https://data.pengana.com/wp-json/pen/performance?fund_code=PENGSH&date=30/06/2025&aggregation_code=Class%20B
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Pengana Harding Loevner International Fund Class B

The Class was established in 1 July 2015. From June 2021 Harding Loevner was appointed as the investment manager for the Fund.

1M 1Y 2Y 3Y
Since
Harding Loevner
Appointed June 20211
5Y
Since Fund
Inception
July 20152
Since Strategy
Inception
November 19893
Fund (APIR PCL0026AU)1,2

Managed by Harding Loevner from June 2021
1.3% 13.7% 15.2% 16.6% 6.9% 9.0% 9.9%
Current Strategy (Partial Simulation)4

Harding Loevner Global Equity Strategy
9.5% 11.3% 9.5%
Index5 2.6% 18.4% 18.7% 19.2% 12.7% 14.8% 11.8% 7.7%

Swipe horizontally to see all columns

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Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,2965839/CME Group Inc. Class A/United States/Financials,B7TL820/Meta Platforms Inc Class A/United States/Communication Services,MICUSD/Microsoft Corporation/United States/Information Technology,2857817/Netflix, Inc./United States/Communication Services,SCHEFR/Schneider Electric SE/France/Industrials,BMMV2K8/Tencent Holdings Ltd/Hong Kong/Communication Services,BJXMVK2/Tradeweb Markets, Inc. Class A/United States/Financials,2931034/Vertex Pharmaceuticals Incorporated/United States/Health Care, [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/CME_Group-Logo.wine_-1-e1623804368218.png,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/Schneider_Electric_2007.svg.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/20730-e1607917498317.png,https://data.pengana.com/wp-content/uploads/Tradeweb.jpg,https://data.pengana.com/wp-content/uploads/1200px-Vertex_logo.svg-1.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] => CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange, and commodities. The Company brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears. [3] => 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. [4] => 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. [5] => 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. [6] => 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. [7] => 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. [8] => Tradeweb Markets, Inc. engages in the operation of electronic marketplaces for the trading of products across the rates, credit, money markets, and equities asset classes. It also provides related pre-trade pricing and post-trade processing services. Its network comprises clients across the institutional, wholesale, and retail client sectors, including global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms and retail brokerage and financial advisory firms, as well as regional dealers. The company was founded by Lee Olesky in 1996 and is headquartered in New York, NY. [9] => Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide. 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288.5 144 M 291.5 138 L 291.5 144 M 295.5 138 L 295.5 144 M 298.5 138 L 298.5 144 M 301.5 138 L 301.5 144 M 304.5 138 L 304.5 144 M 307.5 138 L 307.5 144 M 311.5 138 L 311.5 144 M 314.5 138 L 314.5 144 M 317.5 138 L 317.5 144 M 320.5 138 L 320.5 144 M 323.5 138 L 323.5 144 M 325.5 138 L 325.5 144"/><g data-ac-wrapper-id="254" id="ac_layer_7e"><g data-ac-wrapper-id="255" id="ac_layer_6z"><g data-ac-wrapper-id="256" id="ac_unmanageable-layer_6y"><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="41.6015625" y="155">11/1989</text></g></g><g data-ac-wrapper-id="257" id="ac_layer_71"><g data-ac-wrapper-id="258" id="ac_unmanageable-layer_70"><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="79.6015625" y="155">11/1994</text></g></g><g data-ac-wrapper-id="259" id="ac_layer_73"><g data-ac-wrapper-id="260" id="ac_unmanageable-layer_72"><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="117.6015625" y="155">11/1999</text></g></g><g data-ac-wrapper-id="261" id="ac_layer_75"><g data-ac-wrapper-id="262" id="ac_unmanageable-layer_74"><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="156.6015625" y="155">11/2004</text></g></g><g data-ac-wrapper-id="263" id="ac_layer_77"><g data-ac-wrapper-id="264" id="ac_unmanageable-layer_76"><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="194.6015625" y="155">11/2009</text></g></g><g data-ac-wrapper-id="265" id="ac_layer_79"><g data-ac-wrapper-id="266" id="ac_unmanageable-layer_78"><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="232.6015625" y="155">11/2014</text></g></g><g data-ac-wrapper-id="267" id="ac_layer_7b"><g data-ac-wrapper-id="268" id="ac_unmanageable-layer_7a"><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="270.6015625" 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letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="36.185546875" y="139">$0</text></g></g><g data-ac-wrapper-id="276" id="ac_layer_7k"><g data-ac-wrapper-id="277" id="ac_unmanageable-layer_7j"><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="8.93359375" y="102">$1,000,000</text></g></g><g data-ac-wrapper-id="278" id="ac_layer_7m"><g data-ac-wrapper-id="279" id="ac_unmanageable-layer_7l"><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="8.93359375" y="65">$2,000,000</text></g></g><g data-ac-wrapper-id="280" id="ac_layer_7o"><g data-ac-wrapper-id="281" id="ac_unmanageable-layer_7n"><text aria-hidden="true" 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aria-hidden="true" id="ac_text_6c" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">Current Strategy (Partial Simulation)</tspan></text><path data-ac-wrapper-id="240" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_6d" fill="#7a9a01" stroke="#7a9a01" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="241" id="ac_rect_6e" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 104.52001953125 0 104.52001953125 6 0 6 0 0 Z" style="cursor: pointer;"/></g><g data-ac-wrapper-id="242" transform="matrix(1,0,0,1,119.52001953125,0)" id="ac_layer_6j"><text data-ac-wrapper-id="243" 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_6g" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="10" dy="0">MSCI All Country World Total Return Index in AUD</tspan></text><path data-ac-wrapper-id="244" transform="matrix(1,0,0,1,0,0.5)" id="ac_path_6h" fill="#5f5f5f" stroke="#5f5f5f" stroke-width="1" d="M 0 0 L 5 0 5 5 0 5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="245" id="ac_rect_6i" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 137.32421875 0 137.32421875 6 0 6 0 0 Z" style="cursor: pointer;"/></g></g></g></g></g></svg> [pdfchart2] => [jsonhpid] => 29869 [jsonhpid2] => ) )
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Harding Loevner International Fund

