https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=31/07/2025&aggregation_code=Class%20L 
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            [date] => 31/07/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
3.1%
13.0%
9.3%
9.9%
8.2%




Total Shareholder Return
5.0%
20.0%
8.3%
7.0%
4.8%




Index
3.1%
17.4%
16.3%
13.5%
9.3%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.095205358],["Consumer Staples", 0.017320495],["Financials", 0.12328027],["Health Care", 0.144902836],["Industrials", 0.170820588],["Information Technology", 0.247447438],["Materials", 0.007998057],["Real Estate", 0.013249850],["Communication Services", 0.153398745],["Cash", 0.026376362],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.019871640],["In between 5bn - 10bn USD", 0.013800979],["In between 10bn - 50bn USD", 0.207920049],["In between 50bn - 150bn USD", 0.244412934],["In between 150bn - 500bn USD", 0.227979211],["Above 500bn USD", 0.259638825],["Cash", 0.026376362],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.603879943],["Europe ex-UK", 0.154426153],["Emerging Markets", 0.084122733],["Japan", 0.060952353],["UK", 0.041582742],["Asia Pacific ex-Japan", 0.028659714],["Cash", 0.026376362],
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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,BMMV2K8/Tencent Holdings Ltd/China/Communication Services,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] => Tencent Holdings Ltd. provides value-added services, online advertising services, and fintech and business services. It operates through the following segments: Value-Added Services, FinTech and Business Services, Online Advertising, and Others. The Value-Added Services segment is involved in online and mobile games, community value-added services, and applications across various Internet and mobile platforms. The FinTech and Business Services segment offers fintech and cloud services, which include commissions from payment, wealth management and other services. The Online Advertising segment refers to the display based and performance-based advertisements. The Other segment is composed of trademark licensing, software development services, software sales, and other services. The company was founded by Yi Dan Chen, Hua Teng Ma, Chen Ye Xu, Li Qing Zeng, and Zhi Dong Zhang on November 11, 1998, and is headquartered in Shenzhen, China.
                    [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

July 2025 - Monthly REPORT

July 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

  • Global equity markets trended higher in July against a backdrop of ongoing US tariff announcements, which led to mixed regional performance.
  • The Portfolio returned 3.1% for the month.
  • The Portfolio is overweight in the health care sector, which was generally weak. However, strong stock selection added to relative gains, with Thermo Fisher Scientific a notable contributor.

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.
Tencent Holdings Ltd
China
Communication Services
Tencent Holdings Ltd. provides value-added services, online advertising services, and fintech and business services. It operates through the following segments: Value-Added Services, FinTech and Business Services, Online Advertising, and Others. The Value-Added Services segment is involved in online and mobile games, community value-added services, and applications across various Internet and mobile platforms. The FinTech and Business Services segment offers fintech and cloud services, which include commissions from payment, wealth management and other services. The Online Advertising segment refers to the display based and performance-based advertisements. The Other segment is composed of trademark licensing, software development services, software sales, and other services. The company was founded by Yi Dan Chen, Hua Teng Ma, Chen Ye Xu, Li Qing Zeng, and Zhi Dong Zhang on November 11, 1998, and is headquartered in Shenzhen, China.
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 Jul 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 3.1% 13.0% 9.3% 9.9% 8.2%
Total Shareholder Return 5.0% 20.0% 8.3% 7.0% 4.8%
Index 3.1% 17.4% 16.3% 13.5% 9.3%

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COMMENTARY

Market Commentary

Global share markets rose in July, supported by continued optimism around artificial intelligence (AI) and signs of resilience in the global economy. The portfolio benefited from a stronger US dollar, which was up about 3% over the month.

The US market led gains, rebounding after a softer first half of the year, while Emerging Markets also performed strongly thanks to robust demand for AI chips from suppliers in Taiwan and South Korea. European markets were weaker, both in the eurozone and beyond, as uncertainty around tariffs weighed on sentiment and large-cap names such as Novo Nordisk and ASML issued softer outlooks.

By sector, information technology led performance, with the semiconductor industry rising more than 6%. Health care and consumer staples were weaker, although AI remained a key driver of investor enthusiasm, particularly in semiconductor-related businesses.

Portfolio Commentary:

Results across the portfolio were mixed, with some standout performances and other areas of relative weakness.

Meta Platforms, the owner of Facebook and Instagram, was a notable contributor after reporting second-quarter results that comfortably beat expectations for revenue and margins. Growth in its advertising business remained strong, and the company continues to integrate AI into its platforms to improve content personalisation, ad targeting, and creative tools. Management also outlined ambitious AI investment plans, with capital expenditure for 2026 projected at around US$100 billion. While these initiatives have the potential to enhance user engagement and long-term growth, the scale of investment means we will be watching closely to ensure they deliver meaningful returns.

Progressive, the US auto insurer first added to the portfolio in May, was another positive contributor. We increased our holding during the month, reflecting our conviction in the company’s competitive advantages. Progressive invests heavily in marketing and technology, building a strong brand and a direct-to-consumer sales edge. Coupled with disciplined underwriting and access to large amounts of pricing data, this has helped sustain margins and supports our view that Progressive can continue to deliver profitable growth ahead of peers.

In health care, Thermo Fisher Scientific rose after upgrading its outlook for the 2026 financial year, while the absence of underperforming names such as Novo Nordisk and UnitedHealth Group also added to relative returns.

In information technology, AI enthusiasm drove gains in Synopsys, a leader in chip design software. However, our underweight position in NVIDIA detracted as semiconductor stocks rallied.

Within communication services, Netflix reported subscriber and revenue growth ahead of its own guidance, but broadly in line with bullish market expectations. While operational performance was solid, the share price eased as investors locked in profits after a strong run earlier in the year.

The portfolio remains positioned in high-quality companies with durable growth drivers, strong balance sheets, and the ability to navigate periods of uncertainty. The team continues to seek out businesses that can deliver sustainable 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$ 1.404
    31 Jul 2025
  • NTA Pre Tax iv A$ 1.458
    31 Jul 2025
  • Price Close iv A$ 1.260
  • Shares On Issue iv 257.17m
  • Premium/Discount to pre-tax NTA iv -13.6%
  • 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$.