https://data.pengana.com/wp-json/pen/performance?fund_code=PENGSC&date=30/04/2025&aggregation_code=Class%20A
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            [date] => 30/04/2025
            [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 2.8% 9.7% 4.5% 5.2% 7.9% 6.5%
MSCI All Country World SMID Cap Index unhedged in AUD -1.4% 8.9% 11.3% 9.4% 11.6% 8.5%

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[piechart] => Array ( [0] => Array ( [0] => Capitalisation Breakdown [1] => ["Under 2bn USD", 0.346153495],["In between 2bn - 5bn USD", 0.342126107],["Above 5bn USD", 0.264675549],["Cash", 0.04704485], ) [1] => Array ( [0] => Region Breakdown [1] => ["Europe ex UK", 0.164246306],["North America", 0.358335459],["Asia ex Japan", 0.082667941],["Japan", 0.151419234],["UK", 0.093216103],["Middle East / Africa", 0.073717249],["Latin America", 0.029352857],["Cash", 0.04704485], ) ) [topholdings] => B07LST0/ExlService Holdings, Inc./United States/Industrials,BYVQYG8/flatexDEGIRO AG/Germany/Financials,6267230/Hilan Ltd./Israel/Industrials,6248332/NICE Information Service Co., Ltd./Korea, Republic Of/Industrials,6639602/NSD Co., Ltd./Japan/Information Technology, [topholdingsimg] => https://data.pengana.com/wp-content/uploads/download-41.png,https://data.pengana.com/wp-content/uploads/flatexDEGIRO_Bank-Logo.png,https://data.pengana.com/wp-content/uploads/18673117233736.5603bde08d80e.jpg,https://data.pengana.com/wp-content/uploads/Stock-Icons/data.png,https://data.pengana.com/wp-content/uploads/images-4.jpg, [topholdingsintro] => Array ( [0] => ExlService Holdings, Inc. is an operations management and analytics company, which engages in providing business process management. It operates through the following segments: Insurance, Healthcare, Travel, Transportation, and Logistics, Finance and Accounting, Analytic, and All Other. The Insurance segment serves property and casualty insurance, life insurance, disability insurance, annuity, and retirement services companies. The Healthcare segment offers services related to care management or population health, payment integrity, revenue optimization, and customer engagement. The Travel, Transportation, and Logistics segment includes business processes in corporate and leisure travel such as reservations, customer service, fulfillment, and finance and accounting. The Finance and Accounting segment is comprised of procure-to-pay, order-to-cash, hire-to-retire, record-to-report, regulatory reporting, financial planning and analysis, audit and assurance, treasury, and tax processes. The Analytics segment consists of driving improved business outcomes for customers by generating data-driven insights. The All-Other segment is involved in banking, financial, utilities, and consulting services. The company was founded by Vikram Talwar and Rohit Kapoor in April 1999 and is headquartered in New York, NY. [1] => flatexDEGIRO AG operates as a brokerage platform in Europe. It offers a wide range of independent products with execution on top of Tier 1 exchanges. The firm provides a full-service and full-product approach to allow clients to take ownership of their financial wealth in a self-directed manner. Its technological edge as well as its high efficiency and strong economies of scale enable flatexDEGIRO to continuously improve its service offerings to customers. The firm aims to expand its customer base to 7-8 million customer accounts and process 250-350 million transactions per year, even in years of low volatility. The company was founded in 1988 and is headquartered in Frankfurt, Germany. [2] => Hilan Ltd. engages in the provision of Software as a Service (SaaS) for the purpose of managing the enterprise human capital. Its solutions include payroll, human resources, time and attendance, pension, analytics, and business process outsourcing (BPO). The firm offers its services to the industry, high-tech, finance, academic, communications, healthcare, municipal, transportation, retail, education, government, social care, associations, and hotels sectors. It operates through the following segments: Payroll Services, Human Resources, and Organizational Systems, Business Solutions, Computing Infrastructures, and Marketing of Software Products. The Payroll Services, Human Resources, and Organizational Systems segment provides payroll management services, pension operations, enterprise resource planning, other value-added services, and attendance, human resources, business, financial, and relationship management. The Business Solutions segment is involved in the sale of outsourcing and technological value-added solutions, as well as solutions and projects in the field of computing, digital, and innovation. The Computing Infrastructures segment sells solutions in the field of computing infrastructures, managed public and private clouds, advanced information security, and cyber. The Marketing of Software Products segment is composed of the distribution and assimilation of software products and solutions in the field of control, data, analytics and business intelligence, infrastructures and applications in the information technology world, document and content management, information and cyber security, and content delivery network. The company was founded on December 16, 1992 and is headquartered in Tel Aviv, Israel. [3] => NICE Information Service Co., Ltd. engages in the provision of credit information services. It operates through the following business divisions: Corporate information, Credit bureau, Asset management and Others. The Corporate information business division offers corporate information provision, consulting and technical consulting bureau services. The Credit bureau business division offers individual credit information provision and consulting services. The Asset management business division offers bond collection and credit survey services. The Others business division offers other services such as data analysis. The company was founded on February 28,1985 and is headquartered in Seoul, South Korea. [4] => NSD Co., Ltd. engages in the provision of information technology services. It offers System Solution Service that includes system development, system service, and sales of packaged software and system products. The company was founded on April 8, 1969 and is headquartered in Tokyo, Japan. 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data-ac-wrapper-id="464" 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_cu" 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="465" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_cv" 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="466" id="ac_rect_cw" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 23.328125 0 23.328125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="467" transform="matrix(1,0,0,1,38.328125,0)" id="ac_layer_d1"><text data-ac-wrapper-id="468" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, 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Global Small Companies Fund

