https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=31/10/2025&aggregation_code=Class%20L 
Array
(
    [0] => Array
        (
            [date] => 31/10/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
2.3%
12.1%
8.4%
9.3%
8.0%




Total Shareholder Return
5.3%
16.4%
4.3%
7.0%
4.9%




Index
3.3%
22.1%
17.2%
13.9%
9.5%






Swipe horizontally to see all columns

            [piechart] => Array
                (
                    [0] => Array
                        (
                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.10473712],["Consumer Staples", 0.017500298],["Financials", 0.112007589],["Health Care", 0.141759858],["Industrials", 0.175655372],["Information Technology", 0.259748720],["Real Estate", 0.009508867],["Communication Services", 0.152028904],["Cash", 0.027053272],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.016833611],["In between 5bn - 10bn USD", 0.015073575],["In between 10bn - 50bn USD", 0.187610127],["In between 50bn - 150bn USD", 0.210618628],["In between 150bn - 500bn USD", 0.271885081],["Above 500bn USD", 0.270925706],["Cash", 0.027053272],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.573795791],["Europe ex-UK", 0.153930414],["Emerging Markets", 0.109650742],["Japan", 0.049719259],["UK", 0.055876172],["Asia Pacific ex-Japan", 0.02997435],["Cash", 0.027053272],
                        )

                )

            [topholdings] => BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,B929F46/ASML Holding NV/Netherlands/Information Technology,BDRXDB4/Booking Holdings Inc./United States/Consumer Discretionary,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,2857817/Netflix, Inc./United States/Communication Services,2379504/NVIDIA Corporation/United States/Information Technology,SCHEFR/Schneider Electric SE/France/Industrials,BMMV2K8/Tencent Holdings Ltd/China/Communication Services,
            [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/ASML_logo_blue.jpg,https://data.pengana.com/wp-content/uploads/Booking_Holdings-Logo.wine_-scaled-1.avif,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/nividia-logo.avif,https://data.pengana.com/wp-content/uploads/Schneider_Electric_2007.svg.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/20730-e1607917498317.png,
            [topholdingsintro] => Array
                (
                    [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] => ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.
                    [3] => Booking Holdings, Inc. engages in the provision of online travel and related solutions. The firm offers services through the following brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. It provides accommodation reservations including hotels, hostels, apartments, vacation rentals, and other properties. The company was founded by Jay Scott Walker on July 18, 1997, and is headquartered in Norwalk, CT.
                    [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] => NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, Quadro and NVIDIA RTX GPUs for enterprise workstation graphics, virtual GPU, or vGPU, software for cloud-based visual and virtual computing, automotive platforms for infotainment systems, and Omniverse Enterprise software for building and operating metaverse and 3D internet applications. The Compute & Networking segment consists of Data Center accelerated computing platforms and end-to-end networking platforms including Quantum for InfiniBand and Spectrum for Ethernet, NVIDIA DRIVE automated-driving platform and automotive development agreements, Jetson robotics and other embedded platforms, NVIDIA AI Enterprise and other software, and DGX Cloud software and services. The company was founded by Jen Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in April 1993 and is headquartered in Santa Clara, CA.
                    [8] => 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.
                    [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] => 
                )

