https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=30/09/2025&aggregation_code=Class%20L 
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    [0] => Array
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            [date] => 30/09/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
0.7%
12.7%
8.0%
9.5%
7.9%




Total Shareholder Return
-1.6%
14.3%
5.5%
7.0%
4.7%




Index
1.9%
22.7%
16.2%
13.9%
9.3%






Swipe horizontally to see all columns

            [piechart] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.104213722],["Consumer Staples", 0.017569012],["Financials", 0.116856075],["Health Care", 0.142378380],["Industrials", 0.167648300],["Information Technology", 0.247991829],["Real Estate", 0.011784368],["Communication Services", 0.160339798],["Cash", 0.031218516],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.015517431],["In between 5bn - 10bn USD", 0.014881008],["In between 10bn - 50bn USD", 0.167635939],["In between 50bn - 150bn USD", 0.247080279],["In between 150bn - 500bn USD", 0.220421397],["Above 500bn USD", 0.30324543],["Cash", 0.031218516],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.587858979],["Europe ex-UK", 0.14760613],["Emerging Markets", 0.100189617],["Japan", 0.063180306],["UK", 0.040428038],["Asia Pacific ex-Japan", 0.029518414],["Cash", 0.031218516],
                        )

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            [topholdings] => BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,BDRXDB4/Booking Holdings 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,SONJPY/Sony Group Corporation/Japan/Consumer Discretionary,BMMV2K8/Tencent Holdings Ltd/China/Communication Services,
            [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/Booking_Holdings-Logo.wine_-scaled-1.avif,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/unnamed-1-e1638855672253.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/20730-e1607917498317.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] => Booking Holdings, Inc. engages in the provision of online travel and related solutions. The firm offers services through the following brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. It provides accommodation reservations including hotels, hostels, apartments, vacation rentals, and other properties. The company was founded by Jay Scott Walker on July 18, 1997, and is headquartered in Norwalk, CT.
                    [3] => CME Group, Inc. operates a derivatives marketplace, which offers a range of futures and options products for risk management. Its exchanges offer a range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange (FX), energy, agricultural commodities and metals. It offers futures and options on futures trading across asset classes through the CME Globex platform, fixed income trading via BrokerTec and FX trading on the EBS platform. In addition, it also operates CME Clearing, a central counterparty clearing provider. The company was founded in 1898 and is headquartered in Chicago, IL.
                    [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] => Sony Group Corp. engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals and industrial markets. It operates through the following segments: Game and Network Services, Music, Pictures, Home Entertainment and Sound, Imaging Products and Solutions, Mobile Communications, Semiconductors, Financial Services, and Others. The Game and Network Services segment deals with gaming machines, software and network services. The Music segment produces and publishes music and provides image media platforms. The Pictures segment handles film production, television program creation, and media networks. The Home Entertainment and Sound segment offers LCD televisions, home audio, Blu-ray Disc players and recorders, and memory-based portable audio devices. The Imaging Products and Solutions segment provides digital imaging products, professional solutions, and medical goods. The Mobile Communications segment deals with mobile phones and Internet services business. The Semiconductors segment provides image sensors and camera modules. The Financial Services segment manages the life insurance and non-life insurance operations and banking business. The Others segment includes personal computer (PC) business, overseas Blu-ray Disc, DVD and CD manufacturing, and battery business. The company was founded by Akio Morita and Masaru Ibuka on May 7, 1946 and is headquartered in Tokyo, Japan.
                    [9] => 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.
                    [10] => 
