https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=30/04/2025&aggregation_code=Class%20L 
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            [date] => 30/04/2025
            [table] => 





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

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.094709992],["Consumer Staples", 0.019365635],["Financials", 0.093518697],["Health Care", 0.192878700],["Industrials", 0.165758890],["Information Technology", 0.225961417],["Materials", 0.010986327],["Real Estate", 0.011640560],["Communication Services", 0.148689677],["Cash", 0.036490106],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.012981305],["In between 5bn - 10bn USD", 0.020421],["In between 10bn - 50bn USD", 0.194409084],["In between 50bn - 150bn USD", 0.262585804],["In between 150bn - 500bn USD", 0.265107432],["Above 500bn USD", 0.208005269],["Cash", 0.036490106],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.579354421],["Europe ex-UK", 0.174733989],["Emerging Markets", 0.082343941],["Japan", 0.058713464],["UK", 0.041933172],["Asia Pacific ex-Japan", 0.026430906],["Cash", 0.036490106],
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            [topholdings] => BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2965839/CME Group Inc. Class A/United States/Financials,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,SONJPY/Sony Group Corporation/Japan/Consumer Discretionary,2931034/Vertex Pharmaceuticals Incorporated/United States/Health Care,
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            [topholdingsintro] => Array
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                    [0] => 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.
                    [1] => 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.
                    [2] => 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.
                    [3] => 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.
                    [4] => 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.
                    [5] => 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.
                    [6] => 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.
                    [7] => 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.
                    [8] => 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.
                    [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.
                    [10] => 
                )

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Pengana International Equities Limited (ASX: PIA)

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

VIEW PIA WEBSITE

April 2025 - Monthly REPORT

April 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 -0.7% in April, holding up better than global markets during a volatile month, supported by strength in Healthcare and Communication Services.
  • Global markets fell sharply early in the month following US tariff announcements. While the US recovered most of its losses, other major regions rebounded and finished higher. Defensive sectors such as Consumer Staples and Utilities outperformed, while Energy lagged.
  • A new investment in Johnson & Johnson was added during the month. Chugai Pharmaceutical performed strongly, while UnitedHealth and Thermo Fisher Scientific

PORTFOLIO

Top Holdings (alphabetically)

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.
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Apr 2025 i
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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COMMENTARY

Market Commentary

Global share markets were volatile in April, with investor sentiment rattled early in the month by the announcement of sweeping new US tariffs. The proposed measures included a 10% baseline tariff on all imported goods, as well as potential reciprocal tariffs targeting specific countries. Markets sold off sharply as investors weighed the implications for trade, inflation, and global growth.

However, the tone improved as the month progressed. The US administration later announced a 90-day pause on most of the reciprocal tariffs, with China as the key exception. This helped restore confidence and sparked a broad market rebound. The US market recovered most of its earlier losses, while many other regions, including Japan and Mexico, delivered positive returns for the month.

Defensive sectors such as Consumer Staples and Utilities were among the stronger performers, as investors sought more stable parts of the market amid ongoing uncertainty. In contrast, Energy declined sharply as global growth concerns weighed on oil prices.

While the outlook remains mixed, markets responded favourably to signs of policy flexibility and continued resilience in corporate earnings across several regions.

Portfolio Commentary

The Portfolio declined in April, though it held up better than global markets during what was a volatile month for equities. While markets initially declined following the announcement of sweeping US tariffs, most regions recovered, and the Portfolio benefited from select exposures in Healthcare and Communication Services. Importantly, many holdings were not directly exposed to the types of global supply chains most affected by the proposed trade measures.

Japan’s Chugai Pharmaceutical was a key contributor. Its share price rose following positive clinical trial results for Orforglipron, an oral diabetes and weight loss drug being developed in partnership with Eli Lilly. The results exceeded expectations and improved the drug’s outlook in what is expected to be a major treatment category.

Netflix also contributed positively. The US-based streaming platform delivered solid quarterly results and noted that subscriber growth remained steady despite broader macroeconomic uncertainty. The Portfolio also benefited from not holding Apple, which came under pressure due to renewed concerns around its exposure to Chinese manufacturing and potential tariff impacts.

On the downside, UnitedHealth Group detracted. The company reported a higher-than-expected medical loss ratio, which weighed on short-term earnings expectations. Thermo Fisher Scientific also underperformed, with investors reassessing near-term growth prospects in light of reduced funding across the biotech industry.

During the month, the Portfolio established a new investment in Johnson & Johnson. The US-based healthcare leader holds strong positions in pharmaceuticals and medical devices and has a long track record of identifying early-stage innovations and scaling them effectively. Its consistent approach to research and acquisitions, along with strong cash flow generation, supports long-term growth. Shares were purchased at what the investment team viewed as an attractive valuation.

The Portfolio continues to focus on well-managed companies with durable earnings and sound long-term fundamentals. A diversified global approach, combined with disciplined research, remains central to navigating periods of volatility and protecting investor capital over time.

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$ 1.321
    30 Apr 2025
  • NTA Pre Tax iv A$ 1.349
    30 Apr 2025
  • Price Close iv A$ 1.155
  • Shares On Issue iv 257.17m
  • Premium/Discount to pre-tax NTA iv -14.3%
  • 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
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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$.