https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=30/06/2025&aggregation_code=Class%20L 
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            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
1.2%
12.6%
8.9%
9.7%
8.2%




Total Shareholder Return
0.4%
11.0%
7.4%
7.3%
4.8%




Index
2.4%
18.5%
15.7%
13.4%
9.3%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.095505777],["Consumer Staples", 0.017931872],["Financials", 0.117441642],["Health Care", 0.149321548],["Industrials", 0.170598462],["Information Technology", 0.242745939],["Materials", 0.009314061],["Real Estate", 0.011333054],["Communication Services", 0.150628610],["Cash", 0.035179036],
                        )

                    [1] => Array
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                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.019321803],["In between 5bn - 10bn USD", 0.013148822],["In between 10bn - 50bn USD", 0.208007486],["In between 50bn - 150bn USD", 0.222738848],["In between 150bn - 500bn USD", 0.215214332],["Above 500bn USD", 0.286389673],["Cash", 0.035179036],
                        )

                    [2] => Array
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                            [0] => Region Breakdown
                            [1] => ["North America", 0.585168906],["Europe ex-UK", 0.162527844],["Emerging Markets", 0.082765646],["Japan", 0.064620026],["UK", 0.041957443],["Asia Pacific ex-Japan", 0.027781098],["Cash", 0.035179036],
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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,
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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] => 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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        )

)
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OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY 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

June 2025 - Monthly REPORT

June 2025

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

  • Global markets experienced another strong month, driven by renewed optimism surrounding artificial intelligence and increasing confidence in the global economic outlook.
  • The portfolio returned 1.2% in June.
  • Disco Corporation, a Japanese company that supplies essential equipment to the semiconductor industry, was added to the portfolio.

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.
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Jun 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 1.2% 12.6% 8.9% 9.7% 8.2%
Total Shareholder Return 0.4% 11.0% 7.4% 7.3% 4.8%
Index 2.4% 18.5% 15.7% 13.4% 9.3%

Swipe horizontally to see all columns

COMMENTARY

Market Commentary

Global share markets edged higher in June, supported by resilient economic data and renewed optimism around artificial intelligence. After a volatile start to the year, investor sentiment improved as confidence grew in the long-term potential of new technologies and the ability of businesses to adapt and invest for the future.

The US market performed well over the month, led by gains in large technology companies. However, it remains one of the weaker-performing regions so far this year, with ongoing concerns around tariffs, inflation, and government spending continuing to weigh on the outlook. In contrast, Emerging Markets performed strongly, helped by a sharp rebound in South Korea. Local shares rose following the election of a new president, who pledged to improve corporate governance and make companies more accountable to shareholders.

Technology and Communication Services were the strongest sectors in June. Many companies linked to artificial intelligence regained ground, following earlier weakness. While some delayed the release of new AI products, overall progress continued, and there was growing belief that these technologies will drive future business growth across many industries.

Although some uncertainty remains, markets were supported by stable economic data, stronger business confidence, and a long-term focus on innovation and productivity.

Portfolio Commentary

The portfolio rose in June, supported by encouraging updates and stronger sentiment across several companies linked to artificial intelligence and digital innovation. While a few holdings in the Technology and Materials sectors faced some short-term challenges, the overall result reflected the portfolio’s focus on quality and long-term growth.

One of the strongest contributors was Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest producer of advanced computer chips. The company reported strong monthly revenue, driven by growing demand for AI-related technology and rising orders from major clients. Meta Platforms, the owner of Facebook and Instagram, also performed well. Its share price reached a new high during the month, supported by continued progress in applying artificial intelligence across its advertising and social media platforms.

Another positive contributor was Netflix. The company’s share price rose as analysts responded positively to its growth in advertising-supported subscriptions and its plans to expand into live sports broadcasting.

Disco Corporation also made a positive contribution during the month. The Japanese company manufactures specialised equipment used to cut and polish semiconductors, and its share price rose as investors responded to stronger demand for AI-related chips. The portfolio initiated a position in Disco in June, reflecting the team’s confidence in the company’s long-term growth outlook and leadership in a key part of the semiconductor supply chain.

On the negative side, Adobe’s shares declined after the company flagged a slower path to generating revenue from its AI tools. Symrise, a German supplier of fragrances and flavours, also fell after warning that second-quarter growth would likely be weaker than expected. CME Group, a major US derivatives exchange, gave back some earlier gains after a strong run earlier in the year – CME tends to outperform in more volatile periods and is included in the portfolio for its defensive characteristics.

The portfolio remains focused on owning high-quality businesses with strong fundamentals and sustainable growth drivers. While some short-term share price movements are inevitable, the investment team continues to look for companies that can navigate uncertainty and deliver long-term value for shareholders.

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$ 1.362
    30 Jun 2025
  • NTA Pre Tax iv A$ 1.413
    30 Jun 2025
  • Price Close iv A$ 1.200
  • Shares On Issue iv 257.17m
  • Premium/Discount to pre-tax NTA iv -15.1%
  • 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$.