            [pdfchart] => <?xml version="1.0" encoding="UTF-8" standalone="no"?><svg xmlns="http://www.w3.org/2000/svg" border="0" data-ac-wrapper-id="9" width="330" height="165" class="anychart-ui-support" ac-id="ac_stage_0" role="presentation" style="display: block;"><defs><clipPath clip-rule="nonzero" id="ac_clip_e"><path data-ac-wrapper-id="31" id="ac_rect_f" fill="none" stroke="black" d="M 0 0 L 300 0 300 35.5 0 35.5 0 0 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_o"><path data-ac-wrapper-id="39" id="ac_rect_p" fill="none" stroke="black" d="M 53 46 L 311 46 311 123 53 123 53 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_x"><path data-ac-wrapper-id="46" id="ac_rect_y" fill="none" stroke="black" d="M 53 46 L 311 46 311 123 53 123 53 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_1w"><path data-ac-wrapper-id="79" id="ac_rect_1x" fill="none" stroke="black" d="M 54 46 L 311 46 311 122 54 122 54 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_2g"><path data-ac-wrapper-id="97" id="ac_rect_2h" fill="none" stroke="black" d="M 54 46 L 311 46 311 122 54 122 54 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_30"><path data-ac-wrapper-id="115" id="ac_rect_31" fill="none" stroke="black" d="M 54 46 L 311 46 311 122 54 122 54 46 Z"/></clipPath><clipPath clip-rule="nonzero" id="ac_clip_3f"><path data-ac-wrapper-id="128" id="ac_rect_3g" fill="none" stroke="black" d="M 53 46 L 310 46 310 122 53 122 53 46 Z"/></clipPath></defs><g data-ac-wrapper-id="10" id="ac_layer_1"><g data-ac-wrapper-id="19" role="article" aria-label="column chart , with 3 column series, . Y-scale minimum value is -6 , maximum value is 30. X-scale with 5 categories: 1M, 1Y, 5Y, 15Y, 20Y, . " id="ac_chart_2"><g data-ac-wrapper-id="20" id="ac_layer_4"><path data-ac-wrapper-id="21" id="ac_path_3" fill="#ffffff" stroke="none" d="M 0 0 L 330 0 330 0 330 165 330 165 0 165 0 165 0 0 0 0 Z"/></g><path data-ac-wrapper-id="127" clip-path="url(&quot;#ac_clip_3f&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_3h" fill="none" stroke="none" d="M 0,0"/><path data-ac-wrapper-id="40" id="ac_path_r" fill="none" stroke="none" d="M 53.5 46 L 104.5 46 104.5 122 53.5 122 Z"/><path data-ac-wrapper-id="41" id="ac_path_s" fill="none" stroke="none" d="M 104.5 46 L 155.5 46 155.5 122 104.5 122 Z"/><path data-ac-wrapper-id="42" id="ac_path_t" fill="none" stroke="none" d="M 155.5 46 L 207.5 46 207.5 122 155.5 122 Z"/><path data-ac-wrapper-id="43" id="ac_path_u" fill="none" stroke="none" d="M 207.5 46 L 258.5 46 258.5 122 207.5 122 Z"/><path data-ac-wrapper-id="44" id="ac_path_v" fill="none" stroke="none" d="M 258.5 46 L 310.5 46 310.5 122 258.5 122 Z"/><path data-ac-wrapper-id="32" id="ac_path_h" fill="none" stroke="none" d="M 53 122.5 L 310 122.5 310 109.5 53 109.5 Z"/><path data-ac-wrapper-id="33" id="ac_path_i" fill="none" stroke="none" d="M 53 109.5 L 310 109.5 310 96.5 53 96.5 Z"/><path data-ac-wrapper-id="34" id="ac_path_j" fill="none" stroke="none" d="M 53 96.5 L 310 96.5 310 84.5 53 84.5 Z"/><path data-ac-wrapper-id="35" id="ac_path_k" fill="none" stroke="none" d="M 53 84.5 L 310 84.5 310 71.5 53 71.5 Z"/><path data-ac-wrapper-id="36" id="ac_path_l" fill="none" stroke="none" d="M 53 71.5 L 310 71.5 310 58.5 53 58.5 Z"/><path data-ac-wrapper-id="37" id="ac_path_m" fill="none" stroke="none" d="M 53 58.5 L 310 58.5 310 46.5 53 46.5 Z"/><path data-ac-wrapper-id="45" clip-path="url(&quot;#ac_clip_x&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_z" fill="none" stroke="#ededed" d="M 53.5 122 L 53.5 46 M 104.5 122 L 104.5 46 M 155.5 122 L 155.5 46 M 207.5 122 L 207.5 46 M 258.5 122 L 258.5 46 M 310.5 122 L 310.5 46"/><path data-ac-wrapper-id="38" clip-path="url(&quot;#ac_clip_o&quot;)" clipPathUnits="userSpaceOnUse" id="ac_path_q" fill="none" stroke="#ededed" d="M 53 122.5 L 310 122.5 M 53 109.5 L 310 109.5 M 53 96.5 L 310 96.5 M 53 84.5 L 310 84.5 M 53 71.5 L 310 71.5 M 