https://data.pengana.com/wp-json/pen/performance?fund_code=PENGVL&date=31/12/2025&aggregation_code=Class%20L 
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    [0] => Array
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            [date] => 31/12/2025
            [table] => 





1M
1Y
5Y
15Y
20Y





Total Portfolio Return
-1.4%
3.0%
6.7%
9.0%
7.4%




Total Shareholder Return
1.0%
11.0%
3.9%
6.9%
4.7%




Index
-0.9%
12.4%
15.5%
13.8%
9.0%






Swipe horizontally to see all columns

            [piechart] => Array
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                    [0] => Array
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                            [0] => Sector Breakdown
                            [1] => ["Consumer Discretionary", 0.107168418],["Consumer Staples", 0.017374411],["Financials", 0.129485921],["Health Care", 0.151726833],["Industrials", 0.191272944],["Information Technology", 0.231242498],["Real Estate", 0.009330538],["Communication Services", 0.141994754],["Cash", 0.020403683],
                        )

                    [1] => Array
                        (
                            [0] => Capitalisation Breakdown
                            [1] => ["Under 5bn USD", 0.011836307],["In between 5bn - 10bn USD", 0.024022421],["In between 10bn - 50bn USD", 0.188128275],["In between 50bn - 150bn USD", 0.222704624],["In between 150bn - 500bn USD", 0.259082704],["Above 500bn USD", 0.273821986],["Cash", 0.020403683],
                        )

                    [2] => Array
                        (
                            [0] => Region Breakdown
                            [1] => ["North America", 0.55770285],["Europe ex-UK", 0.158088512],["Emerging Markets", 0.11646017],["Japan", 0.061584],["UK", 0.05393053],["Asia Pacific ex-Japan", 0.031830255],["Cash", 0.020403683],
                        )

                )

            [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,SCHEFR/Schneider Electric SE/France/Industrials,6889106/Taiwan Semiconductor Manufacturing Co., Ltd./Taiwan, Province Of China/Information Technology,BMMV2K8/Tencent Holdings Ltd/China/Communication Services,2931034/Vertex Pharmaceuticals Incorporated/United States/Health Care,
            [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/ASML_logo_blue.jpg,https://data.pengana.com/wp-content/uploads/Booking_Holdings-Logo.wine_-scaled-1.avif,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/Schneider_Electric_2007.svg.png,https://data.pengana.com/wp-content/uploads/Taiwan-Semiconductor-Manufacturing-Logo.png,https://data.pengana.com/wp-content/uploads/Stock-Icons/20730-e1607917498317.png,https://data.pengana.com/wp-content/uploads/1200px-Vertex_logo.svg-1.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] => 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] => 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.
                    [7] => Taiwan Semiconductor Manufacturing Co., Ltd. engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. Its chips are used in personal computers and peripheral products, information applications, wired and wireless communications systems products, and automotive and industrial equipment including consumer electronics such as digital video compact disc player, digital television, game consoles, and digital cameras. The company was founded by Chung Mou Chang on February 21, 1987 and is headquartered in Hsinchu, Taiwan.
                    [8] => 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.
                    [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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opacity: 1;"><tspan x="81.02173913043478" dy="0">0.1%</tspan></text></g><g data-ac-wrapper-id="80" id="ac_layer_1z"><text data-ac-wrapper-id="81" 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="128.2717391304348" y="109.25" aria-hidden="true" id="ac_text_1y" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="128.2717391304348" dy="0">16.2%</tspan></text></g><g data-ac-wrapper-id="82" id="ac_layer_21"><text data-ac-wrapper-id="83" 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="179.2717391304348" y="109.25" aria-hidden="true" id="ac_text_20" style="user-select: none; font-family: Arial; opacity: 1;"><tspan x="179.2717391304348" dy="0">15.6%</tspan></text></g><g data-ac-wrapper-id="84" id="ac_layer_23"><text data-ac-wrapper-id="85" 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="230.27173913043478" y="109.25" aria-hidden="true" id="ac_text_22" style="user-select: none; 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font-family: Verdana, Helvetica, Arial, sans-serif; opacity: 1;"/></g><path data-ac-wrapper-id="60" id="ac_path_1d" fill="none" stroke="#CECECE" d="M 55 121.5 L 49 121.5 M 55 95.5 L 49 95.5 M 55 70.5 L 49 70.5 M 55 45.5 L 49 45.5"/><g data-ac-wrapper-id="61" id="ac_layer_1m"><g data-ac-wrapper-id="62" id="ac_layer_1f"><g data-ac-wrapper-id="63" id="ac_unmanageable-layer_1e"><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="26.25" y="124.875">0%</text></g></g><g data-ac-wrapper-id="64" id="ac_layer_1h"><g data-ac-wrapper-id="65" id="ac_unmanageable-layer_1g"><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="26.25" y="99.875">6%</text></g></g><g data-ac-wrapper-id="66" id="ac_layer_1j"><g data-ac-wrapper-id="67" id="ac_unmanageable-layer_1i"><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="18.75" y="73.875">12%</text></g></g><g data-ac-wrapper-id="68" id="ac_layer_1l"><g data-ac-wrapper-id="69" id="ac_unmanageable-layer_1k"><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="18.75" y="48.875">18%</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="12.5" 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" 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 167.5 0 167.5 15 0 15 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="12.5" aria-hidden="true" transform="matrix(1,0,0,1,241.25,0)" 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 231.25 0 L 231.25 15 216.25 7.5 Z" style="cursor: pointer;"/><path data-ac-wrapper-id="30" id="ac_path_c" fill="#9e9e9e" stroke="#757575" d="M 285 0 L 300 7.5 285 15 Z" style="cursor: pointer;"/></g></g><path data-ac-wrapper-id="126" id="ac_rect_3f" 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

