 279 121 L 290 121 290 121 279 121 Z"/></g><g data-ac-wrapper-id="93" clip-path="url(&quot;#ac_clip_2d&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_2g"/><g data-ac-wrapper-id="70" clip-path="url(&quot;#ac_clip_1t&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_1v"><path data-ac-wrapper-id="71" id="ac_path_1n" fill="#e0e0e0" stroke="none" d="M 89 121 L 100 121 100 121 89 121 Z"/><path data-ac-wrapper-id="72" id="ac_path_1o" fill="#e0e0e0" stroke="none" d="M 140 121 L 151 121 151 121 140 121 Z"/><path data-ac-wrapper-id="73" id="ac_path_1p" fill="#e0e0e0" stroke="none" d="M 192 121 L 203 121 203 121 192 121 Z"/><path data-ac-wrapper-id="74" id="ac_path_1q" fill="#e0e0e0" stroke="none" d="M 243 121 L 254 121 254 121 243 121 Z"/><path data-ac-wrapper-id="75" id="ac_path_1r" fill="#e0e0e0" stroke="none" d="M 294 121 L 306 121 306 121 294 121 Z"/></g><g data-ac-wrapper-id="85" clip-path="url(&quot;#ac_clip_23&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_26"/><g data-ac-wrapper-id="77" clip-path="url(&quot;#ac_clip_1t&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_1w"/><path data-ac-wrapper-id="46" id="ac_path_z" fill="none" stroke="#CECECE" d="M 53 123.5 L 311 123.5"/><path data-ac-wrapper-id="47" id="ac_path_10" fill="none" stroke="#CECECE" d="M 53.5 124 L 53.5 130 M 104.5 124 L 104.5 130 M 155.5 124 L 155.5 130 M 207.5 124 L 207.5 130 M 258.5 124 L 258.5 130 M 310.5 124 L 310.5 130"/><g data-ac-wrapper-id="48" id="ac_layer_1b"><g data-ac-wrapper-id="49" id="ac_layer_12"><g data-ac-wrapper-id="50" id="ac_unmanageable-layer_11"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="69.62890625" y="146">1M</text></g></g><g data-ac-wrapper-id="51" id="ac_layer_14"><g data-ac-wrapper-id="52" id="ac_unmanageable-layer_13"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="121.9921875" y="146">1Y</text></g></g><g data-ac-wrapper-id="53" id="ac_layer_16"><g data-ac-wrapper-id="54" id="ac_unmanageable-layer_15"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="173.9921875" y="146">5Y</text></g></g><g data-ac-wrapper-id="55" id="ac_layer_18"><g data-ac-wrapper-id="56" id="ac_unmanageable-layer_17"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="221.1796875" y="146">15Y</text></g></g><g data-ac-wrapper-id="57" id="ac_layer_1a"><g data-ac-wrapper-id="58" id="ac_unmanageable-layer_19"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="272.1796875" y="146">20Y</text></g></g></g><path data-ac-wrapper-id="59" id="ac_path_1c" fill="none" stroke="#CECECE" d="M 53.5 46 L 53.5 123"/><g data-ac-wrapper-id="60" transform="matrix(6.123233995736766e-17,-1,1,6.123233995736766e-17,10,84)" id="ac_layer_1e"><text data-ac-wrapper-id="61" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="13" font-weight="normal" fill="#545f69" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="middle" x="0" y="13" aria-hidden="true" id="ac_text_1d" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"/></g><path data-ac-wrapper-id="62" id="ac_path_1f" fill="none" stroke="#CECECE" d="M 53 122.5 L 47 122.5 M 53 91.5 L 47 91.5 M 53 46.5 L 47 46.5"/><g data-ac-wrapper-id="63" id="ac_layer_1m"><g data-ac-wrapper-id="64" id="ac_layer_1h"><g data-ac-wrapper-id="65" id="ac_unmanageable-layer_1g"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="25.65625" y="125.75">0%</text></g></g><g data-ac-wrapper-id="66" id="ac_layer_1j"><g data-ac-wrapper-id="67" id="ac_unmanageable-layer_1i"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="18.9765625" y="95.75">14%</text></g></g><g data-ac-wrapper-id="68" id="ac_layer_1l"><g data-ac-wrapper-id="69" id="ac_unmanageable-layer_1k"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="18.9765625" y="49.75">35%</text></g></g></g><g data-ac-wrapper-id="22" transform="matrix(1,0,0,1,10,10)" clip-path="url(&quot;#ac_clip_e&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_g"><g data-ac-wrapper-id="23" id="ac_layer_9"><g data-ac-wrapper-id="24" id="ac_layer_8"><text data-ac-wrapper-id="25" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="13" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="20" y="13" aria-hidden="true" id="ac_text_5" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="20" dy="0">Total Portfolio Return</tspan></text><path data-ac-wrapper-id="26" transform="matrix(1,0,0,1,0,0.25)" id="ac_path_6" fill="#86d9db" stroke="none" d="M 0 0 L 15 0 15 15 0 15 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="27" id="ac_rect_7" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 157.3046875 0 157.3046875 15.5 0 15.5 0 0 Z" style="cursor: pointer;"/></g></g><text data-ac-wrapper-id="28" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" fill="#545f69" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="0" y="12" aria-hidden="true" transform="matrix(1,0,0,1,246.3515625,0.5)" id="ac_text_a" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"><tspan x="0" dy="0">1 / 3</tspan></text><path data-ac-wrapper-id="29" id="ac_path_b" fill="#e0e0e0" stroke="none" d="M 236.3515625 0.5 L 236.3515625 15 221.8515625 7.75 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="30" id="ac_path_c" fill="#9e9e9e" stroke="#757575" d="M 285.5 0.5 L 300 7.75 285.5 15 Z" style="cursor: pointer;"/></g></g><path data-ac-wrapper-id="96" id="ac_rect_2l" fill="#fff" fill-opacity="0.00001" stroke="none" d="M 0 0 L 330 0 330 165 0 165 0 0 Z" style="cursor: wait;"/></g></svg>
            [pdfchart2] => 
            [jsonhpid] => 27651
            [jsonhpid2] => 
        )

