Pengana International Equities Limited

Pengana International Equities Limited (ASX: PIA) provides access to the benefits of an actively managed core portfolio of 30-50 ethically screened companies across developed and developing global markets via a listed investment company structure.

Investment Strategy

Pengana International Equities Limited (ASX: PIA) gives investors access to a diversified portfolio of 30-50 global equities through a Listed Investment Company that has traded on the ASX since March 2004. The Company’s Investment Manager is a wholly owned subsidiary of Pengana Capital Group Limited (ASX: PCG).

The sole purpose of a LIC is to manage investments on behalf of its shareholders. Investors can become shareholders in PIA by purchasing the company’s shares through any stockbroker or online broker.

The aim of PIA is to generate consistent long-term returns whilst reducing volatility and the risk of losing capital.

The strategy is long-only, benchmark independent and typically holds 30-50 companies. The mandate allows investment across geographies, industries and company sizes. The companies considered for inclusion in the portfolio demonstrate large and growing free cash flow generation, and are priced attractively relative to their cash flow.

The Fund utilises a negative screening process which seeks to avoid investment in companies that derive operating revenues from direct and material business involvement in the following:

  • Alcohol
  • Adult content                   
  • Animal cruelty
  • Fossil fuels (coal, coal seam gas, oil)
  • Gambling
  • Genetically modified organisms (GMO)
  • Human rights abuses and exploitation
  • Mining
  • Nuclear
  • Old growth forest logging
  • Securities from issuers on UN sanctions list
  • Tobacco
  • Uranium mining
  • Weapons

Integration of ESG factors into the research process directs investments to well-managed, responsible and progressive companies.

An integral element of the portfolio construction process is the division of stocks that meet the investment criteria into three segments: Core, Cyclical and Opportunistic.

(60-80% of the portfolio) are stable and growing businesses that generate consistent returns.

(0-30% of the portfolio) are businesses operating in cyclical industries that are poised for a cyclical upturn, which is not recognised in their share price.

(0-20% of the portfolio) are unique, company specific situations that offer attractive potential upside.

The portfolio is created from the 30-50 stock ideas that work best together, rather than just the 30-50 best ideas.

Pengana International Equities Limited is managed by an experienced team of six from the Pengana International Equities team, with over 90 years of combined experience. The team is led by Chief Investment Officer and Portfolio Manager Jordan Cvetanovski and Head of Research and Portfolio Manager Steven Glass.

Benefits of investing

Skilled investment team. The investment team has over 90 years of combined experience investing in global equities and has developed a successful and repeatable investment process.

A truly active strategy. A relatively concentrated portfolio that is selected purely on investment merits rather than index weight.

Investment in high quality businesses at compelling valuations. The strategy invests in businesses with compelling business models that consistently generate large and growing sums of cash.

Focus on risk and return. The portfolio focuses on 30-50 stocks that work together, with sufficient concentration to deliver returns and sufficient diversification to reduce risk.

Investment approach that is suitable across market environments. The investment team invests across different geographies, industries and company sizes and can adjust to changing market environments.

Ethical process. Negative ethical screens exclude industries that, in our opinion, can cause harm to people, animals or the environment. Integration of ESG factors into the research process directs investments to well managed, responsible and progressive companies.

How to invest

Pengana International Equities Limited shares are traded on the Australian Securities Exchange (ASX) under the ticker code PIA.  You can purchase shares through a stockbroker in the same way as you buy shares in other companies.

If you do not have a stock broker, the ASX provides a service which can assist you in choosing a stock broker.

  • Performance History
    Fund performance for Pengana International Equities Limited

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    Investment Period to
    Please select a minimum 60 day date range.
    Performance at December 2019
    1 MTH 1 YEAR 3 YEARS 5 YEARS Since Inception
    Pengana International Equities Limited -0.46% 19.53% 8.14% 7.63% 8.15%
    MSCI World Total Return Index, Net Dividends Reinvested, in A$ -0.89% 27.86% 13.70% 12.10% 7.87%
    Outperformance vs. MSCI 0.43% -8.33% -5.56% -4.46% 0.28%

    July 2017 represented the first full month of Pengana International Equities Limited being managed under the new investment mandate with the new investment team. The performance since inception in the table above refers to the movement in net assets per share since the inception of PIA in March 2004.

    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. Inception date of PIA: 19 March 2004, new investment team with new mandate adopted: 1 July 2017.

    None of Pengana International Equities Limited ('PIA'), Hunter Hall Investment Management Limited nor any of their related entities guarantees the repayment of capital or any particular rate of return from PIA. Past performance is no guarantee of future performance. 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.

  • Investment Team
    Jordan Cvet
    Jordan Cvetanovski

    Portfolio Manager

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    Steven Glass
    Steven Glass

    Deputy Portfolio Manager and Analyst

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    James McDonald
    James Mcdonald

    Equity Analyst

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    Ronald Yu
    Ronald Yu

    Equity Analyst

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    Ryan Fisher
    Ryan Fisher

    Equity Analyst

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  • Investor Notifications

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  • Reports and Resources
    Important Information

    Information on dividends, financial reports, ASX releases and other important Company information can be found here.

    Pengana International Equities Limited

  • Ratings and Awards
    Zenith Recommended** Click to View
    Independent Investment Research - December 2018 Recommended Click to View
    Independent Investment Research - September 2018 Recommended Click to View
    Independent Investment Research - June 2018 Recommended Click to View
    Independent Investment Research - March 2018 Recommended Click to View
    Independent Investment Research - December 2017 Recommended Click to View
    Independent Investment Research - September 2017 Recommended Click to View
    Independent Investment Research - August 2017 Recommended Click to View

    This report may only be accessed by holders of Australian Financial Services Licences and their authorised representatives.

    **The Zenith Investment Partners ("Zenith") Australian Financial Services License No. 226872 rating (assigned May 2019) referred to in this document is limited to "General Advice" (as defined by the Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Zenith usually charges the product issuer, fund manager or a related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessment’s and at