https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=30/01/2026&aggregation_code=Class%20L 
Array
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    [0] => Array
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            [date] => 30/01/2026
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
-2.5%
-2.9%
5.9%
8.8%
7.2%




Total Shareholder Return
-1.2%
8.9%
4.4%
6.7%
4.4%




Index
-2.7%
6.5%
15.0%
13.3%
8.8%






Swipe horizontally to see all columns

            [piechart] => Array
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                    [0] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.100366156],["Consumer Staples", 0.016726250],["Financials", 0.125506270],["Health Care", 0.152135738],["Industrials", 0.200807053],["Information Technology", 0.233413842],["Real Estate", 0.008334970],["Communication Services", 0.141025647],["Cash", 0.021684073],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.012693399],["In between 5bn - 10bn USD", 0.023279697],["In between 10bn - 50bn USD", 0.173442654],["In between 50bn - 150bn USD", 0.252349436],["In between 150bn - 500bn USD", 0.19594046],["Above 500bn USD", 0.320610281],["Cash", 0.021684073],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.552969182],["Europe ex-UK", 0.156196104],["Emerging Markets", 0.119180736],["Japan", 0.052972668],["UK", 0.062844646],["Asia Pacific ex-Japan", 0.034152592],["Cash", 0.021684073],
                        )

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            [topholdings] => BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2089212/AMETEK, Inc./United States/Industrials,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,SCHEFR/Schneider Electric SE/France/Industrials,6889106/Taiwan Semiconductor Manufacturing Co., Ltd./Taiwan, Province Of China/Information Technology,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/1280px-Ametek_Logo.svg.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/Schneider_Electric_2007.svg.png,https://data.pengana.com/wp-content/uploads/Taiwan-Semiconductor-Manufacturing-Logo.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] => AMETEK, Inc. is a global manufacturer of electronic instruments and electromechanical devices. The Company manufactures advanced instruments for process, aerospace, power, and industrial markets and is a supplier of electrical interconnects, specialty metals, technical motors and systems, and floor care and specialty motors.
                    [3] => 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.
                    [4] => 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.
                    [5] => 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.
                    [6] => 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.
                    [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] => Taiwan Semiconductor Manufacturing Co., Ltd. engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. Its chips are used in personal computers and peripheral products, information applications, wired and wireless communications systems products, and automotive and industrial equipment including consumer electronics such as digital video compact disc player, digital television, game consoles, and digital cameras. The company was founded by Chung Mou Chang on February 21, 1987 and is headquartered in Hsinchu, Taiwan.
                    [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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opacity: 1;"><tspan x="79.18260869565218" dy="0">-0.9%</tspan></text></g><g data-ac-wrapper-id="79" id="ac_layer_1y"><text data-ac-wrapper-id="80" 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="128.88260869565218" y="93" aria-hidden="true" id="ac_text_1x" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="128.88260869565218" dy="0">12.4%</tspan></text></g><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="180.0826086956522" y="93" aria-hidden="true" id="ac_text_1z" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="180.0826086956522" dy="0">15.5%</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="231.2826086956522" y="93" aria-hidden="true" id="ac_text_21" style="user-select: none; 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font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"/></g><path data-ac-wrapper-id="61" id="ac_path_1e" fill="none" stroke="#CECECE" d="M 54 122.5 L 48 122.5 M 54 84.5 L 48 84.5 M 54 46.5 L 48 46.5"/><g data-ac-wrapper-id="62" id="ac_layer_1l"><g data-ac-wrapper-id="63" id="ac_layer_1g"><g data-ac-wrapper-id="64" id="ac_unmanageable-layer_1f"><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="22" y="126">-6%</text></g></g><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="26" y="88">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="19" y="50">18%</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(1,0,0,1,0,0.5)" 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 160 0 160 16 0 16 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(1,0,0,1,247,1)" 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 237 1 L 237 15 223 8 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="30" id="ac_path_c" fill="#9e9e9e" stroke="#757575" d="M 286 1 L 300 8 286 15 Z" style="cursor: pointer;"/></g></g><path data-ac-wrapper-id="125" id="ac_rect_3e" 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>
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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