)
CLOSE
BACK

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

CLOSE

Pengana International Equities Limited (ASX: PIA)

The largest International Ethical LIC on the ASX. Targeting fully franked dividends, paid quarterly.

VIEW PIA WEBSITE

January 2025 - Monthly REPORT

January Report

SHARE PRICE

NTA POST-TAX

NTA PRE-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

SUMMARY

  • The Portfolio returned 3.4% while the benchmark delivered 2.8%, in January, driven by strong gains in information technology and communications services, with Meta Platforms and Vertex Pharmaceuticals as top performers; it also benefitted from an underweight semiconductor exposure.
  • Global equities rebounded despite a semiconductor sell-off triggered by DeepSeek AI’s announcement and threats of higher US tariffs; falling inflation and strong US earnings lifted markets, though a weaker USD detracted from AUD returns.
  • The Portfolio added a new position in AMETEK, a US-based industrial group, as part of its strategic adjustments.

PORTFOLIO

Top Holdings (alphabetically)

Accenture Plc Class A
Ireland
Information Technology
Alphabet Inc. Class A
United States
Communication Services
Amazon.com, Inc.
United States
Consumer Discretionary
Deere & Company
United States
Industrials
Meta Platforms Inc Class A
United States
Communication Services
Microsoft Corporation
United States
Information Technology
Netflix, Inc.
United States
Communication Services
Schneider Electric SE
France
Industrials
UnitedHealth Group Incorporated
United States
Health Care
Vertex Pharmaceuticals Incorporated
United States
Health Care
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Jan 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 3.4% 22.8% 9.3% 9.6% 8.3%
Total Shareholder Return 0.8% 14.2% 5.9% 6.6% 4.6%
Index 2.8% 28.6% 13.7% 13.2% 9.5%

Swipe horizontally to see all columns

COMMENTARY

Market Review 

Global equity markets bounced back in January, following the pull-back at the end of last year. This reflected falling inflation, enabling central banks in the Eurozone, Canada and Sweden to ease interest rates by a further 0.25%. This raised hopes of further interest rate cuts and a soft landing this year.

The US economy remained robust as unexpectedly strong job growth helped push December unemployment down to just 4.1%. Meanwhile, retail sales, existing home sales and industrial production all strengthened. Moreover, share prices were further boosted when the US December quarter corporate earnings season got off to a reasonably good start.

However, tech-heavy US markets underperformed global equities in January upon news of the DeepSeek artificial intelligence (AI) model. This appeared to have been created much faster and more cheaply than comparable western models. This challenged investors’ assumptions about the demand growth for advanced computing capacity and, hence, the fastest semiconductors. This led to AI infrastructure and semiconductor stocks underperforming following DeepSeek’s release in late January.