December 2025 - Monthly REPORT

December 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 declined 1.4% in December, in a month where global equity markets were weaker overall, with market leadership shifting towards areas more closely linked to economic activity.
  • Financials and Materials were the strongest-performing sectors as central banks signalled a more supportive economic backdrop, while traditionally defensive sectors such as Utilities and Real Estate lagged.
  • The Portfolio continued to apply valuation discipline during the month, exiting Synopsys following concerns around acquisition-related execution risk.

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.
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.
Taiwan Semiconductor Manufacturing Co., Ltd.
Taiwan, China
Information Technology
Taiwan Semiconductor Manufacturing Co., Ltd. engages in the manufacture and sale of integrated circuits and wafer semiconductor devices. Its chips are used in personal computers and peripheral products, information applications, wired and wireless communications systems products, and automotive and industrial equipment including consumer electronics such as digital video compact disc player, digital television, game consoles, and digital cameras. The company was founded by Chung Mou Chang on February 21, 1987 and is headquartered in Hsinchu, Taiwan.
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.
Vertex Pharmaceuticals Incorporated
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 31 Dec 2025 i
1M 1Y 5Y 15Y 20Y
Total Portfolio Return -1.4% 3.0% 6.7% 9.0% 7.4%
Total Shareholder Return 1.0% 11.0% 3.9% 6.9% 4.7%
Index -0.9% 12.4% 15.5% 13.8% 9.0%

Swipe horizontally to see all columns

COMMENTARY

Global equity markets declined in December, with market leadership shifting during the month. Central bank actions and policy signals played an important role in shaping market outcomes, setting the tone for sector and regional performance.

Financials and Materials were the strongest-performing sectors during the month. These areas benefited as central banks signalled a more constructive outlook, with the European Central Bank raising its economic growth forecasts and reporting low inflation, while the US Federal Reserve and the Bank of England cut interest rates. In contrast, traditionally defensive sectors such as Utilities and Real Estate lagged as investor preference shifted away from more cautious positioning.

At a regional level, Europe was the strongest-performing market, rising over 3.5% as confidence around economic stabilisation improved. The United States was the weakest region, weighed down by weakness in software stocks. Shares of Oracle declined after the company reported disappointing cloud sales and highlighted a sharp increase in spending related to artificial intelligence, which weighed on broader sentiment across the technology sector.

Overall, December was characterised by a shift in market leadership, with performance driven more by sector and regional exposures than by changes in underlying business fundamentals.

Portfolio Commentary

December proved a more challenging month for PIA, as market conditions were less supportive of the Portfolio’s quality-focused positioning. Despite this backdrop, exposure to selected Health Care and Information Technology holdings provided some support.

In Health Care, performance was supported by continued strength across several holdings. In Europe, Roche, the Swiss pharmaceutical company, performed well following interim results showing that its breast cancer treatment kept early-stage patients cancer-free for longer than the current standard of care. The update reinforced confidence in the company’s innovation pipeline and its ability to deliver resilient long-term growth. In the US, Vertex Pharmaceuticals also contributed positively, benefiting from ongoing strong adoption of its cystic fibrosis therapies.

Within Information Technology, stock selection was supportive during the month. An overweight position in TSMC, the world’s leading semiconductor manufacturer, contributed positively, while the Portfolio’s lack of exposure to Apple, whose shares declined, further aided relative outcomes.

During the month, the Portfolio exited its position in Synopsys, a US chip-design software developer. The decision reflected concerns around the company’s acquisition of Ansys, with management guidance assuming strong growth outcomes that left limited room for error given the valuation of the shares. The sale was consistent with the team’s disciplined approach to managing risk and allocating capital.

Elsewhere, Communication Services detracted from performance. Shares of Netflix declined as investors became concerned about the potential for a bidding war and extended regulatory scrutiny related to its proposed acquisition of Warner Bros Discovery.

Overall, December’s outcome reflected shifts in market leadership rather than any deterioration in the underlying fundamentals of Portfolio holdings. The Portfolio remains well diversified, and the team continues to focus on high-quality businesses with strong balance sheets, durable competitive advantages and clear long-term growth drivers.

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$ 1.362
    31 Dec 2025
  • NTA Pre Tax iv A$ 1.407
    31 Dec 2025
  • Price Close iv A$ 1.295
  • Shares On Issue iv 257.55m
  • Premium/Discount to pre-tax NTA iv -8%
  • 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
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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$.