https://data.pengana.com/wp-json/pen/performance?fund_code=PENGSC&date=28/11/2025&aggregation_code=Class%20A
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            [date] => 28/11/2025
            [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 1.0% 7.4% 10.3% 7.5% 4.5% 6.5%
MSCI All Country World SMID Cap Index unhedged in AUD 0.7% 11.4% 18.3% 13.9% 11.0% 9.5%

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[piechart] => Array ( [0] => Array ( [0] => Capitalisation Breakdown [1] => ["Under 2bn USD", 0.15647458],["In between 2bn - 5bn USD", 0.332894708],["Above 5bn USD", 0.37263958],["Cash", 0.137991132], ) [1] => Array ( [0] => Region Breakdown [1] => ["Europe ex UK", 0.16669429],["North America", 0.405338703],["Asia ex Japan", 0.018298744],["Japan", 0.09911045],["UK", 0.066987758],["Middle East / Africa", 0.057663072],["Latin America", 0.047915851],["Cash", 0.137991132], ) ) [topholdings] => BJYRDP5/Gaztransport & Technigaz SA/France/Energy,BGLP8L2/IMI plc/United Kingdom/Industrials,BR1GTS6/Nextpower Inc. Class A/United States/Industrials,6648783/Noritsu Koki Co., Ltd./Japan/Consumer Discretionary,USSJPY/USS Co., Ltd./Japan/Consumer Discretionary, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/GTT.PA-7.png,https://data.pengana.com/wp-content/uploads/IMI-PLC-Logo-1.png,https://data.pengana.com/wp-content/uploads/Next-Power-Logo.png,https://data.pengana.com/wp-content/uploads/Noritsulogo2.png,https://data.pengana.com/wp-content/uploads/USS.jpg, [topholdingsintro] => Array ( [0] => Gaztransport & Technigaz SA is an engineering company engaged in designing containment systems with cryogenic membranes used to transport LNG for onshore and offshore LNG storage. It operates through the following sectors: liquefied natural gas carriers, multi-gas carriers, floating liquefied natural gas units, floating storage and regasification units and onshore storage tanks. The company was founded in 1994 and is headquartered in Saint-Remy-les-Chevreuse, France. [1] => IMI Plc engages in the business of operating in fluid and motion control markets. It operates through the following segments: IMI Precision Engineering, IMI Critical Engineering, and IMI Hydronic Engineering. The IMI Precision Engineering segment focuses on designing and manufacturing motion and fluid control technologies where precision, speed, and reliability are essential to the processes in which they are involved. The IMI Critical Engineering segment provides flow control solutions that enable vital energy and process industries to operate safely, cleanly, reliably, and more efficiently. The IMI Hydronic Engineering segment includes providing technologies that deliver energy efficient water-based heating and cooling systems for the residential and commercial building sectors. The company was founded by George Kynoch in 1862 and is headquartered in Birmingham, the United Kingdom. [2] => Nextracker, Inc. engages in the provision of integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects. Its products enable solar panels in utility-scale power plants to follow the sun's movement across the sky and optimize plant performance. The company was founded by Daniel S. Shugar, Alexander Au, Nicholas Miller, Michael Mehavich, Marco Garcia, and Tyroan Hardy in 2013 and is headquartered in Fremont, CA. [3] => 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. [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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294.5 138 L 294.5 144 M 299.5 138 L 299.5 144 M 303.5 138 L 303.5 144 M 307.5 138 L 307.5 144 M 312.5 138 L 312.5 144 M 316.5 138 L 316.5 144 M 320.5 138 L 320.5 144 M 325.5 138 L 325.5 144 M 325.5 138 L 325.5 144"/><g data-ac-wrapper-id="482" id="ac_layer_dz"><g data-ac-wrapper-id="483" id="ac_layer_dk"><g data-ac-wrapper-id="484" id="ac_unmanageable-layer_dj"><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="37" y="155.25">03/2015</text></g></g><g data-ac-wrapper-id="485" id="ac_layer_dm"><g data-ac-wrapper-id="486" id="ac_unmanageable-layer_dl"><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="75" 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font-size="6" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="188" y="155.25">01/2021</text></g></g><g data-ac-wrapper-id="493" id="ac_layer_du"><g data-ac-wrapper-id="494" id="ac_unmanageable-layer_dt"><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="227" y="155.25">07/2022</text></g></g><g data-ac-wrapper-id="495" id="ac_layer_dw"><g data-ac-wrapper-id="496" id="ac_unmanageable-layer_dv"><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="265" y="155.25">01/2024</text></g></g><g data-ac-wrapper-id="497" id="ac_layer_dy"><g data-ac-wrapper-id="498" id="ac_unmanageable-layer_dx"><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="300" y="155.25">05/2025</text></g></g></g><path data-ac-wrapper-id="499" id="ac_path_e0" fill="none" stroke="#CECECE" d="M 48.5 26 L 48.5 137"/><path data-ac-wrapper-id="500" id="ac_path_e1" 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="501" id="ac_layer_ea"><g data-ac-wrapper-id="502" id="ac_layer_e3"><g data-ac-wrapper-id="503" id="ac_unmanageable-layer_e2"><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="13" y="138">$70,000</text></g></g><g 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letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="9.25" y="28">$280,000</text></g></g></g><path data-ac-wrapper-id="520" pointer-events="none" id="ac_path_ep" fill="none" stroke="#969EA5" d="M 0,0"/><path data-ac-wrapper-id="521" pointer-events="none" id="ac_path_eq" fill="none" stroke="none" d="M 0,0"/><g data-ac-wrapper-id="464" transform="matrix(1,0,0,1,64.625,10)" clip-path="url(&quot;#ac_clip_d7&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_d9"><g data-ac-wrapper-id="465" id="ac_layer_d5"><g data-ac-wrapper-id="466" id="ac_layer_d0"><text data-ac-wrapper-id="467" 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_cx" 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="468" transform="matrix(1,0,0,1,0,0.625)" id="ac_path_cy" 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="469" id="ac_rect_cz" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 24.75 0 24.75 6.25 0 6.25 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="470" transform="matrix(1,0,0,1,39.75,0)" id="ac_layer_d4"><text data-ac-wrapper-id="471" 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_d1" 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 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Global Small Companies Fund