Information Technology accounts for over 30% of the US market, but less than 14% of the global investment universe, leading to the US market underperforming in January.

The prospect of higher US import tariffs and the possibility of an escalation into a trade war added to equity market volatility. Auto makers (none held in the Portfolio) were especially impacted.

Greater efficiency in the training of AI models risks reducing the growth rate of demand for computing power, the pace of investment in AI infrastructure and the demand for advanced semiconductors. However, the history of technological advances shows that better performance and lower costs typically lead to wider adoption and faster volume growth over time.

Among the likely beneficiaries of cheaper, more efficient AI are the software providers building applications using these models. Increased demand for AI-powered software also helps the cloud service companies that provide computing power and data storage. However, the commoditisation of large language models may negatively affect the creators of these models, particularly those that have eschewed open-source technology.

The AI ecosystem is still evolving, and further advances in the technology are expected. Innovation is always disruptive, but DeepSeek’s breakthrough seems to be positive for the AI industry overall.

Portfolio Commentary

The Portfolio returned 3.4% in January, while the benchmark delivered 2.8%. Strong stock performance in information technology (IT) and communications services and an overweight position in communications services drove relative returns. This was partially offset by weaker stock performance and the underweight position in the financial sector.

The strong stock performance in IT was driven by the underweight to semiconductor and technology hardware industries, which underperformed. The overweight holding in software underperformed, but by less than the other IT sub-sectors.

The largest contributor to relative returns in January was the overweight position in the US-based multinational technology group and Facebook-owner Meta Platforms. It outperformed after announcing stronger than expected December quarter revenue, earnings and user numbers. This reflects its previous investment in AI, which has brought improved user engagement and early monetisation.

The Portfolio’s holding in US-based biopharmaceutical group Vertex Pharmaceuticals also outperformed. This followed reports that the US Food and Drug Administration had approved the company’s non-opioid (and importantly, non-addictive) pain relief drug, Journavx.

The Portfolio’s holding in US-based Tradeweb, which builds and operates electronic over-the-counter (OTC) marketplaces for institutional, wholesale and retail investors, underperformed in January. This was because of concerns that the growth of its fixed income business might be slowing over the near-term.

India-based bank HDFC also underperformed, as liquidity in India’s banking system remains constrained. This has increased competition for customer deposits and led to concerns that margins are narrowing.

The Portfolio established a new position in the US-based industrial group AMETEK, which holds a portfolio of high-quality, niche businesses that generate strong cash flows. The company has two main business units: electronic instruments (e.g. analytical instruments, aerospace, and power and industrials) and electromechanical devices (e.g. motors and systems, and engineered materials). AMTEK has improved its board and executive leadership diversity, upgraded its sustainability monitoring and disclosures, reduced its greenhouse gas emissions, cut water use in its operations and made good progress towards eliminating workplace accidents. Harding Loevner is confident that the company can continue to deliver growth and profitability over the long term through acquisitions, international expansion and a shift in manufacturing to low-cost regions.

PROFILE

FEATURES

  • ASX CODE PIA
  • FEES Management Fee: 1.23% p.a.
    Performance Fee: 15.38% of any return greater than the Indexv
  • INCEPTION DATE 19 March 2004
  • MANDATED 1 July 2017
  • BenchmarkMSCI World Total Return Index, Net Dividend Reinvested, in A$ ("Index")
  • NTA Post Tax iv A$ 1.406
    31 Jan 2025
  • NTA Pre Tax iv A$ 1.473
    31 Jan 2025
  • Price Close iv A$ 1.225
  • Shares On Issue iv 257.17m
  • Premium/Discount to pre-tax NTA iv -16.8%
  • DRP Yes

Portfolio Managers

Jingyi Li

Portfolio Manager

Rick Schmidt

Portfolio Manager

Description

Pengana International Equities Limited (trading on the ASX as PIA) is the largest international ethical Listed Investment Company (“LIC”) on the ASX. PIA’s objective is 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 investment 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.

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
CONTACT INVESTOR SERVICES
INVEST NOW

i. 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 Factset.

ii. 20 Year Annualised Standard Deviation as at the last day of the last month prior to publishing this report.

iii. Relative to MSCI World Total Return Index, Net Dividends Reinvested, 20 Year annualised Beta as at the last day of the last month prior to publishing this report.

iv. As at the last day of last month prior to publishing of this report. The figures are unaudited.

v. Index/MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested, in A$.