https://data.pengana.com/wp-json/pen/performance?fund_code=PENGSC&date=29/08/2025&aggregation_code=Class%20A
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            [date] => 29/08/2025
            [table] => 
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. 5 YEARS P.A. SINCE INCEPTION P.A.
Global Small Companies Fund -1.1% 9.8% 7.8% 8.8% 6.4% 6.8%
MSCI All Country World SMID Cap Index unhedged in AUD 1.9% 18.2% 14.8% 14.8% 12.9% 9.5%

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[piechart] => Array ( [0] => Array ( [0] => Capitalisation Breakdown [1] => ["Under 2bn USD", 0.348403368],["In between 2bn - 5bn USD", 0.267404613],["Above 5bn USD", 0.320312894],["Cash", 0.063879126], ) [1] => Array ( [0] => Region Breakdown [1] => ["Europe ex UK", 0.224285634],["North America", 0.239432249],["Asia ex Japan", 0.072560032],["Japan", 0.184313192],["UK", 0.102253643],["Middle East / Africa", 0.052643817],["Latin America", 0.060632307],["Cash", 0.063879126], ) ) [topholdings] => 6267230/Hilan Ltd./Israel/Industrials,6248332/NICE Information Service Co., Ltd./Korea, Republic Of/Industrials,6648783/Noritsu Koki Co., Ltd./Japan/Consumer Discretionary,BYT9340/Scout24 SE/Germany/Communication Services,USSJPY/USS Co., Ltd./Japan/Consumer Discretionary, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/hilan.jpg,https://data.pengana.com/wp-content/uploads/Stock-Icons/data.png,https://data.pengana.com/wp-content/uploads/Noritsulogo2.png,https://data.pengana.com/wp-content/uploads/Scout24_Logo_w3000px-scaled.png,https://data.pengana.com/wp-content/uploads/USS.jpg, [topholdingsintro] => Array ( [0] => Hilan Ltd. engages in the provision of Software as a Service (SaaS) for the purpose of managing the enterprise human capital. Its solutions include payroll, human resources, time and attendance, pension, analytics, and business process outsourcing (BPO). The firm offers its services to the industry, high-tech, finance, academic, communications, healthcare, municipal, transportation, retail, education, government, social care, associations, and hotels sectors. It operates through the following segments: Payroll Services, Human Resources, and Organizational Systems, Business Solutions, Computing Infrastructures, and Marketing of Software Products. The Payroll Services, Human Resources, and Organizational Systems segment provides payroll management services, pension operations, enterprise resource planning, other value-added services, and attendance, human resources, business, financial, and relationship management. The Business Solutions segment is involved in the sale of outsourcing and technological value-added solutions, as well as solutions and projects in the field of computing, digital, and innovation. The Computing Infrastructures segment sells solutions in the field of computing infrastructures, managed public and private clouds, advanced information security, and cyber. The Marketing of Software Products segment is composed of the distribution and assimilation of software products and solutions in the field of control, data, analytics and business intelligence, infrastructures and applications in the information technology world, document and content management, information and cyber security, and content delivery network. The company was founded on December 16, 1992 and is headquartered in Tel Aviv, Israel. [1] => NICE Information Service Co., Ltd. engages in the provision of credit information services. It operates through the following business divisions: Corporate information, Credit bureau, Asset management and Others. The Corporate information business division offers corporate information provision, consulting and technical consulting bureau services. The Credit bureau business division offers individual credit information provision and consulting services. The Asset management business division offers bond collection and credit survey services. The Others business division offers other services such as data analysis. The company was founded on February 28,1985 and is headquartered in Seoul, South Korea. [2] => Noritsu Koki Co., Ltd. engages in the manufacture and sale of environment solution, kitchen, and photo processing equipment. It operates through the following segments: Monodzukuri, Health Care, Drug Discovery, Senior Life, Agricultural Food, and