On May 10th, Pengana announced the appointment of Harding Loevner to manage the Portfolio. Established in 1989, Harding Loevner is a highly regarded global equity manager, responsible for the management of over US$84bn of investments on behalf of some of the world’s largest and most sophisticated investors (including pension funds, sovereign wealth funds, endowments, and family offices). In line with Harding Loevner’s investment strategy, PIA will hold investments in high-quality, growing companies identified through fundamental research with a long-term, global perspective.
In partnering with Harding Loevner, Pengana has identified a highly regarded investment manager with extensive global equity expertise that has generated significant outperformance throughout the strategy’s 32-year track record. We look forward to a long and fruitful relationship with our international equity investors.
Following Harding Loevner’s appointment, the process of transitioning the positions from the old to the new portfolio commenced. This entire process was efficiently executed with minimal direct cost to PIA and was fully completed by month end. It is expected that the realisation of capital gains due to the transition will lead to increased franking credits, supporting the Company’s mandate of paying quarterly fully-franked dividends.
Please find a brief investment commentary for the month of May below, which will be expanded over the coming months now that Harding Loevner has full responsibility for portfolio management decisions. For investors wishing to know more about Harding Loevner’s investment philosophy and process, please see the recent introductory webinar recording HERE.