January 2026 - Monthly REPORT

January 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 the most recently declared dividend, annualised
2. Grossed up yield is based on current displayed share price, the most recently declared dividend, annualised, and the tax rate and franking percentage applicable for the most recently declared dividend

SUMMARY

  • PIA declined 2.5% in January, holding up marginally better than the benchmark, which fell 2.7%, in a month of mixed global equity market performance and significant dispersion across sectors and regions.
  • Emerging Markets were the strongest-performing region, supported by continued demand for AI-related semiconductor components and a weaker US dollar, while the US lagged despite reaching a record high during the month.
  • Although weakness in software and services companies weighed on performance, strong results from select semiconductor and industrial technology holdings supported relative performance.

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.
AMETEK, Inc.
United States
Industrials
AMETEK, Inc. is a global manufacturer of electronic instruments and electromechanical devices. The Company manufactures advanced instruments for process, aerospace, power, and industrial markets and is a supplier of electrical interconnects, specialty metals, technical motors and systems, and floor care and specialty motors.
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.
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.
Taiwan Semiconductor Manufacturing Co., Ltd.
Taiwan, China
Information Technology
Taiwan Semiconductor Manufacturing Co., Ltd. engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. Its chips are used in personal computers and peripheral products, information applications, wired and wireless communications systems products, and automotive and industrial equipment including consumer electronics such as digital video compact disc player, digital television, game consoles, and digital cameras. The company was founded by Chung Mou Chang on February 21, 1987 and is headquartered in Hsinchu, Taiwan.
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 Jan 2026 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return -2.5% -2.9% 5.9% 8.8% 7.2%
Total Shareholder Return -1.2% 8.9% 4.4% 6.7% 4.4%
Index -2.7% 6.5% 15.0% 13.3% 8.8%

Swipe horizontally to see all columns

COMMENTARY

Market Commentary

Global equity markets were mixed in January, with performance driven largely by sector and regional leadership rather than a consistent global direction. Sentiment around artificial intelligence and commodity prices played an important role in shaping outcomes across markets.

Emerging Markets were the strongest-performing region during the month. Gains were led by South Korean semiconductor companies, as demand for artificial intelligence-related memory components continued to strengthen and pricing conditions improved. A softer US dollar provided an additional tailwind to returns across Emerging Markets.

In contrast, the US lagged the broader global market, despite the S&P 500 reaching a record high late in January. Information Technology weighed on US returns, particularly software and services companies, as investors reassessed how advances in artificial intelligence may alter traditional business models and competitive dynamics. The resulting weakness in software stocks dampened broader market performance.

Energy and Materials were the strongest-performing sectors, benefiting from rising energy and commodity prices. These areas outperformed as investors rotated toward companies exposed to improving commodity trends, contrasting with the softness seen in segments of the technology sector and contributing to variation in returns across markets.

Portfolio Commentary

January was characterised by sharp divergence within Information Technology and strong gains across select Emerging Markets, creating a mixed backdrop for the Portfolio. Weakness in software and services companies weighed on performance, although strength in selected semiconductor and industrial technology holdings provided some offset.

Software and services companies came under pressure as investors reassessed how advances in artificial intelligence (AI) may reshape established business models. The market reaction reflected concerns that new AI tools could alter competitive dynamics and affect pricing power across segments of the industry.

While AI represents an important technological shift, the investment approach remains focused on evaluating how these developments influence long-term competitive positioning rather than reacting to short-term sentiment. The Portfolio’s core software holdings, including Accenture, a global IT consulting and outsourcing provider, Adobe, a digital media and creative software company, Microsoft, the US software and cloud computing leader, and SAP, the German enterprise software provider, are businesses with strong competitive advantages, high switching costs and deep customer relationships. In the team’s view, these characteristics position them to incorporate AI in ways that reinforce long-term earnings power.

In Emerging Markets, the portfolio’s lack of exposure to two South Korean memory chip manufacturers, Samsung Electronics and SK Hynix, detracted from relative returns. Both companies benefited from strong AI-related demand and improved pricing conditions during the month. Within Consumer Discretionary, Sony declined amid concerns that higher memory costs could pressure margins in its PlayStation business. Booking Holdings, the global online travel platform, also weakened as investors debated the potential for AI-enabled tools to alter established booking dynamics.

