The Portfolio returned 3.0% for the month, compared to the Index return of 4.0%.
In this month’s report we provide a quick market review, and then a spotlight on the US banks.
We are pleased to announce that two Australian research houses have now completed their reviews of PIA since the appointment of the new investment team and the Company has received a Recommended rating from both Zenith as well as Independent Investment Research. The reports are available to AFSL holders HERE.
||Alphabet Inc||United States||Communication Services|
||Amazon||United States||Consumer Discretionary|
||Deere & Co||United States||Industrials|
||Facebook Inc||United States||Communication Services|
||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||China||Health Care|
Swipe horizontally to see all columns
|VOLATILITY3||8.4%||NUMBER OF STOCKS||73|
|BETA (USING DAILY RETURNS)4||0.66|
Pengana International Equities Limited (trading on the ASX as PIA) is the largest international ethical Listed Investment Company (“LIC”) on the ASX, that exists 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 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.
|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. As at the last day of last month prior to publishing of this report. Performance figures refer 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. Past performance is not a reliable indicator of future performance, the value of investments can go up and down.
2. Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017. Pengana International Equities Limited has been managed under the new investment mandate by the Pengana investment team since 1 July 2017. The performance since mandated in the table above refers to the movement in net assets per share since the new mandate adopted on 1 July 2017. The index is the MSCI World Total Return Index, Net Dividends Reinvested, in A$.3. Annualised Standard Deviation since mandated
4. Relative to MSCI World
**. As at the last day of last month prior to publishing of this report. The figures are unaudited.
***. MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested, in A$.