In October 2021, the portfolio returned 1.4% compared to a market return of 1.1% for the same period.
1) Our US banks, First Republic Bank and SVB Financial Group, both reported robust growth while maintaining strong credit quality.
2) Alphabet shares gained after the company reported strong advertising revenue growth, overcoming fears it would be adversely impacted by Apple’s data privacy changes.
3) In China, a shift in sentiment back toward many companies whose shares had dropped following sweeping government regulatory changes earlier this year boosted NetEase.
Conversely, our Health Care holdings WuXi Biologics, a contract biologics manufacturer, and WuXi AppTec, a pharmaceutical R&D services platform, declined.
||Adobe Inc||United States||Information Technology|
||Alphabet Inc||United States||Communication Services|
||Amazon||United States||Consumer Discretionary|
||Deere & Co||United States||Industrials|
||First Republic Bank||United States||Financials|
||Illumina||United States||Health Care|
||Microsoft||United States||Information Technology|
||Nike Inc||United States||Consumer Discretionary|
||SVB Financial Group||United States||Financials|
||Wuxi Biologics Cayman Inc||Hong Kong||Health Care|
The Class was established in 1 July 2015. From June 2021 Harding Loevner was appointed as the investment manager for the Fund.
Appointed June 20211
|Fund (APIR PCL0026AU)1,2
Managed by Harding Loevner from June 2021
|Current Strategy (Partial Simulation)4
Harding Loevner Global Equity Strategy
Swipe horizontally to see all columns
|VOLATILITY8||9.5%||NUMBER OF STOCKS||73|
|BETA (USING DAILY RETURNS)9||0.77|
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$84billion 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.
|Harding Loevner International Fund||Axiom International Ethical Fund||Axiom International Ethical Fund (Hedged)||Australian Equities Fund|
|High Conviction Property Securities Fund||Global Small Companies Fund||WHEB Sustainable Impact Fund||Emerging Companies Fund|
|High Conviction Equities Fund||Pengana International Equities Limited (ASX: PIA)||Private Equity Trust (ASX: PE1)||Alpha Israel 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. 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.