53 58.5 L 310 58.5 M 53 46.5 L 310 46.5"/><g data-ac-wrapper-id="109" clip-path="url(&quot;#ac_clip_30&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_32"><path data-ac-wrapper-id="110" id="ac_path_2u" fill="#86d9db" stroke="none" d="M 57 109 L 69 109 69 109 57 109 Z"/><path data-ac-wrapper-id="111" id="ac_path_2v" fill="#86d9db" stroke="none" d="M 109 109 L 120 109 120 109 109 109 Z"/><path data-ac-wrapper-id="112" id="ac_path_2w" fill="#86d9db" stroke="none" d="M 160 109 L 171 109 171 109 160 109 Z"/><path data-ac-wrapper-id="113" id="ac_path_2x" fill="#86d9db" stroke="none" d="M 212 109 L 223 109 223 109 212 109 Z"/><path data-ac-wrapper-id="114" id="ac_path_2y" fill="#86d9db" stroke="none" d="M 263 109 L 274 109 274 109 263 109 Z"/></g><g data-ac-wrapper-id="91" clip-path="url(&quot;#ac_clip_2g&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_2i"><path data-ac-wrapper-id="92" id="ac_path_2a" fill="#c6c6c6" stroke="none" d="M 73 109 L 84 109 84 109 73 109 Z"/><path data-ac-wrapper-id="93" id="ac_path_2b" fill="#c6c6c6" stroke="none" d="M 125 109 L 136 109 136 109 125 109 Z"/><path data-ac-wrapper-id="94" id="ac_path_2c" fill="#c6c6c6" stroke="none" d="M 176 109 L 187 109 187 109 176 109 Z"/><path data-ac-wrapper-id="95" id="ac_path_2d" fill="#c6c6c6" stroke="none" d="M 227 109 L 238 109 238 109 227 109 Z"/><path data-ac-wrapper-id="96" id="ac_path_2e" fill="#c6c6c6" stroke="none" d="M 279 109 L 290 109 290 109 279 109 Z"/></g><g data-ac-wrapper-id="116" clip-path="url(&quot;#ac_clip_30&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_3d"><g data-ac-wrapper-id="117" id="ac_layer_34"><text data-ac-wrapper-id="118" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="49.38074048913044" y="99.83333333333333" aria-hidden="true" id="ac_text_33" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="49.38074048913044" dy="0">0.7%</tspan></text></g><g data-ac-wrapper-id="119" id="ac_layer_36"><text data-ac-wrapper-id="120" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="97.44089673913044" y="99.83333333333333" aria-hidden="true" id="ac_text_35" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="97.44089673913044" dy="0">12.7%</tspan></text></g><g data-ac-wrapper-id="121" id="ac_layer_38"><text data-ac-wrapper-id="122" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="157.18464673913044" y="99.83333333333333" aria-hidden="true" id="ac_text_37" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="157.18464673913044" dy="0">8%</tspan></text></g><g data-ac-wrapper-id="123" id="ac_layer_3a"><text data-ac-wrapper-id="124" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="203.58074048913042" y="99.83333333333333" aria-hidden="true" id="ac_text_39" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="203.58074048913042" dy="0">9.5%</tspan></text></g><g data-ac-wrapper-id="125" id="ac_layer_3c"><text data-ac-wrapper-id="126" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="254.98074048913043" y="99.83333333333333" aria-hidden="true" id="ac_text_3b" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="254.98074048913043" dy="0">7.9%</tspan></text></g></g><g data-ac-wrapper-id="73" clip-path="url(&quot;#ac_clip_1w&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_1y"><path data-ac-wrapper-id="74" id="ac_path_1q" fill="#e0e0e0" stroke="none" d="M 89 109 L 100 109 100 109 89 109 Z"/><path data-ac-wrapper-id="75" id="ac_path_1r" fill="#e0e0e0" stroke="none" d="M 140 109 L 151 109 151 109 140 109 Z"/><path data-ac-wrapper-id="76" id="ac_path_1s" fill="#e0e0e0" stroke="none" d="M 192 109 L 203 109 203 109 192 109 Z"/><path data-ac-wrapper-id="77" id="ac_path_1t" fill="#e0e0e0" stroke="none" d="M 243 109 L 254 109 254 109 243 109 Z"/><path data-ac-wrapper-id="78" id="ac_path_1u" fill="#e0e0e0" stroke="none" d="M 294 109 L 306 109 306 109 294 109 Z"/></g><g data-ac-wrapper-id="98" clip-path="url(&quot;#ac_clip_2g&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_2t"><g