https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=28/11/2025&aggregation_code=Class%20L 
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            [date] => 28/11/2025
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1M
1Y
5Y
15Y
20Y





Total Portfolio Return
0.0%
8.2%
7.1%
9.3%
7.7%




Total Shareholder Return
0.8%
15.6%
3.9%
7.0%
4.7%




Index
0.1%
16.2%
15.6%
13.9%
9.3%






Swipe horizontally to see all columns

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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.109300035],["Consumer Staples", 0.018353988],["Financials", 0.125793723],["Health Care", 0.150904779],["Industrials", 0.171554135],["Information Technology", 0.239074261],["Real Estate", 0.009493265],["Communication Services", 0.148081447],["Cash", 0.027444366],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.012458177],["In between 5bn - 10bn USD", 0.023490533],["In between 10bn - 50bn USD", 0.17070931],["In between 50bn - 150bn USD", 0.22933214],["In between 150bn - 500bn USD", 0.263320437],["Above 500bn USD", 0.273245036],["Cash", 0.027444366],
                        )

                    [2] => Array
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                            [0] => Region Breakdown
                            [1] => ["North America", 0.554594944],["Europe ex-UK", 0.153557369],["Emerging Markets", 0.115315026],["Japan", 0.063413798],["UK", 0.054525618],["Asia Pacific ex-Japan", 0.031148877],["Cash", 0.027444366],
                        )

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            [topholdings] => BYVY8G0/Alphabet Inc. Class A/United States/Communication Services,AMAUSD/Amazon.com, Inc./United States/Consumer Discretionary,B929F46/ASML Holding NV/Netherlands/Information Technology,BDRXDB4/Booking Holdings Inc./United States/Consumer Discretionary,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,
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                    [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] => ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.
                    [3] => 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.
                    [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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Pengana International Equities Limited (ASX: PIA)

The largest International Ethical LIC on the ASX. Targeting fully franked dividends, paid quarterly.

VIEW PIA WEBSITE

November 2025 - Monthly REPORT

November 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

  • PIA was broadly flat in November, in a month where global equity markets were also largely unchanged.
  • Market leadership shifted towards more defensive areas such as Health Care, while Information Technology softened following a strong run earlier in the year.
  • The Portfolio benefited from its exposure to high-quality Health Care companies and continued to apply valuation discipline, exiting ServiceNow after strong share price performance.

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.
ASML Holding NV
Netherlands
Information Technology
ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.
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.
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 Nov 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return 0.0% 8.2% 7.1% 9.3% 7.7%
Total Shareholder Return 0.8% 15.6% 3.9% 7.0% 4.7%
Index 0.1% 16.2% 15.6% 13.9% 9.3%

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COMMENTARY

Market Commentary

Global equity markets were broadly flat in November, finishing slightly lower overall as investors reassessed valuations following strong gains earlier in the year. Market leadership shifted away from Information Technology towards more defensive sectors that had lagged for much of 2025.

Health Care was the strongest-performing sector, supported by renewed investor interest in companies with resilient earnings profiles and less exposure to cyclical swings. By contrast, Information Technology declined after a strong year-to-date performance, as valuation concerns emerged around parts of the sector, including companies linked to artificial intelligence-related hardware and semiconductors.

This shift in leadership was reflected across regions. Markets with a greater exposure to technology manufacturing, particularly in parts of Asia, were weaker during the month as sentiment towards the sector softened. Elsewhere, performance across regions was more mixed, influenced by differences in sector composition rather than broad changes in economic conditions.

Overall, November was characterised by a more cautious tone, with investors favouring balance and selectivity following a period of strong equity market returns earlier in the year.

Portfolio Commentary

PIA was broadly flat in November as markets rotated away from Information Technology towards more defensive sectors. While this shift created headwinds for some areas of the Portfolio, exposure to high-quality Health Care companies provided support during the month.

In Europe, Roche, the Swiss pharmaceutical company, performed well after reporting encouraging interim results for a breast cancer treatment, which demonstrated improved outcomes compared with existing standards of care. The update reinforced confidence in the company’s long-term innovation pipeline and its ability to deliver resilient earnings growth.

In Japan, Chugai Pharmaceutical also delivered strong gains following positive regulatory developments linked to a partnered drug with Eli Lilly. The outcome highlighted the value of exposure to companies with differentiated research capabilities and strong development pipelines. While performance within Health Care was supportive overall, outcomes across the sector varied, underscoring the importance of stock selection.

During the month, the ortfolio exited ServiceNow, a US-based business-process automation company, reflecting the team’s ongoing focus on valuation discipline. While ServiceNow remains a high-quality business, its share price has risen to levels that no longer offered an attractive long-term return profile. The decision to sell was consistent with the Portfolio’s balanced approach to managing risk while protecting capital.

More broadly, November’s market moves reflected a rotation in leadership rather than any deterioration in underlying business fundamentals. The Portfolio remains well diversified across sectors and regions, and the team continues to focus on companies with durable earnings, strong balance sheets and clear long-term growth drivers.

Elsewhere, performance across holdings was mixed. The Portfolio’s positioning helped limit the impact of weakness in Information Technology, while some exposure to companies benefiting from competitive dynamics within artificial intelligence-related markets provided a partial offset. In Industrials, Schneider Electric, a global electrical equipment and automation company, detracted after highlighting more challenging conditions in parts of its end markets, including pricing pressure and currency impacts.

The Portfolio remains focused on owning high-quality global businesses with strong balance sheets and durable competitive advantages. The team continues to take a disciplined, long-term approach, aiming to deliver resilient outcomes for investors across a range of market environments.

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$ 1.390
    30 Nov 2025
  • NTA Pre Tax iv A$ 1.442
    30 Nov 2025
  • Price Close iv A$ 1.295
  • Shares On Issue iv 257.34m
  • Premium/Discount to pre-tax NTA iv -9.3%
  • 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
CONTACT INVESTOR SERVICES
INVEST NOW

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$.