Specialists in a vast and growing investable universe

April 2025 - Monthly REPORT

April Report

SUMMARY

  • The Fund returned 2.8% in April, outperforming the benchmark by 4.2% in a volatile month for global equities.
  • US equity weakness and a sharp fall in the US dollar benefited the portfolio’s underweight US and non-USD exposures.
  • Top contributors included Oddity Tech, Topicus.com, and Ionos Group. New positions were added in Cogeco Communications, Gaztransport & Technigaz, JustSystems and Rotork, reflecting a focus on targeted growth opportunities.

PORTFOLIO

Top Holdings (alphabetically)

ExlService Holdings, Inc.
United States
Industrials
ExlService Holdings, Inc. is an operations management and analytics company, which engages in providing business process management. It operates through the following segments: Insurance, Healthcare, Travel, Transportation, and Logistics, Finance and Accounting, Analytic, and All Other. The Insurance segment serves property and casualty insurance, life insurance, disability insurance, annuity, and retirement services companies. The Healthcare segment offers services related to care management or population health, payment integrity, revenue optimization, and customer engagement. The Travel, Transportation, and Logistics segment includes business processes in corporate and leisure travel such as reservations, customer service, fulfillment, and finance and accounting. The Finance and Accounting segment is comprised of procure-to-pay, order-to-cash, hire-to-retire, record-to-report, regulatory reporting, financial planning and analysis, audit and assurance, treasury, and tax processes. The Analytics segment consists of driving improved business outcomes for customers by generating data-driven insights. The All-Other segment is involved in banking, financial, utilities, and consulting services. The company was founded by Vikram Talwar and Rohit Kapoor in April 1999 and is headquartered in New York, NY.
flatexDEGIRO AG
Germany
Financials
flatexDEGIRO AG operates as a brokerage platform in Europe. It offers a wide range of independent products with execution on top of Tier 1 exchanges. The firm provides a full-service and full-product approach to allow clients to take ownership of their financial wealth in a self-directed manner. Its technological edge as well as its high efficiency and strong economies of scale enable flatexDEGIRO to continuously improve its service offerings to customers. The firm aims to expand its customer base to 7-8 million customer accounts and process 250-350 million transactions per year, even in years of low volatility. The company was founded in 1988 and is headquartered in Frankfurt, Germany.
Hilan Ltd.
Israel
Industrials
Hilan Ltd. engages in the provision of Software as a Service (SaaS) for the purpose of managing the enterprise human capital. Its solutions include payroll, human resources, time and attendance, pension, analytics, and business process outsourcing (BPO). The firm offers its services to the industry, high-tech, finance, academic, communications, healthcare, municipal, transportation, retail, education, government, social care, associations, and hotels sectors. It operates through the following segments: Payroll Services, Human Resources, and Organizational Systems, Business Solutions, Computing Infrastructures, and Marketing of Software Products. The Payroll Services, Human Resources, and Organizational Systems segment provides payroll management services, pension operations, enterprise resource planning, other value-added services, and attendance, human resources, business, financial, and relationship management. The Business Solutions segment is involved in the sale of outsourcing and technological value-added solutions, as well as solutions and projects in the field of computing, digital, and innovation. The Computing Infrastructures segment sells solutions in the field of computing infrastructures, managed public and private clouds, advanced information security, and cyber. The Marketing of Software Products segment is composed of the distribution and assimilation of software products and solutions in the field of control, data, analytics and business intelligence, infrastructures and applications in the information technology world, document and content management, information and cyber security, and content delivery network. The company was founded on December 16, 1992 and is headquartered in Tel Aviv, Israel.
NICE Information Service Co., Ltd.
Korea, Republic Of
Industrials
NICE Information Service Co., Ltd. engages in the provision of credit information services. It operates through the following business divisions: Corporate information, Credit bureau, Asset management and Others. The Corporate information business division offers corporate information provision, consulting and technical consulting bureau services. The Credit bureau business division offers individual credit information provision and consulting services. The Asset management business division offers bond collection and credit survey services. The Others business division offers other services such as data analysis. The company was founded on February 28,1985 and is headquartered in Seoul, South Korea.
NSD Co., Ltd.
Japan
Information Technology
NSD Co., Ltd. engages in the provision of information technology services. It offers System Solution Service that includes system development, system service, and sales of packaged software and system products. The company was founded on April 8, 1969 and is headquartered in Tokyo, Japan.