Partially offsetting these headwinds, ASML, the Dutch manufacturer of advanced semiconductor lithography equipment, reported stronger than expected bookings and improved its medium-term outlook. Delta Electronics, a Taiwanese provider of power management and industrial automation solutions, benefited from continued investment in AI-related infrastructure. The Portfolio’s lack of exposure to Apple provided an additional relative benefit during the month.

There were no Portfolio changes in January. The Portfolio remains focused on high-quality global businesses with durable competitive advantages and resilient balance sheets, maintaining a disciplined long-term investment approach despite short-term market volatility.

PROFILE

Platform Availability

CFS Edge, Dash, HUB24, IOOF, Macquarie Wrap, Mason Stevens, Netwealth, Praemium

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$ 1.335
    31 Jan 2026
  • NTA Pre Tax iv A$ 1.371
    31 Jan 2026
  • Price Close iv A$ 1.280
  • Shares On Issue iv 257.55m
  • Premium/Discount to pre-tax NTA iv -6.6%
  • DRP Yes

Portfolio Managers

Jingyi Li

Portfolio Manager

Rick Schmidt

Portfolio Manager

Description

Pengana International Equities Limited (trading on the ASX as PIA) is the largest international ethical Listed Investment Company (“LIC”) on the ASX. PIA’s objective is to provide shareholders with capital growth as well as regular, reliable, and fully franked dividends.

The strategy aims to generate superior risk-adjusted returns, through investing in an actively managed portfolio of global companies that meet the investment team’s high-quality and durable growth criteria at reasonable prices. A robust ethical framework provides an added layer of risk mitigation.

These companies are identified through the conduct of fundamental research, with a long-term, global perspective, and must exhibit the following four key investment criteria: competitive advantages, quality management, financial strength, and sustainable growth potential.

EXPLORE OUR FUNDS

Harding Loevner International Fund
Harding Loevner International Fund
Axiom International Fund
Axiom International Fund
Axiom International Fund (Hedged)
Axiom International Fund (Hedged)
Australian Equities Fund
Australian Equities Fund
High Conviction Property Securities Fund
High Conviction Property Securities Fund
Global Small Companies Fund
Global Small Companies Fund
WHEB Sustainable Impact Fund
WHEB Sustainable Impact Fund
Emerging Companies Fund
Emerging Companies Fund
High Conviction Equities Fund
High Conviction Equities Fund
Pengana International Equities Limited (ASX: PIA)
Pengana International Equities Limited (ASX: PIA)
Private Equity Trust (ASX: PE1)
Private Equity Trust (ASX: PE1)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Credit Trust (ASX:PCX)
Pengana Global Private Income Fund
Pengana Global Private Income Fund
Alpha Israel Fund
Alpha Israel Fund
Pengana Diversified Private Credit Fund
Pengana Diversified Private Credit Fund
CONTACT INVESTOR SERVICES
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i. Performance for periods greater than 12 months is the compound annual return.

Total Shareholder Return refers to the movement in share price plus dividends declared for the period, not including the benefit of franking credits attached to dividends paid

Total Portfolio Return refers to the movement in net assets per share, reversing out the impact of option exercises and payments of dividends, before tax paid or accrued on realised and unrealised gains.

Index refers to MSCI World Total Return Index, Net Dividends Reinvested, in A$.

Past performance is not a reliable indicator of future performance, the value of investments can go up and down. None of Pengana International Equities Limited (‘PIA’), Pengana Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. This information has been prepared by PIA and does not take into account a reader’s investment objectives, particular needs or financial situation. It is general information only and should not be considered investment advice and should not be relied on as an investment recommendation. The figures are unaudited.

Source: PCG and Factset.

ii. 20 Year Annualised Standard Deviation as at the last day of the last month prior to publishing this report.

iii. Relative to MSCI World Total Return Index, Net Dividends Reinvested, 20 Year annualised Beta as at the last day of the last month prior to publishing this report.

iv. As at the last day of last month prior to publishing of this report. The figures are unaudited.

v. Index/MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested, in A$.