https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=30/09/2024&aggregation_code=Class%20L 
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            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
-0.1%
20.1%
8.3%
9%
8%




Total Shareholder Return
1.4%
16.9%
6.2%
6.5%
4.2%




Index
-0.4%
23.1%
12.4%
12.1%
8.8%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.095309136],["Consumer Staples", 0.018078457],["Financials", 0.081993339],["Health Care", 0.204825979],["Industrials", 0.166656785],["Information Technology", 0.220900727],["Materials", 0.012147540],["Real Estate", 0.011516910],["Communication Services", 0.160385744],["Cash", 0.028185382],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.011520156],["In between 5bn - 10bn USD", 0.044246187],["In between 10bn - 50bn USD", 0.173452224],["In between 50bn - 150bn USD", 0.21178036],["In between 150bn - 500bn USD", 0.273853692],["Above 500bn USD", 0.256962],["Cash", 0.028185382],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.59759779],["Europe ex-UK", 0.206465414],["Emerging Markets", 0.07138259],["Japan", 0.053791488],["UK", 0.034724682],["Asia Pacific ex-Japan", 0.007852655],["Cash", 0.028185382],
                        )

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            [topholdings] => BJXBP41/Alcon Inc/Switzerland/Health Care,BYVY8G0/Alphabet Inc/United States/Communication Services,AMAUSD/Amazon.com Inc/United States/Consumer Discretionary,2261203/Deere & Co/United States/Industrials,B7TL820/Meta Platforms Inc/United States/Communication Services,MICUSD/Microsoft Corp/United States/Information Technology,2857817/Netflix Inc/United States/Communication Services,SCHEFR/Schneider Electric SE/France/Industrials,THEUSD/Thermo Fisher Scientific Inc/United States/Health Care,2931034/Vertex Pharmaceuticals Inc/United States/Health Care,
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            [topholdingsintro] => Array
                (
                    [0] => Alcon, Inc. engages in the development, manufacture, and marketing of market surgical equipment and devices, pharmaceutical eye drops, and consumer vision care products to treat eye diseases and disorders. It operates through the following segments: Surgical and Vision Care. The Surgical segment offers implantable products, consumables and equipment for use in surgical procedures to address cataracts, vitreoretinal conditions, refractive errors, and glaucoma. The Vision Care segment comprises daily disposable, reusable and color-enhancing contact lenses, as well as portfolio of ocular health products, including over-the-counter products for dry eye, contact lens care, and ocular allergies, as well as ocular vitamins and redness relievers. The company was founded by Mr. Robert Alexander and Mr. William Conner on 1945 and is headquartered in Geneva, Switzerland.
                    [1] => 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.
                    [2] => 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.
                    [3] => Deere & Company manufactures and distributes a range of agricultural, construction, forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.
                    [4] => 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.
                    [5] => 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.
                    [6] => 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.
                    [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] => Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.
                    [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.
                    [10] => 
                )

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        )

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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

September 2024 - Monthly REPORT

September 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 dividends declared over the previous 12 months
2. Grossed up yield is based on current displayed share price, dividends declared over the previous 12 months and the tax rate and franking percentage applicable for the most recently declared dividend

SUMMARY

  • Global share markets finished higher in September, as inflation continued to moderate across developed economies.
  • This enabled interest rates to start falling in the US and to move further down in the Eurozone.
  • The Portfolio returned -0.1% in September, while the benchmark returned -0.4%, as a weaker US dollar detracted from global equity returns in Australian dollar terms.

Join Portfolio Manager Rick Schmidt for a webinar update where he will discuss the current portfolio holdings, factors influencing recent performance, and some of the market variables the investment team is considering moving forward. Register here.

PORTFOLIO

Top Holdings (alphabetically)

Alcon Inc
Switzerland
Health Care
Alcon, Inc. engages in the development, manufacture, and marketing of market surgical equipment and devices, pharmaceutical eye drops, and consumer vision care products to treat eye diseases and disorders. It operates through the following segments: Surgical and Vision Care. The Surgical segment offers implantable products, consumables and equipment for use in surgical procedures to address cataracts, vitreoretinal conditions, refractive errors, and glaucoma. The Vision Care segment comprises daily disposable, reusable and color-enhancing contact lenses, as well as portfolio of ocular health products, including over-the-counter products for dry eye, contact lens care, and ocular allergies, as well as ocular vitamins and redness relievers. The company was founded by Mr. Robert Alexander and Mr. William Conner on 1945 and is headquartered in Geneva, Switzerland.
Alphabet Inc
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.
Deere & Co
United States
Industrials
Deere & Company manufactures and distributes a range of agricultural, construction, forestry, and commercial and consumer equipment. The Company supplies replacement parts for its own products and for those of other manufacturers. Deere also provides product and parts financing services. Deere and Company extends its services and products worldwide.
Meta Platforms Inc
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 Corp
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.
Thermo Fisher Scientific Inc
United States
Health Care
Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.
Vertex Pharmaceuticals Inc
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.
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Sep 2024 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return -0.1% 20.1% 8.3% 9% 8%
Total Shareholder Return 1.4% 16.9% 6.2% 6.5% 4.2%
Index -0.4% 23.1% 12.4% 12.1% 8.8%

