https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=30/05/2025&aggregation_code=Class%20L 
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            [date] => 30/05/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
4.1%
14.2%
8.2%
9.6%
8.2%




Total Shareholder Return
4.6%
11.5%
7.4%
7.1%
4.9%




Index
5.3%
17.5%
14.9%
12.9%
9.2%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.096332582],["Consumer Staples", 0.018708992],["Financials", 0.122250844],["Health Care", 0.155438322],["Industrials", 0.171457634],["Information Technology", 0.240209902],["Materials", 0.010839689],["Real Estate", 0.011025770],["Communication Services", 0.147087948],["Cash", 0.026648317],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.019153627],["In between 5bn - 10bn USD", 0.012666858],["In between 10bn - 50bn USD", 0.185707699],["In between 50bn - 150bn USD", 0.274350938],["In between 150bn - 500bn USD", 0.208579296],["Above 500bn USD", 0.272893266],["Cash", 0.026648317],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.591572753],["Europe ex-UK", 0.172074549],["Emerging Markets", 0.08325215],["Japan", 0.05433129],["UK", 0.044505601],["Asia Pacific ex-Japan", 0.027615339],["Cash", 0.026648317],
                        )

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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,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/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/Tradeweb.jpg,https://data.pengana.com/wp-content/uploads/1200px-Vertex_logo.svg-1.png,
            [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] => 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.
                    [10] => 
                )

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CORE FUNDS

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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

May 2025 - Monthly REPORT

May 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 4.1% in May. While global markets rose strongly, the portfolio delivered a solid result, though it trailed slightly due to softer returns from a few Health Care companies.
  • Markets were supported by strong company earnings and renewed strength in Technology stocks, which helped ease concerns around trade policy and government spending.
  • The portfolio exited its position in UnitedHealth and added a new investment in Visa, a global leader in digital payments.

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.
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.
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Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 May 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 4.1% 14.2% 8.2% 9.6% 8.2%
Total Shareholder Return 4.6% 11.5% 7.4% 7.1% 4.9%
Index 5.3% 17.5% 14.9% 12.9% 9.2%

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COMMENTARY

Market Commentary

Global share markets rose strongly in May, with the US leading the way. Investors responded positively to a steady flow of company earnings reports, particularly from large technology businesses. This helped ease concerns about global trade tensions and uncertainty around government policies in the US.

In Europe, markets also performed well. The region continued to benefit from a stable economic backdrop and a weaker US dollar, which makes European exports more competitive. Emerging Markets delivered more modest returns, as gains in some areas were held back by ongoing weakness in Chinese shares.

Technology was the strongest-performing sector, as investors grew more confident in the long-term growth of areas like artificial intelligence and digital infrastructure. Health Care, by contrast, was the weakest sector for the month. Some companies reported softer earnings, while news of potential changes to health policy in the US also weighed on investor sentiment.

Despite some lingering uncertainties, markets were supported by solid business results and improving confidence. While short-term movements are always possible, we continue to focus on long-term trends and the strength of individual businesses.

Portfolio Commentary

The portfolio delivered a strong return in May but underperformed the broader global market. This was mainly due to a handful of Health Care companies that faced short-term challenges. While disappointing in the near term, these outcomes reflect our ongoing focus on quality and resilience over chasing short-term market trends.

The largest detractor was UnitedHealth Group, a leading US health insurer. The company’s share price fell after reports of a potential regulatory investigation and growing uncertainty around the outlook for its Medicare Advantage business. Given the added risks to future earnings, we made the decision to exit the position during the month.

Other healthcare holdings also struggled. Vertex Pharmaceuticals, a US biotechnology company focused on cystic fibrosis treatments, declined after reporting earnings that fell short of expectations. Alcon, a Swiss eye care business, adjusted its forecast for the year due to weaker-than-expected demand, which it partly attributed to the impact of global tariffs.

Despite these headwinds, the portfolio benefited from strong contributions elsewhere. The Trade Desk, a US-based advertising technology company, performed particularly well after announcing strong revenue growth driven by continued demand in connected TV and digital advertising. NVIDIA, the US chipmaker known for its leadership in artificial intelligence and graphics processing, also added to performance following the release of a record earnings report.

During the month, the portfolio added a new investment in Visa, a global digital payments company operating in more than 200 countries. We believe Visa is well positioned to benefit from the continued shift away from cash and has the scale, technology, and financial strength to grow sustainably over the long term.

The investment team also continued its engagement with portfolio companies on key environmental, social, and governance (ESG) topics. During the first quarter of 2025, these discussions included Sony’s approach to managing supply chain risks from tariffs, Applied Materials’ efforts to attract engineering talent, and Compass Group’s workforce adjustments. These conversations form part of the team’s ongoing focus on understanding how businesses manage long-term risks and create sustainable value.

Overall, the portfolio remains focused on high-quality companies with strong fundamentals, aiming to deliver reliable income and capital growth for investors 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$ 1.345
    31 May 2025
  • NTA Pre Tax iv A$ 1.393
    31 May 2025
  • Price Close iv A$ 1.195
  • Shares On Issue iv 257.17m
  • Premium/Discount to pre-tax NTA iv -14.2%
  • 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$.