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Apr 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 2.8% 9.7% 4.5% 5.2% 7.9% 6.5%
MSCI All Country World SMID Cap Index unhedged in AUD -1.4% 8.9% 11.3% 9.4% 11.6% 8.5%

Swipe horizontally to see all columns

Performance Chart

NET PERFORMANCE SINCE INCEPTION 2

COMMENTARY

Global equities faced renewed turbulence in April as escalating trade tensions and political instability weighed on sentiment. The US administration’s decision to impose sweeping tariffs, particularly on Chinese goods, triggered a wave of risk aversion and prompted retaliatory measures from China. The resulting spike in market volatility led to the worst weekly US equity performance since the pandemic era, before a partial recovery followed news of a temporary pause on some measures.

Further uncertainty emerged mid-month after President Trump threatened to dismiss Federal Reserve Chair Jerome Powell. This added to investor unease, particularly as the US reported a first-quarter GDP contraction of 0.3%, marking the first decline in three years. The drop was driven by a surge in pre-tariff imports and the weakest consumer spending growth since mid-2023.

European markets were mixed. Modest GDP growth in the eurozone and declining inflation provided some support, but persistent global trade risks and political noise continued to cap upside. The UK equity market also declined, reflecting broader risk aversion and domestic inflation concerns.

In contrast, Japanese equities posted modest gains, supported by resilient domestic demand and improving growth data. However, export-oriented sectors remained exposed to the unfolding trade environment. Chinese equities fell amid ongoing concerns around global demand, while select emerging markets such as Mexico and Canada held up relatively well.

A notable macro development was the sharp decline in the US dollar, which fell nearly 5% against a basket of major currencies. The move reflected rising US policy uncertainty and capital outflows, and it sparked a broad rally in non-USD currencies. This shift supported companies with international revenue exposure and non-US cost bases, favouring portfolios with a global orientation.

Portfolio highlights

The Fund returned 2.8% in April, significantly outperforming its benchmark by 4.2%. The result was driven by strong stock selection across core holdings, with notable contributions from several recently initiated positions. The Fund’s underweight exposure to the US also added value, as American markets lagged global peers amid heightened policy and economic concerns.

Oddity Tech was the top contributor for the month. The US-listed beauty and wellness platform delivered record first-quarter results, with strong growth across its IL MAKIAGE and SpoiledChild brands. Revenue rose 27% year-on-year, while adjusted earnings exceeded expectations. Management upgraded full-year guidance, citing robust international expansion and continued innovation within its molecule discovery platform, ODDITY LABS. The stock rose sharply on the back of the result, reflecting investor confidence in Oddity’s differentiated model and leadership in digital consumer products.

Topicus.com, a European vertical market software operator, was another strong performer. Shares continued to gain in anticipation of solid first-quarter earnings and following further M&A activity. The company remains focused on acquiring and growing mission-critical software businesses across the region. Its recurring revenue base, operational discipline, and aligned management structure make Topicus a core holding within the Fund’s software exposure.

Ionos Group also contributed meaningfully to performance. The European cloud infrastructure provider rallied following the release of strong full-year results and upbeat 2025 guidance. Revenue and earnings grew across key segments, with improved momentum in its AdTech business supporting the outlook. Having re-initiated the position in March, the Fund benefited from the market’s renewed confidence in Ionos’s scalable platform and growth trajectory.

On the negative side, Mister Car Wash and Ollie’s Bargain Outlet detracted from returns. Both companies reported resilient operating results, but their share prices were impacted by broad-based US equity weakness. Investor sentiment toward domestic US names remained fragile throughout the month, and the sharp decline in the US dollar further weighed on these positions. We remain constructive on both businesses but are closely monitoring macro and currency-related pressures.

The Fund established new positions in four companies during April. Cogeco Communications is a Canada-based broadband services company with strong recurring revenue and regional market strength. Gaztransport & Technigaz, headquartered in France, designs specialised engineering solutions for the storage and transport of liquefied natural gas. JustSystems is a Japanese enterprise software provider focused on document and data solutions, underpinned by a long track record of profitability. Rotork, based in the UK, manufactures flow control equipment used in critical infrastructure industries including water, energy, and manufacturing.

The Fund remains focused on identifying businesses with sustainable earnings growth, strong competitive advantages, and resilient cash flows, while actively managing exposure to evolving macroeconomic risks.

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
38
BETA 4
0.89
MAXIMUM DRAW DOWN
-29.1%

FEATURES

  • APIR CODE PCL0022AU
  • REDEMPTION PRICEA$ 1.6084
  • FEES * Management Fee: 1.1%
    Performance Fee: 20.5%
  • Minimum initial investment A$10,000
  • FUM AT MONTH END A$ 64.79m
  • 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.

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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.