data-ac-wrapper-id="99" id="ac_layer_2k"><text data-ac-wrapper-id="100" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="63.02421875" y="99.83333333333333" aria-hidden="true" id="ac_text_2j" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="63.02421875" dy="0">-1.6%</tspan></text></g><g data-ac-wrapper-id="101" id="ac_layer_2m"><text data-ac-wrapper-id="102" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="113.08437500000002" y="99.83333333333333" aria-hidden="true" id="ac_text_2l" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="113.08437500000002" dy="0">14.3%</tspan></text></g><g data-ac-wrapper-id="103" id="ac_layer_2o"><text data-ac-wrapper-id="104" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="167.82421875" y="99.83333333333333" aria-hidden="true" id="ac_text_2n" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="167.82421875" dy="0">5.5%</tspan></text></g><g data-ac-wrapper-id="105" id="ac_layer_2q"><text data-ac-wrapper-id="106" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="224.22812499999998" y="99.83333333333333" aria-hidden="true" id="ac_text_2p" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="224.22812499999998" dy="0">7%</tspan></text></g><g data-ac-wrapper-id="107" id="ac_layer_2s"><text data-ac-wrapper-id="108" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="270.62421875" y="99.83333333333333" aria-hidden="true" id="ac_text_2r" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="270.62421875" dy="0">4.7%</tspan></text></g></g><g data-ac-wrapper-id="80" clip-path="url(&quot;#ac_clip_1w&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_29"><g data-ac-wrapper-id="81" id="ac_layer_20"><text data-ac-wrapper-id="82" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="80.66769701086957" y="99.83333333333333" aria-hidden="true" id="ac_text_1z" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="80.66769701086957" dy="0">1.9%</tspan></text></g><g data-ac-wrapper-id="83" id="ac_layer_22"><text data-ac-wrapper-id="84" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="128.72785326086955" y="99.83333333333333" aria-hidden="true" id="ac_text_21" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="128.72785326086955" dy="0">22.7%</tspan></text></g><g data-ac-wrapper-id="85" id="ac_layer_24"><text data-ac-wrapper-id="86" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="180.12785326086959" y="99.83333333333333" aria-hidden="true" id="ac_text_23" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="180.12785326086959" dy="0">16.2%</tspan></text></g><g data-ac-wrapper-id="87" id="ac_layer_26"><text data-ac-wrapper-id="88" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="231.5278532608696" y="99.83333333333333" aria-hidden="true" id="ac_text_25" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="231.5278532608696" dy="0">13.9%</tspan></text></g><g data-ac-wrapper-id="89" id="ac_layer_28"><text data-ac-wrapper-id="90" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="286.2676970108696" y="99.83333333333333" aria-hidden="true" id="ac_text_27" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="286.2676970108696" dy="0">9.3%</tspan></text></g></g><path data-ac-wrapper-id="47" id="ac_path_10" fill="none" stroke="#CECECE" d="M 53 123.5 L 311 123.5"/><path data-ac-wrapper-id="48" id="ac_path_11" fill="none" stroke="#CECECE" d="M 53.5 124 L 53.5 130 M 104.5 124 L 104.5 130 M 155.5 124 L 155.5 130 M 207.5 124 L 207.5 130 M 258.5 124 L 258.5 130 M 310.5 124 L 310.5 130"/><g data-ac-wrapper-id="49" id="ac_layer_1c"><g data-ac-wrapper-id="50" id="ac_layer_13"><g data-ac-wrapper-id="51" id="ac_unmanageable-layer_12"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="69.62890625" y="146">1M</text></g></g><g data-ac-wrapper-id="52" id="ac_layer_15"><g data-ac-wrapper-id="53" id="ac_unmanageable-layer_14"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="121.9921875" y="146">1Y</text></g></g><g