Others. The Monodzukuri segment handles research, development, production, and sale of pens and cosmetic parts. The Health Care segment provides radiology services, survey data, and genetic testing. The Drug Discovery segment provides research, development and sale of biopharmaceuticals. The Senior Life segment handles publication and mail order services for seniors. The Agricultural Food segment produces and sells fresh vegetables. The Others segment handles investigation and investment of new growth areas. It also offers mail order for dental materials and development and sale of drug treatment database for insurance companies. The company was founded by Kanichi Nishimoto in June 1951 and is headquartered in Tokyo, Japan. [3] => Scout24 SE is a holding company, which engages in the provision and development of digital marketing solutions. The firm operates through the following segments: Professional, Private, and Media and Other. It offers ImmoScout24, a technology platform for real estate listing and search. The company was founded in 1998 and is headquartered in Munich, Germany. [4] => USS Co., Ltd. engages in the automobile auction business. It operates through the following segments: Auto Auction, Used Car Purchasing and Selling, and Others. The Auto Auction segment operates auto auction connection services through satellite television line and internet; provides used car information services; transportation of display and bid car; and offers financing services for the auto auction members. The Used Car Purchasing and Selling segment deals with the buy and sell of used cars and accident-damaged cars. The Others segment includes the recycling of end-of-life vehicles and waste rubber, and services of used automobiles export processing. The company was founded on October 29, 1980 and is headquartered in Tokai, Japan. 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sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="235.69140625" y="155">09/2022</text></g></g><g data-ac-wrapper-id="448" id="ac_layer_ck"><g data-ac-wrapper-id="449" id="ac_unmanageable-layer_cj"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="274.69140625" y="155">03/2024</text></g></g></g><path data-ac-wrapper-id="450" id="ac_path_cm" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 137"/><path data-ac-wrapper-id="451" id="ac_path_cn" fill="none" stroke="#CECECE" d="M 48 136.5 L 42 136.5 M 48 99.5 L 42 99.5 M 48 62.5 L 42 62.5 M 48 26.5 L 42 26.5"/><g data-ac-wrapper-id="452" id="ac_layer_cw"><g data-ac-wrapper-id="453" id="ac_layer_cp"><g data-ac-wrapper-id="454" id="ac_unmanageable-layer_co"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="12.9296875" y="137.75">$70,000</text></g></g><g data-ac-wrapper-id="455" id="ac_layer_cr"><g data-ac-wrapper-id="456" id="ac_unmanageable-layer_cq"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="9.109375" y="100.75">$140,000</text></g></g><g data-ac-wrapper-id="457" id="ac_layer_ct"><g data-ac-wrapper-id="458" id="ac_unmanageable-layer_cs"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="9.109375" 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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_bl" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">Fund</tspan></text><path data-ac-wrapper-id="421" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_bm" fill="#115e67" stroke="#115e67" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="422" id="ac_rect_bn" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 23.3203125 0 23.3203125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="423" transform="matrix(1,0,0,1,38.3203125,0)" id="ac_layer_bs"><text data-ac-wrapper-id="424" 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_bp" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">MSCI All Country World SMID Cap Index unhedged in AUD</tspan></text><path data-ac-wrapper-id="425" transform="matrix(1,0,0,1,0,0.516357421875)" id="ac_path_bq" 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="426" id="ac_rect_br" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 158.2421875 0 158.2421875 6.03271484375 0 6.03271484375 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg> [pdfchart2] => [jsonhpid] => 31115 [jsonhpid2] => ) )
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Global Small Companies Fund

