https://data.pengana.com/wp-json/pen/performance?fund_code=PENGSH&date=30/05/2025&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
4.3% 16.0% 16.1% 14.5% 6.7% 8.4% 9.9%
Current Strategy (Partial Simulation)4

Harding Loevner Global Equity Strategy
9.4% 11.2% 9.5%
Index5 5.1% 17.4% 18.8% 16.4% 12.3% 14.1% 11.6% 7.7%

Swipe horizontally to see all columns

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Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2965839/CME Group Inc. Class A/United States/Financials,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,BJXMVK2/Tradeweb Markets, Inc. Class A/United States/Financials,2931034/Vertex Pharmaceuticals Incorporated/United States/Health Care, [topholdingsimg] => 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/CME_Group-Logo.wine_-1-e1623804368218.png,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/unnamed-1-e1638855672253.png,https://data.pengana.com/wp-content/uploads/Tradeweb.jpg,https://data.pengana.com/wp-content/uploads/1200px-Vertex_logo.svg-1.png, [topholdingsintro] => Array ( [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 exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange, and commodities. The Company brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears. [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] => Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production, movie production, music production, and other businesses. [8] => Tradeweb Markets, Inc. engages in the operation of electronic marketplaces for the trading of products across the rates, credit, money markets, and equities asset classes. It also provides related pre-trade pricing and post-trade processing services. Its network comprises clients across the institutional, wholesale, and retail client sectors, including global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms and retail brokerage and financial advisory firms, as well as regional dealers. The company was founded by Lee Olesky in 1996 and is headquartered in New York, NY. [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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(Partial Simulation)</tspan></text><path data-ac-wrapper-id="240" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_6d" fill="#7a9a01" stroke="#7a9a01" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="241" id="ac_rect_6e" 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="242" transform="matrix(1,0,0,1,119.52001953125,0)" id="ac_layer_6j"><text data-ac-wrapper-id="243" 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_6g" 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="244" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_6h" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="245" id="ac_rect_6i" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 137.32421875 0 137.32421875 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg> [pdfchart2] => [jsonhpid] => 29507 [jsonhpid2] => ) )
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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.

May 2025 - Monthly REPORT

May Report

SUMMARY

  • Global markets rose strongly during the month, with the Fund returning 4.28%. This was slightly behind the index, which gained 5.14%, as our more defensive Health Care holdings didn’t keep pace with the broader market rally.
  • Global equities rallied as investors looked past tariff uncertainty and focused on strong corporate earnings. Technology stocks led the gains, while Health Care lagged.
  • UnitedHealth was sold during the month following a sharp decline. Visa was added to the portfolio, reflecting the team’s positive long-term view on global payments growth.

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 exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange, and commodities. The Company brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.
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 Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production, movie production, music production, and other businesses.
Tradeweb Markets, Inc. Class A
United States
Financials
Tradeweb Markets, Inc. engages in the operation of electronic marketplaces for the trading of products across the rates, credit, money markets, and equities asset classes. It also provides related pre-trade pricing and post-trade processing services. Its network comprises clients across the institutional, wholesale, and retail client sectors, including global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms and retail brokerage and financial advisory firms, as well as regional dealers. The company was founded by Lee Olesky in 1996 and is headquartered in New York, NY.
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.

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE FOR PERIODS ENDING 31 May 20256

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
4.3% 16.0% 16.1% 14.5% 6.7% 8.4% 9.9%
Current Strategy (Partial Simulation)4

Harding Loevner Global Equity Strategy
9.4% 11.2% 9.5%
Index5 5.1% 17.4% 18.8% 16.4% 12.3% 14.1% 11.6% 7.7%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION7

COMMENTARY

Market Commentary

Equity markets posted strong gains in May, led by the US market, which outperformed for the first full month since President Trump’s re-election. The rally was supported by resilient corporate earnings and a sharp rebound in large-cap Information Technology stocks. Despite lingering uncertainty around trade policy, investors responded positively to a string of better-than-expected results across sectors.

Outside the US, European markets extended their lead on a year-to-date basis, supported by steady macroeconomic indicators and a weaker US dollar. Gains were broad-based across the region, though currency appreciation contributed to relative strength. Emerging Markets also advanced, though at a slower pace, as Chinese equities remained under pressure from ongoing tariff disputes and muted domestic activity.

Currency markets were active, with the US dollar weakening meaningfully as investors grew increasingly concerned about rising federal debt levels tied to Trump’s proposed “big beautiful” budget bill. Erratic policy communication, particularly around reciprocal tariffs, added to volatility. Sector performance reflected this uncertainty: Information Technology led returns, driven by renewed investor enthusiasm for AI and semiconductors, while Health Care was the only sector to decline amid regulatory overhangs.

Portfolio Commentary

The Fund returned 4.3% in May, underperforming the broader market, largely due to weakness across its Health Care holdings. The sector struggled during the month, and several portfolio names were negatively impacted by regulatory developments and earnings-related disappointments.

UnitedHealth Group, a leading US-based health insurer, was the most significant detractor. Shares fell more than 25% following reports of a potential Department of Justice investigation and increased uncertainty around the future profitability of its Medicare Advantage business. The team grew concerned about margin pressure and the risk that pricing adjustments could slow future enrolment. As a result, the position was exited during the month.

Other Health Care names also underperformed. Vertex Pharmaceuticals, a US biotechnology company focused on cystic fibrosis treatments and other genetic diseases, declined after delivering weaker-than-expected first-quarter results. Alcon, a Swiss manufacturer of eye care products, lowered its full-year outlook, citing tariff-related headwinds that impacted demand. Sector sentiment more broadly was weighed down by an executive order from the US administration aimed at reducing prescription drug prices.

In contrast, The Trade Desk, a US-based digital advertising platform specialising in programmatic and connected TV channels, was a key positive contributor. The company posted first-quarter revenue growth of 25% year-on-year, well ahead of expectations, reflecting continued strong demand across its platform.

In the Information Technology sector, NVIDIA, a US-based semiconductor company known for its leading position in graphics processing units (GPUs) and AI infrastructure, rebounded sharply after reporting record quarterly earnings. The Fund had repurchased the stock in late 2024 and added to the position in April, although relative contribution was limited due to the size of the holding.

The Fund initiated a new position in Visa, a global leader in digital payments technology. Operating in over 200 countries and territories, Visa continues to benefit from the global shift away from cash and towards electronic transactions. With robust free cash flow, strong operating leverage, and competitive scale, the company is well positioned to compound value over the long term.

The Fund remains focused on building a portfolio of high-quality businesses with durable competitive advantages, sustainable growth drivers, and strong financial discipline. In an environment marked by policy uncertainty and shifting macro narratives, the investment team continues to emphasise long-term business fundamentals.

PROFILE

STATISTICAL DATA2

PORTFOLIO SUMMARY
VOLATILITY8
11%
NUMBER OF STOCKS
61
BETA9
0.9

FEATURES

  • APIR CODE PCL0026AU
  • REDEMPTION PRICEA$ 1.1626
  • FEES * Management Fee: 0.974%
    Performance Fee: Nil
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 31.33m
  • 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.