Specialists in a vast and growing investable universe

November 2025 - Monthly REPORT

November Report

SUMMARY

  • The Fund returned 1.0% in November, outperforming the benchmark, which rose 0.7%, with relative gains driven primarily by stock selection.
  • Global equity markets were broadly flat in November as investors responded to mixed economic data and supportive central bank policy signals, with quality and defensive characteristics favoured over momentum and growth.
  • Portfolio activity was measured, with the exits of Adeia and Scout24 reflecting ongoing discipline around business quality and conviction, while overall positioning remained stable.

PORTFOLIO

Top Holdings (alphabetically)

Gaztransport & Technigaz SA
France
Energy
Gaztransport & Technigaz SA is an engineering company engaged in designing containment systems with cryogenic membranes used to transport LNG for onshore and offshore LNG storage. It operates through the following sectors: liquefied natural gas carriers, multi-gas carriers, floating liquefied natural gas units, floating storage and regasification units and onshore storage tanks. The company was founded in 1994 and is headquartered in Saint-Remy-les-Chevreuse, France.
IMI plc
United Kingdom
Industrials
IMI Plc engages in the business of operating in fluid and motion control markets. It operates through the following segments: IMI Precision Engineering, IMI Critical Engineering, and IMI Hydronic Engineering. The IMI Precision Engineering segment focuses on designing and manufacturing motion and fluid control technologies where precision, speed, and reliability are essential to the processes in which they are involved. The IMI Critical Engineering segment provides flow control solutions that enable vital energy and process industries to operate safely, cleanly, reliably, and more efficiently. The IMI Hydronic Engineering segment includes providing technologies that deliver energy efficient water-based heating and cooling systems for the residential and commercial building sectors. The company was founded by George Kynoch in 1862 and is headquartered in Birmingham, the United Kingdom.
Nextpower Inc. Class A
United States
Industrials
Nextracker, Inc. engages in the provision of integrated solar tracker and software solutions used in utility-scale and ground-mounted distributed generation solar projects. Its products enable solar panels in utility-scale power plants to follow the sun's movement across the sky and optimize plant performance. The company was founded by Daniel S. Shugar, Alexander Au, Nicholas Miller, Michael Mehavich, Marco Garcia, and Tyroan Hardy in 2013 and is headquartered in Fremont, CA.
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.
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 30 Nov 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 1.0% 7.4% 10.3% 7.5% 4.5% 6.5%
MSCI All Country World SMID Cap Index unhedged in AUD 0.7% 11.4% 18.3% 13.9% 11.0% 9.5%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Market review

Global equity markets edged lower in November as investors assessed mixed economic data and evolving central bank policy expectations. Performance varied across regions, with quality and defensive characteristics proving more resilient amid a cautious market tone.