Specialists in a vast and growing investable universe

August 2025 - Monthly REPORT

August Report

SUMMARY

Summary

  • The Fund fell 1.1% in August, lagging the benchmark as quality-focused holdings underperformed in a style-driven market.
  • Global equities were led higher by value-oriented small caps, with strong gains across Japan, broader Asian markets, and Europe, although currency fluctuations reduced returns in AUD terms.
  • The Fund exited Oddity Tech and Insource, while top contributors included Doorman Products, USS, and Nextracker. Eckert & Ziegler was the main detractor.

PORTFOLIO

Top Holdings (alphabetically)

Hilan Ltd.
Israel
Industrials
Hilan Ltd. engages in the provision of Software as a Service (SaaS) for the purpose of managing the enterprise human capital. Its solutions include payroll, human resources, time and attendance, pension, analytics, and business process outsourcing (BPO). The firm offers its services to the industry, high-tech, finance, academic, communications, healthcare, municipal, transportation, retail, education, government, social care, associations, and hotels sectors. It operates through the following segments: Payroll Services, Human Resources, and Organizational Systems, Business Solutions, Computing Infrastructures, and Marketing of Software Products. The Payroll Services, Human Resources, and Organizational Systems segment provides payroll management services, pension operations, enterprise resource planning, other value-added services, and attendance, human resources, business, financial, and relationship management. The Business Solutions segment is involved in the sale of outsourcing and technological value-added solutions, as well as solutions and projects in the field of computing, digital, and innovation. The Computing Infrastructures segment sells solutions in the field of computing infrastructures, managed public and private clouds, advanced information security, and cyber. The Marketing of Software Products segment is composed of the distribution and assimilation of software products and solutions in the field of control, data, analytics and business intelligence, infrastructures and applications in the information technology world, document and content management, information and cyber security, and content delivery network. The company was founded on December 16, 1992 and is headquartered in Tel Aviv, Israel.
NICE Information Service Co., Ltd.
Korea, Republic Of
Industrials
NICE Information Service Co., Ltd. engages in the provision of credit information services. It operates through the following business divisions: Corporate information, Credit bureau, Asset management and Others. The Corporate information business division offers corporate information provision, consulting and technical consulting bureau services. The Credit bureau business division offers individual credit information provision and consulting services. The Asset management business division offers bond collection and credit survey services. The Others business division offers other services such as data analysis. The company was founded on February 28,1985 and is headquartered in Seoul, South Korea.
Noritsu Koki Co., Ltd.
Japan
Consumer Discretionary
Noritsu Koki Co., Ltd. engages in the manufacture and sale of environment solution, kitchen, and photo processing equipment. It operates through the following segments: Monodzukuri, Health Care, Drug Discovery, Senior Life, Agricultural Food, and Others. The Monodzukuri segment handles research, development, production, and sale of pens and cosmetic parts. The Health Care segment provides radiology services, survey data, and genetic testing. The Drug Discovery segment provides research, development and sale of biopharmaceuticals. The Senior Life segment handles publication and mail order services for seniors. The Agricultural Food segment produces and sells fresh vegetables. The Others segment handles investigation and investment of new growth areas. It also offers mail order for dental materials and development and sale of drug treatment database for insurance companies. The company was founded by Kanichi Nishimoto in June 1951 and is headquartered in Tokyo, Japan.
Scout24 SE
Germany
Communication Services
Scout24 SE is a holding company, which engages in the provision and development of digital marketing solutions. The firm operates through the following segments: Professional, Private, and Media and Other. It offers ImmoScout24, a technology platform for real estate listing and search. The company was founded in 1998 and is headquartered in Munich, Germany.
USS Co., Ltd.
Japan
Consumer Discretionary
USS Co., Ltd. engages in the automobile auction business. It operates through the following segments: Auto Auction, Used Car Purchasing and Selling, and Others. The Auto Auction segment operates auto auction connection services through satellite television line and internet; provides used car information services; transportation of display and bid car; and offers financing services for the auto auction members. The Used Car Purchasing and Selling segment deals with the buy and sell of used cars and accident-damaged cars. The Others segment includes the recycling of end-of-life vehicles and waste rubber, and services of used automobiles export processing. The company was founded on October 29, 1980 and is headquartered in Tokai, Japan.

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Aug 2025 1
1 MTH 1 YEAR 2 YEARS P.A. 3 YEARS P.A. 5 YEARS P.A. SINCE INCEPTION P.A.
Global Small Companies Fund -1.1% 9.8% 7.8% 8.8% 6.4% 6.8%
MSCI All Country World SMID Cap Index unhedged in AUD 1.9% 18.2% 14.8% 14.8% 12.9% 9.5%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Market review

Global equities advanced in August, with markets shaped by a clear rotation in style leadership. Quality stocks underperformed as investors favoured value, growth, and momentum exposures. This shift reflected renewed risk appetite, with investors rewarding companies more exposed to cyclical recoveries and leveraged earnings. The pattern mirrored the early period of President Trump’s first term, when quality temporarily lagged before resuming leadership, underlining the impact of style dynamics on short-term returns.

Value-oriented small caps led the advance. In the United States, small caps moved higher, driven by renewed interest in domestically focused businesses and more attractively valued sectors. Global small caps more broadly also reflected this pattern, with value continuing to outperform quality. The breadth of participation highlighted the market’s preference for lower-valued companies, even as quality-oriented businesses retained sound fundamentals.

