In October 2021, the portfolio returned 1.4% compared to a market return of 1.6% for the same period.
1. Our US banks, First Republic Bank and SVB Financial Group, both reported robust growth while maintaining strong credit quality.
2. Alphabet shares gained after the company reported strong advertising revenue growth, overcoming fears it would be adversely impacted by Apple’s data privacy changes.
3. In China, a shift in sentiment back toward many companies whose shares had dropped following sweeping government regulatory changes earlier this year boosted NetEase.
Conversely, our Health Care holdings WuXi Biologics, a contract biologics manufacturer, and WuXi AppTec, a pharmaceutical R&D services platform, declined.
||Adobe Inc||United States||Information Technology|
||Alphabet Inc||United States||Communication Services|
||Amazon||United States||Consumer Discretionary|
||Deere & Co||United States||Industrials|
||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||8.7%||NUMBER OF STOCKS||71|
|BETA (USING DAILY RETURNS)4||0.68|
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$.3. Annualised Standard Deviation since mandated
4. Relative to MSCI World
**. As at the last day of last month prior to publishing of this report. The figures are unaudited.
***. MSCI World refers to the MSCI World Total Return Index, Net Dividends Reinvested, in A$.