Equities in the United States posted modest gains, supported by resilient corporate earnings and stable inflation dynamics, with investor preference favouring businesses with visible cash flows and strong balance sheets. European markets outperformed as expectations for further policy easing strengthened in response to weak economic conditions in Germany and France, marking a reversal of earlier US-led market leadership. Asian markets were mixed, with Japan steady following the Bank of Japan’s October policy adjustment, while other parts of the region reflected ongoing global growth uncertainty.

Style factor performance shifted toward quality and defensive exposures, while momentum and higher growth segments lagged. Value strategies also found support as investors rotated toward reasonably priced businesses with dependable earnings profiles. Small-cap performance diverged by region, with European small caps demonstrating relative strength, while US small caps consolidated after strong year-to-date gains. In Australian dollar terms, global SMID-cap equities delivered positive returns despite the softer broader market backdrop.

Central bank policy remained supportive. The Federal Reserve maintained its data-dependent stance, with markets increasingly pricing potential rate cuts in early 2026 as disinflation trends gained credibility. The European Central Bank continued its easing cycle, while the Bank of Japan held rates steady, helping anchor risk sentiment and compress longer-term yields.

Portfolio Commentary

The Fund outperformed the benchmark in November, with returns driven primarily by stock selection in an environment that favoured quality and more defensive characteristics. Portfolio positioning remained stable during the month, reflecting a continued focus on high-quality businesses and flexibility to deploy capital should more attractive opportunities emerge.

Two positions were exited during the month. Scout24, a European online classifieds platform, was sold as industry conditions remained challenging for consumer-facing internet businesses. Companies continue to grapple with how to integrate artificial intelligence without materially diluting margins. Adeia, a US-based intellectual property licensing company, was also exited due to its heavy reliance on patent infringement exposure related to AMD. This reduced conviction in the sustainability and quality of its earnings profile.

These exits reflected the team’s ongoing discipline around business quality and risk-reward assessment. No new positions were initiated, and there were no meaningful geographic or sector shifts across the portfolio.

Performance among holdings was led by several idiosyncratic contributors. Vita Coco, a US-based beverage company focused on coconut water, delivered a strong earnings result during the month. Growth was supported by robust volume momentum, expanding distribution, and continued market share gains. Favourable tariff developments also provided relief across its supply chain, reinforcing confidence in margins and cash generation.

Allfunds, a European fund distribution platform, performed strongly following the announcement of exclusive acquisition discussions with Deutsche Börse. The development validated the strategic value of its wealth technology infrastructure after a challenging post-IPO period. Grupo OMAB, a Mexican airport operator, also contributed as operational discipline and exposure to nearshoring trends supported earnings resilience despite softer industry traffic data.

These gains were partly offset by weaker performance from a small number of holdings. Nextracker, (now operating as NextPower), a US provider of solar tracking systems, declined following its capital markets day. Investors reassessed the risks associated with expansion into adjacent business lines and more ambitious long-term targets. Frontdoor, a US home warranty provider, also detracted after management guided to higher investment spending and acknowledged rising claims cost inflation, despite strong underlying operating results.

Overall, portfolio performance in November reflected the benefits of disciplined stock selection within a stable portfolio structure. The team remains focused on owning high-quality businesses with durable fundamentals and believes this approach will be rewarded as earnings delivery becomes a more important driver of returns.

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
12.7%
NUMBER OF STOCKS
37
BETA 4
0.89
MAXIMUM DRAW DOWN
-29.1%

FEATURES

  • APIR CODE PCL0022AU
  • REDEMPTION PRICEA$ 1.557
  • FEES * Management Fee: 1.1%
    Performance Fee: 20.5%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 51.96m
  • 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

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

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.