An International Fund targeting superior risk-adjusted returns through investing in high-quality and durable growing companies at reasonable prices.

June 2025 - Monthly REPORT

June Report

SUMMARY

  • Global equities advanced in June, led by Emerging Markets and AI-related stocks, as confidence in the economic cycle and earnings outlook improved.
  • The Fund returned 1.30% in June, rising less than the benchmark’s 2.6% gain, as softer returns from Materials and select Technology holdings weighed on relative performance.
  • Japan’s Disco Corporation was added to the portfolio, reflecting the team’s conviction in the structural growth opportunity in die processing equipment for advanced semiconductors.

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.
CME Group Inc. Class A
United States
Financials
CME Group Inc. operates a derivatives exchange that trades futures contracts and options on futures, interest rates, stock indexes, foreign exchange, and commodities. The Company brings together buyers and sellers of derivatives products on its trading floors, electronic trading platform, and through privately negotiated transactions that it clears.
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.
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
Hong Kong
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.
Tradeweb Markets, Inc. Class A
United States
Financials
Tradeweb Markets, Inc. engages in the operation of electronic marketplaces for the trading of products across the rates, credit, money markets, and equities asset classes. It also provides related pre-trade pricing and post-trade processing services. Its network comprises clients across the institutional, wholesale, and retail client sectors, including global asset managers, hedge funds, insurance companies, central banks, banks and dealers, proprietary trading firms and retail brokerage and financial advisory firms, as well as regional dealers. The company was founded by Lee Olesky in 1996 and is headquartered in New York, NY.
Vertex Pharmaceuticals Incorporated
United States
Health Care
Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide.

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE FOR PERIODS ENDING 30 Jun 20256

Pengana Harding Loevner International Fund Class B

The Class was established in 1 July 2015. From June 2021 Harding Loevner was appointed as the investment manager for the Fund.

1M 1Y 2Y 3Y
Since
Harding Loevner
Appointed June 20211
5Y
Since Fund
Inception
July 20152
Since Strategy
Inception
November 19893
Fund (APIR PCL0026AU)1,2

Managed by Harding Loevner from June 2021
1.3% 13.7% 15.2% 16.6% 6.9% 9.0% 9.9%
Current Strategy (Partial Simulation)4

Harding Loevner Global Equity Strategy
9.5% 11.3% 9.5%
Index5 2.6% 18.4% 18.7% 19.2% 12.7% 14.8% 11.8% 7.7%

Swipe horizontally to see all columns

PERFORMANCE SINCE STRATEGY INCEPTION

NET PERFORMANCE SINCE INCEPTION7

COMMENTARY

Market Commentary

Global equity markets advanced in June, driven by renewed optimism around artificial intelligence and a more constructive view on the macroeconomic outlook. The US market outperformed most developed peers for the month, though it remains the weakest major region so far this year. Sentiment continues to be weighed down by tariff threats, inflation concerns, US dollar weakness, and signs of a slowing domestic economy.

Emerging Markets posted strong returns, led by South Korea. Local equities surged following the election of a new president, whose proposed policies to improve corporate governance and boost shareholder returns contributed to the rally. European markets also advanced, although gains were more modest as macroeconomic indicators remained steady and risk appetite improved.

Information Technology and Communication Services were the strongest-performing sectors. Many non-Chinese AI-related companies rebounded, recovering from earlier-year declines related to the Deepseek incident and tariff-driven volatility. Confidence in the AI investment theme was supported by further advances in model performance and efficiency, including improvements in complex reasoning and reduced inference costs.

AI models released in 2024 have shown meaningful improvements, with better reasoning capabilities and lower inference costs. These advances are already delivering measurable business outcomes, reinforcing the view that AI is moving from theory to commercial application. While some companies, including OpenAI, Apple, and Meta Platforms, have experienced delays in rolling out new products, progress has remained steady. Confidence is growing that AI can support productivity gains and new revenue streams across a range of industries, not just within the technology sector.