data-ac-wrapper-id="54" id="ac_layer_17"><g data-ac-wrapper-id="55" id="ac_unmanageable-layer_16"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="173.9921875" y="146">5Y</text></g></g><g data-ac-wrapper-id="56" id="ac_layer_19"><g data-ac-wrapper-id="57" id="ac_unmanageable-layer_18"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="221.1796875" y="146">15Y</text></g></g><g data-ac-wrapper-id="58" id="ac_layer_1b"><g data-ac-wrapper-id="59" id="ac_unmanageable-layer_1a"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="272.1796875" y="146">20Y</text></g></g></g><path data-ac-wrapper-id="60" id="ac_path_1d" fill="none" stroke="#CECECE" d="M 53.5 46 L 53.5 123"/><g data-ac-wrapper-id="61" transform="matrix(6.123233995736766e-17,-1,1,6.123233995736766e-17,10,84)" id="ac_layer_1f"><text data-ac-wrapper-id="62" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="13" font-weight="normal" fill="#545f69" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="middle" x="0" y="13" aria-hidden="true" id="ac_text_1e" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"/></g><path data-ac-wrapper-id="63" id="ac_path_1g" fill="none" stroke="#CECECE" d="M 53 122.5 L 47 122.5 M 53 96.5 L 47 96.5 M 53 71.5 L 47 71.5 M 53 46.5 L 47 46.5"/><g data-ac-wrapper-id="64" id="ac_layer_1p"><g data-ac-wrapper-id="65" id="ac_layer_1i"><g data-ac-wrapper-id="66" id="ac_unmanageable-layer_1h"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="21.65625" y="125.75">-6%</text></g></g><g data-ac-wrapper-id="67" id="ac_layer_1k"><g data-ac-wrapper-id="68" id="ac_unmanageable-layer_1j"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="25.65625" y="100.75">6%</text></g></g><g data-ac-wrapper-id="69" id="ac_layer_1m"><g data-ac-wrapper-id="70" id="ac_unmanageable-layer_1l"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="18.9765625" y="74.75">18%</text></g></g><g data-ac-wrapper-id="71" id="ac_layer_1o"><g data-ac-wrapper-id="72" id="ac_unmanageable-layer_1n"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="18.9765625" y="49.75">30%</text></g></g></g><g data-ac-wrapper-id="22" transform="matrix(1,0,0,1,10,10)" clip-path="url(&quot;#ac_clip_e&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_g"><g data-ac-wrapper-id="23" id="ac_layer_9"><g data-ac-wrapper-id="24" id="ac_layer_8"><text data-ac-wrapper-id="25" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="13" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="20" y="13" aria-hidden="true" id="ac_text_5" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="20" dy="0">Total Portfolio Return</tspan></text><path data-ac-wrapper-id="26" transform="matrix(1,0,0,1,0,0.25)" id="ac_path_6" fill="#86d9db" stroke="none" d="M 0 0 L 15 0 15 15 0 15 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="27" id="ac_rect_7" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 157.3046875 0 157.3046875 15.5 0 15.5 0 0 Z" style="cursor: pointer;"/></g></g><text data-ac-wrapper-id="28" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" fill="#545f69" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="0" y="12" aria-hidden="true" transform="matrix(1,0,0,1,246.3515625,0.5)" id="ac_text_a" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"><tspan x="0" dy="0">1 / 3</tspan></text><path data-ac-wrapper-id="29" id="ac_path_b" fill="#e0e0e0" stroke="none" d="M 236.3515625 0.5 L 236.3515625 15 221.8515625 7.75 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="30" id="ac_path_c" fill="#9e9e9e" stroke="#757575" d="M 285.5 0.5 L 300 7.75 285.5 15 Z" style="cursor: pointer;"/></g></g><path data-ac-wrapper-id="129" id="ac_rect_3i" fill="#fff" fill-opacity="0.00001" stroke="none" d="M 0 0 L 330 0 330 165 0 165 0 0 Z" style="cursor: wait;"/></g></svg>
            [pdfchart2] => 
            [jsonhpid] => 31370
            [jsonhpid2] => 
        )