In other regions, markets also delivered strong gains. Japanese equities rose on the back of currency weakness and firmer domestic demand, which provided a tailwind to exporters and local cyclicals. Across Asia outside Japan, technology-led momentum and renewed confidence in export markets supported a sharp rebound. European small caps also advanced as business activity improved and sentiment stabilised. Together, these gains illustrated broad-based strength across both developed and emerging markets.

Currency movements detracted from overall results in Australian dollar terms. The Australian dollar strengthened modestly against several major currencies, reducing the translated value of offshore gains. Despite this headwind, global equities continued to provide a constructive backdrop, with cyclical and lower-valued companies driving market leadership.

Portfolio Commentary

The Fund declined in August, lagging its benchmark as style-driven moves weighed on quality-focused holdings. The portfolio saw no major new investments during the month, with activity limited to the exits of Oddity Tech and Insource.

Performance drivers were mixed. Doorman Products, a US-based manufacturer of speciality building products, was among the strongest contributors. The company reported robust quarterly earnings and highlighted continued end-market demand growth, which reinforced investor confidence in its outlook. USS, a Japanese auction and remarketing platform for used vehicles, also contributed positively. Results benefited from a rebound in domestic auto and industrial markets, providing evidence of cyclical recovery alongside resilient demand in its core businesses. Nextracker, a US-based provider of solar tracking systems, added to gains. The company announced record growth in its project pipeline and secured new contract wins, underlining its leadership in global solar infrastructure at a time of accelerating investment in renewable energy.

Eckert & Ziegler, a German provider of radioisotope-based medical treatments and components, was the largest detractor. The company lowered profit guidance after facing regulatory delays on a new therapy platform. While the share price reacted negatively, the impact was modest, and the business retains a strong market position in radioisotope technology.

Beyond these individual names, the portfolio did not experience significant single-stock detractors. Instead, results were shaped by the broader style rotation that favoured value-oriented companies over quality. The team continues to view quality as a durable driver of long-term outperformance, even if temporarily out of favour.

The Fund remains positioned in high-quality companies with strong balance sheets, recurring revenues, and structural growth drivers. These businesses have historically compounded value through a variety of market conditions. While recent style moves have created a headwind, the fundamentals of portfolio holdings remain intact, and the team expects quality to regain leadership as earnings resilience and disciplined capital allocation reassert their importance in more challenging environments.

PROFILE

Platform Availability

  • AMP North
  • Asgard eWrap
  • AET Wholesale Access Fund
  • BT Panorama
  • BT Wrap
  • Colonial First Wrap
  • Centric IDPS
  • Centric Super
  • Hub24
  • IOOF Pursuit
  • IOOF Portfolio Service
  • IOOF Core
  • Macquarie Wrap – IDPS
  • Mason Stevens
  • MLC Navigator
  • MLC Wrap
  • Netwealth
  • Omniport(lifespan)
  • Powerwrap
  • Praemium
  • uXchange

STATISTICAL DATA

PORTFOLIO SUMMARY
VOLATILITY 3
12.8%
NUMBER OF STOCKS
46
BETA 4
0.89
MAXIMUM DRAW DOWN
-29.1%

FEATURES

  • APIR CODE PCL0022AU
  • REDEMPTION PRICEA$ 1.5705
  • FEES * Management Fee: 1.1%
    Performance Fee: 20.5%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 57.59m
  • STRATEGY INCEPTION DATE 1 April 2015
  • BenchmarkMSCI All Country World SMID Cap Index unhedged in AUD

Fund Managers

Jon Moog

CIO and Portfolio Manager

Description

The Fund invests principally in small and midcap listed (or soon to be listed) global equities. Its investment objective is to obtain returns greater than the MSCI All Country World Index SMID Cap unhedged in Australian dollars (‘Index’) over rolling 3 year periods after fees. The Fund’s investment manager, Lizard Investors LLC, uses a value oriented investment approach that seeks to identify and invest in quality businesses that create significant value but are mispriced, overlooked, or out-of-favour. The investment manager believes that unique opportunities exist due to limited available research, corporate actions, or unfavourable investor perception.

EXPLORE OUR FUNDS

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Axiom International Fund
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Axiom International Fund (Hedged)
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Australian Equities Fund
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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
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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. 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.
2. Inception 1st April 2015.
3. Annualised standard deviation since inception.
4. Relative to MSCI All Country World SMID Cap index unhedged in AUD.
* For further information regarding fees please see the PDS available on our website.