These developments helped lift equity markets, even as policy and fiscal uncertainty continued to shape sentiment.

Portfolio Commentary

The Fund returned 1.30% in June, slightly trailing the broader market, with relative weakness across Materials and select Information Technology holdings. AI remained a key driver of both market sentiment and portfolio performance, with a number of holdings benefiting from improved expectations for commercial adoption across industries.

Disco Corporation, a Japanese manufacturer of semiconductor processing equipment, was a notable positive contributor. Shares rose following signs of renewed strength in AI capital expenditure, as leading US technology companies reaffirmed their investment plans. Disco Corporation is the global leader in equipment used to cut, grind, and polish semiconductor chips, and is well positioned to benefit from industry shifts toward packaging multiple smaller dies into a single advanced unit. The Fund initiated a position during the month, reflecting the team’s conviction in the company’s growth outlook and product leadership.

Several other holdings contributed positively. Taiwan Semiconductor Manufacturing Company (TSMC) rallied after reporting record-breaking June revenue, supported by accelerating demand for AI chips and strong outsourcing orders from clients such as Nvidia and Intel. Netflix advanced on the back of strong operational momentum, supported by positive commentary from management, analyst upgrades, and growing optimism around its ad-supported tier and expansion into live sports programming. Meta Platforms also performed well, reaching an all-time high by month-end as its AI initiatives continued to drive product innovation and user engagement.

In contrast, Adobe detracted from returns. The US-based software company declined on concerns that its monetisation strategy for AI, which involves integrating external models from OpenAI and Google into its Firefly platform, may take longer than expected to deliver results. CME Group, a leading US derivatives exchange, also underperformed after a strong run earlier in the year. In Materials, Symrise, a German producer of fragrances and flavours, fell after management flagged softer second-quarter growth in a late-month update.

The Fund remains focused on identifying high-quality companies with durable competitive advantages and long-term growth drivers. Portfolio positioning continues to reflect a disciplined bottom-up approach, with selective exposure to companies expected to benefit from structural themes such as AI, while maintaining a strong emphasis on fundamental resilience.

PROFILE

STATISTICAL DATA2

PORTFOLIO SUMMARY
VOLATILITY8
11%
NUMBER OF STOCKS
62
BETA9
0.9

FEATURES

  • APIR CODE PCL0026AU
  • REDEMPTION PRICEA$ 1.1781
  • FEES * Management Fee: 0.974%
    Performance Fee: Nil
  • Minimum initial investment $10,000
  • FUM AT MONTH END A$ 31.63m
  • STRATEGY INCEPTION DATE 1 December 1989
  • BenchmarkMSCI All Country World Total Return Index (net) in $A

Fund Managers

Jingyi Li

Portfolio Manager

Rick Schmidt

Portfolio Manager

Description

An International Fund targeting superior risk-adjusted returns through investing in high-quality and durable growing companies at reasonable prices.

The Pengana Harding Loevner International Fund invests in high-quality, growing companies identified through fundamental research with a long-term, global perspective.

Pengana has appointed Harding Loevner to managed the Fund.  Harding Loevner is a New Jersey-based global equity fund manager formed in 1989 with over US$86billion in Assets under Management.

Harding Loevner’ analysts search the world for companies that meet their high quality and durable growth criteria, conduct fundamental research, then value and rate their stocks to make them available to PMs for investment.

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. Harding Loevner was appointed fund manager as of 10 May 2021. June 2021 represents the first full month of Harding Loevner managing the Fund.
2. Class B Inception date 1 July 2015. Figures shown are calculated from the continuous performance of both the current and previous strategies. For performance see row labelled Fund (APIR PCL0026AU) in the table above which is the continuous performance of both the current and previous (shaded) strategies.
3. Harding Loevner Global Equity Strategy inception 1 Dec 1989
4. Prior to June 2021, the Harding Loevner Global Equity Strategy performance (labelled ‘Current Strategy (Partial Simulation)’ and shown in the shaded area) includes the strategy performance simulated by Pengana from the monthly gross returns of the Harding Loevner Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of Class B. From June 2021 the strategy performance is the performance of the Pengana Harding Loevner International Fund Class B.
5. MSCI All Country World Total Return Index in AUD.
6. Performance for periods greater than 12 months are annualised. 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.
7. The Harding Loevner Global Equity Strategy performance (shown in the shaded area in the chart, and in the performance table as row labeled ‘Harding Loevner Global Equity Strategy) has been simulated by Pengana from the monthly gross returns of the Harding Loevner Global Equity strategy. This simulation was done by: 1) the conversion of US-denominated gross returns to AUD, 2) applying the fee structure of the stated class. Strategy Inception 30 November 1989.
8. Annualised standard deviation since inception.
9. Relative to MSCI All Country World Total Return Index in AUD
* For further information regarding fees please see the PDS available on our website.