)
CLOSE
BACK

OUR FUNDS

CORE FUNDS

SMALL CAP FUNDS

SPECIALTY FUNDS

CLOSE

Pengana International Equities Limited (ASX: PIA)

The largest International Ethical LIC on the ASX. Targeting fully franked dividends, paid quarterly.

VIEW PIA WEBSITE

October 2025 - Monthly REPORT

October 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

  • PIA returned 2.3% in October, delivering another positive month as global equity markets continued to rise.
  • Market gains were led by companies exposed to continued investment in artificial intelligence, while more defensive, income-oriented sectors softened following the US Federal Reserve’s late-month rate cut.
  • A new position was established in Fabrinet, a specialist manufacturer supporting the growth of global optical communications networks and high-bandwidth technologies.

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.
ASML Holding NV
Netherlands
Information Technology
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.
Booking Holdings Inc.
United States
Consumer Discretionary
Booking Holdings, Inc. engages in the provision of online travel and related solutions. The firm offers services through the following brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. It provides accommodation reservations including hotels, hostels, apartments, vacation rentals, and other properties. The company was founded by Jay Scott Walker on July 18, 1997, and is headquartered in Norwalk, CT.
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.
NVIDIA Corporation
United States
Information Technology
NVIDIA Corp. engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, Quadro and NVIDIA RTX GPUs for enterprise workstation graphics, virtual GPU, or vGPU, software for cloud-based visual and virtual computing, automotive platforms for infotainment systems, and Omniverse Enterprise software for building and operating metaverse and 3D internet applications. The Compute & Networking segment consists of Data Center accelerated computing platforms and end-to-end networking platforms including Quantum for InfiniBand and Spectrum for Ethernet, NVIDIA DRIVE automated-driving platform and automotive development agreements, Jetson robotics and other embedded platforms, NVIDIA AI Enterprise and other software, and DGX Cloud software and services. The company was founded by Jen Hsun Huang, Chris A. Malachowsky, and Curtis R. Priem in April 1993 and is headquartered in Santa Clara, 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.
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 31 Oct 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 2.3% 12.1% 8.4% 9.3% 8.0%
Total Shareholder Return 5.3% 16.4% 4.3% 7.0% 4.9%
Index 3.3% 22.1% 17.2% 13.9% 9.5%

Swipe horizontally to see all columns

COMMENTARY

Global equity markets moved higher in October, supported by broad strength across many regions but with leadership again centred in Technology. Semiconductor and hardware companies continued to benefit from sustained investment in artificial intelligence and expanding data-centre infrastructure, which remained key drivers of sentiment throughout the month.

Emerging Markets outperformed, helped by strong gains from leading South Korean technology firms as demand for memory and logic components improved. Japan also advanced after political developments increased expectations for fiscal support and a more accommodative monetary policy stance. The United States recorded another month of solid progress, extending its run of positive performance through 2025.

More defensive, income-oriented areas such as Consumer Staples and Real Estate eased after the US Federal Reserve reduced interest rates late in the month. The shift in monetary policy encouraged investors to rotate away from bond-proxy sectors and toward companies positioned to benefit from longer-term structural growth themes.

Overall, the global backdrop remained constructive, with easing inflation, gradually improving demand conditions and supportive policy settings contributing to a generally favourable environment for equities.

Portfolio Commentary

PIA delivered a 2.3% return in October, a strong absolute outcome in a month where global markets continued to rise, although the Portfolio did lag the benchmark’s 3.3% gain. The Portfolio remains well exposed to many of the long-term growth themes shaping global equities, including artificial intelligence and the broader buildout of digital infrastructure.

Market leadership in October was concentrated in a small group of semiconductor companies that continued to benefit from strong demand across AI-related technologies. The Portfolio holds several high-quality businesses participating in these trends, while maintaining a disciplined approach to valuation to ensure that exposures remain balanced and aligned with long-term fundamentals.

Within Communication Services, Alphabet contributed positively after reporting strong earnings across its major business lines, supported by continued growth in cloud services. Management also indicated that investment in technology capabilities will rise next year to support long-term demand.

Meta Platforms also reported solid revenue growth, although its share price eased as margins narrowed following higher investment in AI initiatives. These spending decisions reflect the company’s continued focus on strengthening its long-term technology platform.

During the month, the Portfolio initiated a new position in Fabrinet, a Thailand-based manufacturer that produces high-precision optical components used in fibre-optic networks. The company has built a strong competitive position through its technical expertise and efficient manufacturing base. Fabrinet has delivered consistent growth as global demand for cloud computing, video streaming and AI-related data transmission has expanded. The team believes these long-term trends will continue to support the company’s development as it invests in additional capacity and strengthens its operational capabilities.

Performance across other holdings was mixed. In Financials, Progressive, a leading US auto insurer, detracted after recording slower policy growth and a regulatory charge linked to policyholder refunds in Florida. In Communication Services, Netflix softened after quarterly results met expectations but fell short of investor hopes, while Tencent, the China-based gaming and social media company, declined amid renewed tariff tensions. By contrast, Fabrinet added to its results within Information Technology.

The Portfolio remains focused on owning high-quality global businesses with strong balance sheets and durable competitive advantages. The team continues to follow a disciplined, long-term investment approach designed to deliver resilient outcomes through a variety of market conditions.

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$ 1.390
    31 Oct 2025
  • NTA Pre Tax iv A$ 1.442
    31 Oct 2025
  • Price Close iv A$ 1.285
  • Shares On Issue iv 257.34m
  • Premium/Discount to pre-tax NTA iv -10.9%
  • 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$.