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font-family: Arial; opacity: 1;"><tspan x="231.5278532608696" dy="0">13.9%</tspan></text></g><g data-ac-wrapper-id="89" id="ac_layer_28"><text data-ac-wrapper-id="90" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="286.2676970108696" y="99.83333333333333" aria-hidden="true" id="ac_text_27" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="286.2676970108696" dy="0">9.3%</tspan></text></g></g><path data-ac-wrapper-id="47" id="ac_path_10" fill="none" stroke="#CECECE" d="M 53 123.5 L 311 123.5"/><path data-ac-wrapper-id="48" id="ac_path_11" fill="none" stroke="#CECECE" d="M 53.5 124 L 53.5 130 M 104.5 124 L 104.5 130 M 155.5 124 L 155.5 130 M 207.5 124 L 207.5 130 M 258.5 124 L 258.5 130 M 310.5 124 L 310.5 130"/><g data-ac-wrapper-id="49" id="ac_layer_1c"><g data-ac-wrapper-id="50" id="ac_layer_13"><g data-ac-wrapper-id="51" id="ac_unmanageable-layer_12"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="69.62890625" y="146">1M</text></g></g><g data-ac-wrapper-id="52" id="ac_layer_15"><g data-ac-wrapper-id="53" id="ac_unmanageable-layer_14"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="121.9921875" y="146">1Y</text></g></g><g data-ac-wrapper-id="54" id="ac_layer_17"><g data-ac-wrapper-id="55" id="ac_unmanageable-layer_16"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="173.9921875" y="146">5Y</text></g></g><g data-ac-wrapper-id="56" id="ac_layer_19"><g data-ac-wrapper-id="57" id="ac_unmanageable-layer_18"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="221.1796875" y="146">15Y</text></g></g><g data-ac-wrapper-id="58" id="ac_layer_1b"><g data-ac-wrapper-id="59" id="ac_unmanageable-layer_1a"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="272.1796875" y="146">20Y</text></g></g></g><path data-ac-wrapper-id="60" id="ac_path_1d" fill="none" stroke="#CECECE" d="M 53.5 46 L 53.5 123"/><g data-ac-wrapper-id="61" transform="matrix(6.123233995736766e-17,-1,1,6.123233995736766e-17,10,84)" id="ac_layer_1f"><text data-ac-wrapper-id="62" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="13" font-weight="normal" fill="#545f69" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="middle" x="0" y="13" aria-hidden="true" id="ac_text_1e" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"/></g><path data-ac-wrapper-id="63" id="ac_path_1g" fill="none" stroke="#CECECE" d="M 53 122.5 L 47 122.5 M 53 96.5 L 47 96.5 M 53 71.5 L 47 71.5 M 53 46.5 L 47 46.5"/><g data-ac-wrapper-id="64" id="ac_layer_1p"><g data-ac-wrapper-id="65" id="ac_layer_1i"><g data-ac-wrapper-id="66" id="ac_unmanageable-layer_1h"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="21.65625" y="125.75">-6%</text></g></g><g data-ac-wrapper-id="67" id="ac_layer_1k"><g data-ac-wrapper-id="68" id="ac_unmanageable-layer_1j"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="25.65625" y="100.75">6%</text></g></g><g data-ac-wrapper-id="69" id="ac_layer_1m"><g data-ac-wrapper-id="70" id="ac_unmanageable-layer_1l"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="18.9765625" y="74.75">18%</text></g></g><g data-ac-wrapper-id="71" id="ac_layer_1o"><g data-ac-wrapper-id="72" id="ac_unmanageable-layer_1n"><text aria-hidden="true" font-style="normal" font-variant="normal" font-family="Arial" font-size="12" font-weight="normal" letter-spacing="normal" text-decoration="none" fill="#7c868e" opacity="1" x="18.9765625" y="49.75">30%</text></g></g></g><g data-ac-wrapper-id="22" transform="matrix(1,0,0,1,10,10)" clip-path="url(&quot;#ac_clip_e&quot;)" clipPathUnits="userSpaceOnUse" id="ac_layer_g"><g data-ac-wrapper-id="23" id="ac_layer_9"><g data-ac-wrapper-id="24" id="ac_layer_8"><text data-ac-wrapper-id="25" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="13" font-weight="normal" fill="#7c868e" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="20" y="13" aria-hidden="true" id="ac_text_5" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1; cursor: pointer;"><tspan x="20" dy="0">Total Portfolio Return</tspan></text><path data-ac-wrapper-id="26" transform="matrix(1,0,0,1,0,0.25)" id="ac_path_6" fill="#86d9db" stroke="none" d="M 0 0 L 15 0 15 15 0 15 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="27" id="ac_rect_7" fill="#FFFFFF" fill-opacity="0.00001" stroke="none" d="M 0 0 L 157.3046875 0 157.3046875 15.5 0 15.5 0 0 Z" style="cursor: pointer;"/></g></g><text data-ac-wrapper-id="28" font-style="normal" font-variant="normal" font-family="Verdana, Helvetica, Arial, sans-serif" font-size="12" font-weight="normal" fill="#545f69" letter-spacing="normal" text-decoration="none" direction="ltr" text-anchor="start" x="0" y="12" aria-hidden="true" transform="matrix(1,0,0,1,246.3515625,0.5)" id="ac_text_a" style="user-select: none; font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"><tspan x="0" dy="0">1 / 3</tspan></text><path data-ac-wrapper-id="29" id="ac_path_b" fill="#e0e0e0" stroke="none" d="M 236.3515625 0.5 L 236.3515625 15 221.8515625 7.75 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="30" id="ac_path_c" fill="#9e9e9e" stroke="#757575" d="M 285.5 0.5 L 300 7.75 285.5 15 Z" style="cursor: pointer;"/></g></g><path data-ac-wrapper-id="129" id="ac_rect_3i" fill="#fff" fill-opacity="0.00001" stroke="none" d="M 0 0 L 330 0 330 165 0 165 0 0 Z" style="cursor: wait;"/></g></svg>
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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 2025 - 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

  • The Portfolio rose 0.7% in September, supported by gains from select global technology holdings, though returns were more measured than broader global markets.
  • Global equities advanced, led by semiconductor and hardware companies benefiting from continued investment in artificial intelligence, while defensive sectors such as Consumer Staples declined.
  • A new investment was made in Elevance Health, a leading US health management organisation, offering steady growth prospects and a growing technology and services platform.

