https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=29/08/2025&aggregation_code=Class%20L 
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            [date] => 29/08/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
-3.0%
11.8%
7.9%
9.8%
7.9%




Total Shareholder Return
-0.1%
17.6%
6.6%
7.0%
4.8%




Index
0.9%
19.9%
15.7%
13.8%
9.2%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.098622158],["Consumer Staples", 0.017401208],["Financials", 0.121168427],["Health Care", 0.145540822],["Industrials", 0.165965374],["Information Technology", 0.241466026],["Materials", 0.008641812],["Real Estate", 0.012639199],["Communication Services", 0.162449365],["Cash", 0.026105609],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.015468355],["In between 5bn - 10bn USD", 0.014349721],["In between 10bn - 50bn USD", 0.202084602],["In between 50bn - 150bn USD", 0.264599121],["In between 150bn - 500bn USD", 0.174158974],["Above 500bn USD", 0.303233618],["Cash", 0.026105609],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.589435325],["Europe ex-UK", 0.161232488],["Emerging Markets", 0.082760309],["Japan", 0.067887232],["UK", 0.042526963],["Asia Pacific ex-Japan", 0.030052075],["Cash", 0.026105609],
                        )

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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,BMMV2K8/Tencent Holdings Ltd/China/Communication Services,
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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] => 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.
                    [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

August 2025 - Monthly REPORT

August 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 declined 3.0% in August, as style-driven market moves and a handful of company updates weighed on results.
  • Global equities rose modestly, with Materials leading on higher commodity prices, while Technology shares trailed on concerns over the cost of AI infrastructure.
  • A new investment was made in Delta Electronics, a Taiwanese leader in advanced power supply systems for data centres, telecommunications, and consumer electronics.

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.
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.
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Aug 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return -3.0% 11.8% 7.9% 9.8% 7.9%
Total Shareholder Return -0.1% 17.6% 6.6% 7.0% 4.8%
Index 0.9% 19.9% 15.7% 13.8% 9.2%

Swipe horizontally to see all columns

COMMENTARY

Market Commentary

Global share markets posted modest gains in August, though results varied across regions and sectors. Materials stocks were the strongest performers, supported by higher commodity prices, while Technology shares lagged as investors weighed concerns over the rising costs of AI infrastructure. Value-oriented companies continued to outperform, reflecting a rotation in markets toward more attractively priced businesses.

Japan was one of the better-performing regions, helped by a new trade agreement with the United States that lifted confidence in its growth outlook. Europe also advanced, supported by improving sentiment and stronger activity across both manufacturing and services. In contrast, emerging markets were softer. Indian equities fell following new US tariffs, while South Korea and Taiwan declined, given their heavy exposure to large AI companies. In China, retail sales and trade data came in below expectations, adding to concerns around domestic demand.

Broader economic conditions remained supportive. Inflation continued to moderate across most regions, with the US Federal Reserve striking a more cautious tone at its annual meeting in Jackson Hole. Consumer demand in the US stayed resilient, with retail sales moderating but still healthy in real terms. These developments encouraged a constructive backdrop for equity markets, even as shifts in style and sector leadership influenced monthly results.

Portfolio Commentary

The portfolio declined in August, reflecting a period where style-driven market moves and select company updates weighed on results. Businesses that issued more cautious outlooks or faced heightened competition faced short-term share price weakness, even where long-term prospects remain intact.

The Trade Desk, a leading digital advertising platform, was the largest detractor. Shares fell sharply after management provided cautious revenue guidance and highlighted competition from Amazon’s advertising platform. While this unsettled the market, the company remains well positioned to benefit over the long term as advertising spend increasingly moves to independent platforms outside the largest online players.

During the month, the portfolio initiated an investment in Delta Electronics, a Taiwanese company that holds a leading position in advanced power supplies for data centres, telecommunications equipment, and consumer electronics. With a diversified global supply chain and opportunities to expand into areas such as electric vehicles and industrial automation, Delta offers strong growth potential.

Elsewhere, Atkore declined after announcing its CEO will retire at year-end, alongside continued weakness in the PVC pipe market. In Health Care, Chugai Pharmaceutical traded lower after trial results for its weight-loss drug fell short of investor expectations, while Vertex Pharmaceuticals weakened following disappointing trial data for a new pain treatment.

Sony was a bright spot during the month, delivering solid results supported by strength in its gaming and image sensors businesses. The company continues to be well positioned to benefit from rising global demand for entertainment content and advanced technology.

The investment team also continued its engagement with portfolio companies on key environmental, social, and governance (ESG) topics. In the second quarter of 2025, discussions included UnitedHealth Group on regulatory compliance processes, which ultimately led to the decision to exit the position, and Symrise on the potential impact of US tariffs on its cosmetics ingredients division. These conversations form part of the team’s ongoing focus on how companies manage long-term risks and create sustainable value.

While August was a challenging month, the portfolio remains focused on high-quality companies with durable advantages and strong long-term growth drivers. The team continues to apply a disciplined, bottom-up approach, adding selectively to businesses with clear earnings visibility, while remaining mindful of near-term market rotations.

PIA’s Proposed Portfolio Enhancements

A recent webinar, held on 4 September 2025, and presented by PIA Chairman Frank Gooch, Pengana Credit CEO Nehemiah Richardson, and Pengana Capital Group CEO Russel Pillemer, explored PIA’s proposal to enhance future shareholder returns with diversified exposure to highly sought-after global private credit – an initiative designed to strengthen diversification and deliver more reliable, and increased, fully-franked income.

You can access the webinar in full below or navigate directly to the key discussion points here.

The Board believes that, if approved, the benefits will include:

  • A targeted 56% increase in fully franked dividends to 8.4c per share p.a. – once the proposal is fully implemented
  • Equating to a gross dividend yield of 9.0% p.a. (including the value of franking credits), based on the August month-end share price of $1.24 and a 25% tax rate
  • Monthly dividend payments commencing November 2025
  • Access to a unique and diversified exposure to global businesses
  • Increased and more reliable earnings

We strongly encourage all shareholders to vote at the upcoming AGM to be held on 21 October 2025. Further details of the meeting will be provided to shareholders in the Notice of Meeting, which will be dispatched to shareholders on 19 September 2025.

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$ 1.358
    31 Aug 2025
  • NTA Pre Tax iv A$ 1.400
    31 Aug 2025
  • Price Close iv A$ 1.240
  • Shares On Issue iv 257.13m
  • Premium/Discount to pre-tax NTA iv -11.5%
  • 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$.