Swipe horizontally to see all columns

COMMENTARY

Market Review 

Global share markets finished September higher in local currency terms, with most sectors and regions posting gains. US inflation showed further signs of heading back to the Federal Reserve’s (Fed’s) 2.0% target during the month. This enabled the central bank to shift its focus to the second component of its mandate, that of maximising employment. The Fed duly cut its interest rate by 0.5% to 4.50% – 5.00% in September to support the labour market. The European Central Bank also lowered rates, delivering its second cut in three months to support the region’s faltering economy.

China unveiled a sweeping package of monetary stimulus measures aimed at reducing borrowing costs and boosting credit availability. Key measures included lowering the minimum down payment on mortgages to 15%, to stabilize the struggling residential real estate market. The creation of a new lending pool to encourage share buybacks and enable asset managers to buy more domestic stocks, was also announced. Additionally, China’s government promised it would shortly support monetary easing with fiscal support. This brought a strong improvement in market sentiment, which resulted in the MSCI China Index soaring more than 20% in just two weeks during late September. This was its strongest performance in more than a decade.

Despite escalating tensions in the Middle East, oil prices fell upon growing expectations that the OPEC+ group of oil exporters will increase production later this year. It also reflected market rumours that Saudi Arabia may abandon its US$100 per barrel price target.

Portfolio Commentary

Countries that are home to almost half of the world’s population will have held national elections in 2024. By the time of our next report, we will (likely) know the result of the one which is most significant to global equity markets, the November US presidential election. It may bring policy shifts which have implications for the global economy, in particular the US share market, in which 60% of the Portfolio is invested. The result remains finely balanced, with any policy changes and their impact on regions, sectors or stocks even more uncertain. Nonetheless, the Portfolio Managers have carefully analysed the risks and remain confident the Portfolio is appropriately positioned for any outcome.

Throughout the year, the Portfolio has continued to reduce its exposure to stocks which are valued on higher multiples of earnings, particularly in the US. The proceeds have been reinvested into high-quality businesses (those with strong balance sheets and positive cash flows) that we believe can grow earnings under any economic or market environment which may lie ahead.

This leaves the Portfolio with an underweight position to the US relative to the index. It is possible that the election aftermath gives rise to undue market volatility, leaving high-quality businesses more attractively valued. In such circumstances the Portfolio will take advantage of opportunities to increase its weightings to US quality growth companies at more reasonable price levels.

The Portfolio is focussed on identifying great companies through bottom-up analysis and continues to find exciting opportunities in health care, communications services and industrials, in which it maintains overweight positions.

Strong stock performance in financials, health care and communications services, an overweight position in communications services and an underweight to energy boosted relative returns in September. This was somewhat offset by an overweight position in health care and weaker stock performance in consumer discretionary.

One of the strongest contributors to relative returns in September was the Portfolio’s overweight position in Hong Kong-based pan-Asian life insurance group AIA Group. It outperformed upon stronger investor sentiment towards the broader China share market and hopes that the stimulus measures will support consumer demand in the life insurance sector.

Germany’s leading online real estate portal Scout24 outperformed after real estate advertising company REA Group increased its bid to acquire the leading UK property portal Rightmove. The move highlighted the attraction of the European online property listing industry and fed speculation that Scout24 may itself become an acquisition target.

Japan-based entertainment and electronics group Sony underperformed after its internally developed online game Concord failed to generate the expected user interest. Furthermore, the launch of Grand Theft Auto 6, which has been highly anticipated by gamers and which was expected to drive Sony’s hardware sales and live services revenues next year, was delayed until 2026.

Brazilian clearing house and stock exchange operator B3 underperformed amid a broad decline in Brazilian share prices during September. This followed the country’s central bank raising interest rates in response to a robust labour market and rising wage pressures.

There were no positions established or exited during September.

PROFILE

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$ 1.286
    30 Sep 2024
  • NTA Pre Tax iv A$ 1.295
    30 Sep 2024
  • Price Close iv A$ 1.115
  • Shares On Issue iv 257.17m
  • Premium/Discount to pre-tax NTA iv -13.9%
  • 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
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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$.