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.
Booking Holdings Inc.
United States
Consumer Discretionary
Booking Holdings, Inc. engages in the provision of online travel and related solutions. The firm offers services through the following brands: Booking.com, Priceline, Agoda, KAYAK, and OpenTable. It provides accommodation reservations including hotels, hostels, apartments, vacation rentals, and other properties. The company was founded by Jay Scott Walker on July 18, 1997, and is headquartered in Norwalk, CT.
CME Group Inc. Class A
United States
Financials
CME Group, Inc. operates a derivatives marketplace, which offers a range of futures and options products for risk management. Its exchanges offer a range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange (FX), energy, agricultural commodities and metals. It offers futures and options on futures trading across asset classes through the CME Globex platform, fixed income trading via BrokerTec and FX trading on the EBS platform. In addition, it also operates CME Clearing, a central counterparty clearing provider. The company was founded in 1898 and is headquartered in Chicago, IL.
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.
Sony Group Corporation
Japan
Consumer Discretionary
Sony Group Corp. engages in the development, design, manufacture, and sale of electronic equipment, instruments, devices, game consoles, and software for consumers, professionals and industrial markets. It operates through the following segments: Game and Network Services, Music, Pictures, Home Entertainment and Sound, Imaging Products and Solutions, Mobile Communications, Semiconductors, Financial Services, and Others. The Game and Network Services segment deals with gaming machines, software and network services. The Music segment produces and publishes music and provides image media platforms. The Pictures segment handles film production, television program creation, and media networks. The Home Entertainment and Sound segment offers LCD televisions, home audio, Blu-ray Disc players and recorders, and memory-based portable audio devices. The Imaging Products and Solutions segment provides digital imaging products, professional solutions, and medical goods. The Mobile Communications segment deals with mobile phones and Internet services business. The Semiconductors segment provides image sensors and camera modules. The Financial Services segment manages the life insurance and non-life insurance operations and banking business. The Others segment includes personal computer (PC) business, overseas Blu-ray Disc, DVD and CD manufacturing, and battery business. The company was founded by Akio Morita and Masaru Ibuka on May 7, 1946 and is headquartered in Tokyo, Japan.
Tencent Holdings Ltd
China
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.
See Portfolio Breakdown

Sector Breakdown

Capitalisation Breakdown

Region Breakdown

PERFORMANCE

Performance Table

NET PERFORMANCE FOR PERIODS ENDING 30 Sep 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 0.7% 12.7% 8.0% 9.5% 7.9%
Total Shareholder Return -1.6% 14.3% 5.5% 7.0% 4.7%
Index 1.9% 22.7% 16.2% 13.9% 9.3%

Swipe horizontally to see all columns

COMMENTARY

Market Commentary

Global share markets rose strongly in September, supported by continued optimism around the long-term growth potential of artificial intelligence (AI). The month saw broad regional participation, although gains were once again concentrated in the Technology sector.

Emerging markets led performance, helped by a sharp rebound in China as investor confidence improved following government support for major technology companies such as Tencent to expand domestic AI investment. This policy encouragement helped offset trade concerns and renewed optimism in the country’s growth outlook.

Developed markets also advanced, underpinned by sustained investment in technology infrastructure and a generally stable economic backdrop. The United States remained a key driver, while Europe and Japan posted moderate gains as business conditions improved across both manufacturing and services sectors.

While market leadership continues to be concentrated in a small number of large technology companies, the broader economic environment remains supportive. Inflation has continued to moderate, labour markets are resilient, and confidence in the global growth outlook has strengthened, providing a constructive backdrop for equity investors heading into the final quarter of the year.

Portfolio Commentary

The Portfolio rose 0.7% in September, supported by select technology and communication services holdings.

The market’s continued focus on a handful of perceived AI leaders has been a persistent theme this year. The Portfolio remains deliberately diversified, investing in high-quality global companies with durable competitive advantages and long-term earnings growth potential. Several holdings, including NVIDIA, Broadcom, ASML, TSMC, Alphabet, Microsoft, and Tencent, are benefiting from the growth of AI. These investments are held for their strong business models and consistent profitability rather than short-term market trends.

This environment has been less favourable for quality-oriented companies, as investors have preferred more speculative or lower-quality areas of the market. The investment team believes these periods are temporary and that maintaining discipline around valuation, sustainable growth, and diversification will continue to support long-term results.

During the month, a new investment was added in Elevance Health, a leading US health management organisation. The position was initiated after share price weakness created an attractive opportunity to invest in a company with a strong brand, disciplined underwriting, and a growing technology and services platform. Its Carelon division, which provides data analytics and operational support to health plans and providers, offers an additional source of growth and potential margin expansion.

Among individual holdings, Synopsys eased after issuing softer guidance, while Tradeweb declined following mixed results in August. By contrast, Alphabet contributed positively after a favourable court ruling improved confidence in its long-term outlook.

The Portfolio remains focused on high-quality global businesses with strong balance sheets and sustainable growth drivers. The investment team continues to apply a disciplined, bottom-up approach designed to deliver consistent income and long-term value across changing market conditions.

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$ 1.365
    30 Sep 2025
  • NTA Pre Tax iv A$ 1.411
    30 Sep 2025
  • Price Close iv A$ 1.220
  • Shares On Issue iv 257.34m
  • Premium/Discount to pre-tax NTA iv -13.5%
  • 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$.